Sony Group (SONY) launches preliminary U.S.$ senior notes prospectus for 2031 and 2036 tranches

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

424B5

Rhea-AI Filing Summary

Sony Group Corporation is offering two series of U.S. dollar-denominated senior notes due 2031 and 2036 pursuant to a preliminary prospectus supplement dated (subject to completion).

The supplement sets forth customary terms for senior unsecured notes, including semiannual interest, optional redemption provisions (including an Optional Tax Redemption) and issuance in global certificated book-entry form through DTC. The offering document incorporates Sony’s audited FY2026 results and discloses consolidated sales of ¥12,479.6 billion and operating income of ¥1,447.5 billion (operating margin 11.6%) for the fiscal year ended March 31, 2026.

Insights

TL;DR: A standard bond offering framework with customary redemption and tax clauses.

The prospectus supplement outlines a dual-tranche senior note offering in U.S. dollars with semiannual interest and book-entry issuance through DTC. It includes an Optional Redemption mechanism tied to Treasury yields prior to each series' Par Call Date and an Optional Tax Redemption if Japanese tax changes require additional withholding.

Key dependencies include market execution terms (coupon, aggregate principal and settlement date), which are marked "subject to completion" here. Cash-flow treatment and listing status are explicit: proceeds for general corporate purposes and no listing on an exchange.

TL;DR: Offering references Sony’s strong FY2026 operating results and cash generation metrics.

The supplement incorporates Sony’s FY2026 consolidated sales of ¥12,479.6 billion and operating income of ¥1,447.5 billion, and notes an operating income margin of 11.6%. These figures are presented alongside debt and net‑cash metrics in the selected balance sheet and non‑IFRS reconciliations.

Assessing credit impact requires the final size and coupon of the notes, which are not provided in the excerpt; Sony states proceeds will be used for general corporate purposes.

Key Figures

Consolidated sales: ¥12,479.6 billion Operating income: ¥1,447.5 billion Operating income margin: 11.6% +3 more

6 metrics

Consolidated sales ¥12,479.6 billion Fiscal year ended March 31, 2026

Operating income ¥1,447.5 billion Fiscal year ended March 31, 2026

Operating income margin 11.6% Fiscal year ended March 31, 2026

PlayStation monthly active users over 120 million as of March 31, 2026

Crunchyroll paid subscribers more than 21 million end of fiscal year ended March 31, 2026

Cash and cash equivalents ¥2,208,879 million As of March 31, 2026

Key Terms

global certificates, Optional Tax Redemption, Par Call Date, Adjusted EBITDA

4 terms

global certificates financial

"The notes of each series will be represented by one or more global certificates deposited with a custodian for, and registered in the name of a nominee of, The Depository Trust Company"

Optional Tax Redemption regulatory

"The Issuer may redeem each series of the notes in whole, but not in part, at a redemption price equal to 100% ... if ... the Issuer would be required to pay additional amounts"

Par Call Date financial

"The Issuer has the option to redeem the notes ... prior to the Par Call Date"

The par call date is the specific time when a company can choose to pay back a bond or debt in full at its original value, known as the face amount or par value. It matters to investors because it indicates when the issuer might repay the debt early, potentially affecting investment plans or expected income. Think of it like a fixed date when a loan can be fully settled, giving investors clarity on when they might get their money back.

Adjusted EBITDA financial

"We present Adjusted EBITDA without Financial Services and Adjusted EBITDA from continuing operations because we believe that this measure is useful"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

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TABLE OF CONTENTS

The information in this preliminary prospectus supplement and the accompanying prospectus is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are part of an effective registration statement filed with the Securities and Exchange Commission. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.

Filed Pursuant to Rule 424(b)(5)

Registration No. 333-296885

SUBJECT TO COMPLETION, DATED JUNE 22, 2026

PRELIMINARY PROSPECTUS SUPPLEMENT
(To prospectus dated June 18, 2026)

SONY GROUP CORPORATION

(incorporated under the laws of Japan with limited liability)

U.S.$ % Senior Notes due 2031
U.S.$ % Senior Notes due 2036

Sony Group Corporation (“Sony”) will issue an aggregate principal amount of U.S.$ of senior notes due , 2031 (the “2031 notes”), and an aggregate principal amount of U.S.$ of senior notes due 2036 (the “2036 notes” and, together with the 2031 notes, the “notes”). The 2031 notes and 2036 notes will bear interest commencing , 2026, at an annual rate of % and %, respectively, payable semiannually in arrears on June and December of each year, beginning on , 2026.

The notes of each series may be redeemed at any time prior to maturity in the circumstances described under “Description of the Notes — Optional Redemption” below and as set forth under “Description of Senior Debt Securities — Optional Tax Redemption” in the accompanying prospectus. The notes will not be subject to any sinking fund. The notes will be issued only in registered form in minimum denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

The notes will not be listed on any securities exchange or quoted on an automated dealer quotation system.

Investing in the notes involves risks. You should carefully consider the risk factors set forth in “Item 3. Key Information — D. Risk Factors” of our most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) in the “Risk Factors” section beginning on page S-23 of this prospectus supplement and in the documents that are incorporated by reference herein before making any decision to invest in the notes.

Per 2031
note

Per 2036
note

Total

Public offering price(1)

U.S.$

Underwriting discount(2)

U.S.$

Proceeds, before expenses(1)

U.S.$

(1)

Plus accrued interest from , 2026, if settlement occurs after that date.

(2)

For additional underwriting compensation information, see “Underwriting.”

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

The notes of each series will be represented by one or more global certificates deposited with a custodian for, and registered in the name of a nominee of, The Depository Trust Company (“DTC”). Beneficial interests in these global certificates will be shown on, and transfers thereof will be effected through, records maintained by DTC and its direct and indirect participants, including Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking S.A. (“Clearstream”). Except as described in this prospectus supplement or the accompanying prospectus, notes in definitive certificated form will not be issued in exchange for global certificates.

It is expected that the notes will be delivered in book-entry form only, through the facilities of DTC and its participants, including Euroclear and Clearstream, on or about , 2026.

Joint Lead Managers and Joint Bookrunners

	BofA Securities			Morgan Stanley
	J.P. Morgan

Prospectus Supplement dated , 2026

TABLE OF CONTENTS

Prospectus Supplement

	Page
About This Prospectus Supplement		S-iv
Cautionary Note Regarding Forward-Looking Statements		S-v
Presentation of Financial and Other Information		S-vi
Summary		S-1
Risk Factors		S-23
Use of Proceeds		S-25
Capitalization and Indebtedness		S-26
Description of the Notes		S-28
Taxation		S-33
Underwriting		S-40
Experts		S-45
Legal Matters		S-46
Where You Can Find More Information		S-47

Prospectus

	Page
About This Prospectus		1
Cautionary Note Regarding Forward-Looking Statements		2
Sony Group Corporation		3
Risk Factors		4
Offering Information		5
Capitalization and Indebtedness		6
Use of Proceeds		7
Description of Senior Debt Securities		8
Taxation		24
Certain Benefit Plan Investor Considerations		25
Plan of Distribution		27
Experts		29
Legal Matters		30
Enforcement of Civil Liabilities		31
Where You Can Find More Information		32

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The notes have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (the “FIEA”), and are subject to the Act on Special Measures Concerning Taxation of Japan (the “Act on Special Measures Concerning Taxation”). The notes may not be offered or sold in Japan, to any person resident in Japan, or to others for reoffering or resale directly or indirectly in Japan or to a person resident in Japan, for Japanese securities law purposes (including any corporation or other entity organized under the laws of Japan) except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and governmental guidelines of Japan. In addition, the notes are not, as part of the distribution by the underwriters under the applicable underwriting agreement at any time, to be directly or indirectly offered or sold to, or for the benefit of, any person other than a beneficial owner that is, (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a person having a special relationship with the issuer of the notes as described in Article 6, Paragraph (4) of the Act on Special Measures Concerning Taxation, or a specially-related person of the Issuer, or (ii) a Japanese financial institution, designated in Article 6, Paragraph (11) of the Act on Special Measures Concerning Taxation.

Interest payments on the notes will generally be subject to Japanese withholding tax unless it is established that the notes are held by or for the account of a beneficial owner that is (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer, (ii) a Japanese financial institution designated in Article 6, Paragraph (11) of the Act on Special Measures Concerning Taxation which complies with the requirement for tax exemption under that paragraph or (iii) a Japanese public corporation, a Japanese financial institution or a Japanese financial instruments business operator described in Article 3-3, Paragraph (6) of the Act on Special Measures Concerning Taxation which complies with the requirement for tax exemption under that paragraph.

Interest payments on the notes to an individual resident of Japan, to a Japanese corporation (except as described in the preceding paragraph), or to an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer will be subject to deduction in respect of Japanese income tax at a rate of 15.315% (15.15% on or after January 1, 2048) of the amount of such interest.

Representation by Investor upon Distribution

By subscribing for any notes, an investor will be deemed to have represented that it is a beneficial owner who is (i) for Japanese tax purposes, neither an individual resident of Japan or a Japanese corporation, nor an individual non-resident of Japan or a non-Japanese corporation that in either case is a specially-related person of the Issuer or (ii) a Japanese financial institution, designated in Article 6, Paragraph (11) of the Act on Special Measures Concerning Taxation.

NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA

PRIIPs Regulation / Prohibition of sales to EEA retail investors. The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of the notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to produce a prospectus for offers of notes. Accordingly, any person making or intending to make any offer in a Member State of notes which are the subject of the offering

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contemplated by this prospectus supplement and the accompanying prospectus may only do so in circumstances in which no obligation arises for us or any of the underwriters to produce a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, in each case, in relation to such offer. Neither we nor the underwriters have authorized, nor do we or they authorize, the making of any offer of notes in circumstances in which an obligation arises for us or the underwriters to publish or supplement a prospectus for such offer.

NOTICE TO PROSPECTIVE INVESTORS IN THE UK

UK PRIIPs Regulation / Prohibition of sales to UK retail investors. The notes are not intended to be offered, sold, distributed or otherwise made available to and should not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (“UK”). For these purposes, a retail investor means a person who is either one or both of the following: (i) not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (ii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024. Consequently no disclosure document required by the FCA Product Disclosure Sourcebook (“DISC”) for offering, selling or distributing the notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the UK may be unlawful under DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.

This prospectus supplement and the accompanying prospectus are only being distributed to, and are only directed at, persons who are outside the UK, or if in the UK, persons that are (1) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (2) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (3) other persons to whom the prospectus supplement and the accompanying prospectus may otherwise lawfully be communicated (each such person being referred to as a “Relevant Person”). This prospectus supplement and the accompanying prospectus and their contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the UK. The notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such notes will be engaged in only with, a Relevant Person. Any person in the UK that is not a Relevant Person should not act or rely on this prospectus supplement and/or the accompanying prospectus or any of their contents.

This prospectus supplement and the accompanying prospectus have not been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) by a person authorized under the FSMA. This prospectus supplement and the accompanying prospectus are being distributed and communicated to persons in the UK only in circumstances in which Section 21(1) of the FSMA does not apply to Sony.

Notice Concerning Singapore

Notification under Section 309B of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the “SFA”) — In connection with Section 309B of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA) that the notes are “prescribed capital markets products” (as defined in the CMP Regulations 2018) and “Excluded Investment Products” (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

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ABOUT THIS PROSPECTUS SUPPLEMENT

This document consists of two parts. The first part is this prospectus supplement, which describes the specific terms of the offering of the notes and also adds to, updates and changes information contained in the prospectus dated June 18, 2026 and filed with the SEC on the same date, and the documents incorporated by reference in this prospectus supplement. The second part is the above-mentioned prospectus, which we refer to as the “accompanying prospectus.” The accompanying prospectus contains a description of the senior debt securities and gives more general information, some of which may not apply to the notes. If the description of the notes in this prospectus supplement differs from the description in the accompanying prospectus, the description in this prospectus supplement supersedes the description in the accompanying prospectus.

Neither we, nor any agent, underwriter or dealer has authorized any person to provide you with any information other than that contained in or incorporated by reference into this prospectus supplement, in the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. “Incorporated by reference” means that we can disclose important information to you by referring you to another document filed separately with the SEC. We and any agent, underwriter or dealer are not responsible for, and can provide no assurance as to the accuracy or reliability of, any other information that any other person may give you. Neither we, nor any agent, underwriter or dealer are making, nor will make, an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus supplement, the accompanying prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you, including any information incorporated by reference herein or therein, is accurate as of any date other than its respective date. Our business, financial condition, results of operations and prospects may have changed since those respective dates.

This prospectus supplement may only be used for the purposes for which it has been published.

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

We may from time to time make written or oral “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Written forward-looking statements may appear in documents filed with the SEC, including this prospectus supplement, the accompanying prospectus, documents incorporated by reference herein or therein and other communications.

The U.S. Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking information to encourage companies to provide prospective information about themselves without fear of litigation so long as the information is identified as forward looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. We rely on this safe harbor in making forward-looking statements.

Forward-looking statements appear in a number of places in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and include statements regarding our current intent, belief, targets or expectations or those of our management. In many, but not all cases, we use 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, as they relate to us or our management, to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those which are anticipated, aimed at, believed, estimated, expected, intended or planned.

Forward-looking statements, which include statements contained in “Item 3. Key Information — D. Risk Factors,” “Item 4. Information on the Company — B. Business Overview,” “Item 5. Operating and Financial Review and Prospects” and elsewhere in our most recent annual report on Form 20-F and in “Summary — Our Company” in this prospectus supplement, are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those set forth in such statements.

The forward-looking statements included or incorporated by reference in this prospectus supplement are made only as of the dates on which such statements were made. We expressly disclaim any obligation or undertaking to release any update or revision to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

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PRESENTATION OF FINANCIAL AND OTHER INFORMATION

Unless the context otherwise requires or as otherwise expressly stated, references in this prospectus supplement to “Sony,” “we,” “us,” “our” and similar terms refer to Sony Group Corporation and its consolidated subsidiaries, as a group. References to the “Issuer” refer to Sony Group Corporation. We use the word “you” to refer to prospective investors in the notes.

Our consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), which includes IAS® Standards, SIC® Interpretations and IFRIC® Interpretations.

Unless otherwise stated or the context otherwise requires, all amounts in our financial statements are expressed in Japanese yen.

In this prospectus supplement, when we refer to “dollars,” “U.S.$” and “$,” we mean U.S. dollars, and, when we refer to “yen” and “¥,” we mean Japanese yen. This prospectus supplement contains a translation of certain dollar amounts into yen solely for your convenience. However, these translations should not be construed as representations that the yen amounts have been, could have been or could be converted into dollars at that or any other rate or at all.

In this prospectus supplement, all financial information presented in Japanese yen has been rounded to the nearest million Japanese yen. Due to rounding, the total amounts presented in tables may not be equal to the sum of the individual figures shown.

Our fiscal year end is March 31. References to “FY2020,” “FY2021,” “FY2022,” “FY2023,” “FY2024” and “FY2025” refer to the fiscal years ended March 31, 2021, 2022, 2023, 2024, 2025 and 2026, respectively. References to years not specified as being fiscal years are to calendar years. In this prospectus supplement, all of our financial information is presented on a consolidated basis, unless we state otherwise.

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SUMMARY

This summary highlights key information described in greater detail elsewhere, or incorporated by reference, in this prospectus supplement and the accompanying prospectus, as well as providing an overview of certain of our key initiatives. You should read carefully the entire prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein or therein before making an investment decision.

Our Company

Overview

Sony was established in Japan in May 1946 as Tokyo Tsushin Kogyo Kabushiki Kaisha, a joint stock company (Kabushiki Kaisha) under Japanese law. We changed our company name to Sony Kabushiki Kaisha (“Sony Corporation” in English) in January 1958, and changed our company name again to Sony Group Kabushiki Kaisha (“Sony Group Corporation” in English) in April 2021 in order to focus on our role as the headquarters of the Sony Group.

Sony consists of the following business segments:

•

the Game & Network Services (“G&NS”) segment, which includes the production and sales of digital software and add-on content, the network services businesses and the manufacture and sales of home gaming products;

•

the Music segment, which includes the Recorded Music, Music Publishing and Visual Media & Platform businesses;

•

the Pictures segment, which includes the Motion Pictures, Television Productions and Media Networks businesses;

•

the Entertainment, Technology & Services (“ET&S”) segment, which includes the Imaging business, the Sound business, the Network Services business and the Displays business;

•

the Imaging & Sensing Solutions (“I&SS”) segment, which includes the image sensors business; and

•

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.

In the fiscal year ended March 31, 2026, our five business segments, together with All Other, which consists of various operating activities, including the disc manufacturing and recording media businesses, delivered consolidated sales of ¥12,479.6 billion, a record-high, and operating income of ¥1,447.5 billion, with an operating income margin of 11.6%.

Effective October 1, 2025, Sony Group Corporation executed a partial spin-off of Sony Financial Group Inc. (“SFGI”), a formerly wholly-owned subsidiary that operates the Financial Services business (the “Spin-off”). As a result, we have classified the Financial Services business as a discontinued operation in accordance with IFRS Accounting Standards.

Creative Entertainment Company with Solid Financial Performance

As a “Creative entertainment company with a solid foundation of technology,” Sony Group Corporation executed the Spin-off as of October 1, 2025, and now operates five business segments with strong competitive positions. The G&NS, Music, and Pictures segments are three entertainment businesses that create and deliver content. The ET&S and I&SS segments support content creation by leveraging their technologies through their imaging hardware and sensors. With these five business segments, Sony achieved consolidated sales of ¥12,479.6 billion with an operating income margin of 11.6% in the fiscal year ended March 31, 2026. We believe that our globally diversified, entertainment-based business portfolio is a key driver of financial stability and resilience.

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Since the launch of our first Mid-Range Plan in the fiscal year ended March 31, 2013, we have accelerated the growth of our entertainment businesses through the restructuring of the electronics and device businesses, and various strategic investments across our entertainment business areas. Starting with the acquisition of EMI Music Publishing in 2018, we have invested in game developers and music catalogs to strengthen our content intellectual property and acquired an anime direct-to-consumer service, Crunchyroll, in August 2021. As a result, our three entertainment businesses now account for 65.3% of our total segment sales including intersegment sales (excluding All Other and Corporate and elimination) in the fiscal year ended March 31, 2026, a substantial increase compared to the fiscal year ended March 31, 2013.

As entertainment businesses benefit from higher recurring revenue streams compared to consumer electronics businesses, our entertainment-focused diversified business portfolio has improved profit stability and shown resiliency to past economic downturns, such as during the COVID-19 pandemic and periods of heightened geopolitical risks, as demonstrated by our historical track record of maintaining strong operating income margins during such periods.

Competitive Businesses Delivering Stability

G&NS

The G&NS segment is our largest business segment, representing 36.8% of total segment sales including intersegment sales (excluding All Other and Corporate and elimination) in the fiscal year ended March 31, 2026.

By committing to being the “best” platform for connecting game players and publishers, as of March 31, 2026, we have over 120 million monthly active users (an estimated total number of unique accounts that played games or used services online on PlayStation during the last month of the quarter and is based on company research, and may be updated in the future) around the world, and the G&NS segment has helped us achieve record high consolidated operating income for the fiscal year ended March 31, 2026.

We have reduced cyclicality by establishing a large ecosystem of players across both the PlayStation 5 (“PS5”) and PlayStation 4 generations and by attracting creators ranging from large publishers to small independent studios to our platform, which has provided recurring revenue. Game content and network services now represent over two-thirds of total G&NS revenue as of the fiscal year ended March 31, 2026, providing us with a consistent and predictable revenue base. In the PlayStation Store, major franchises consistently make up a large part of this revenue through live service titles and annual releases. The rest is supported by a collection of diverse catalog titles. In addition, our first-party titles enhance third-party content and help to attract and retain players to the PlayStation network.

Complementing the PlayStation Store is PlayStation Plus, which provides subscription-based revenue. By continuously improving content value for players, more subscribers are shifting to our higher-tier plans driving revenue growth.

Music

With contributions from streaming services and by leveraging its leading global market position supported by our broad and growing ecosystem that spans from artists with major repertoires to independent labels and DIY creators, the Music segment has achieved record-high sales and operating income for more than five consecutive years as of the fiscal year ended March 31, 2026.

As the streaming market continues to grow, music catalog consumption has been increasing. We have carefully selected and acquired high-quality music catalogs that we believe give us strong negotiating leverage with digital streaming platforms.

In addition, we have solidified our leading positions in high-growth markets such as Latin America through investments in leading local labels. We are also providing services to independent labels and artists through The Orchard and AWAL.

Pictures

Sony Pictures Entertainment’s (“SPE”) position as an independent strategic supplier of film and television content, as well as Crunchyroll’s growth, have provided us with a diverse source of stable revenue.

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In the motion pictures and television production businesses, we believe that our decision not to launch a general streaming platform has allowed us to negotiate favorable deals for our content.

Our streaming platform, Crunchyroll, is focused on anime. Anime is a fast-growing market in the entertainment sector and Crunchyroll has demonstrated solid paid subscriber growth, serving more than 21 million subscribers as of the end of the fiscal year ended March 31, 2026, which has contributed to stable profit expansion.

Cross-business collaboration within Sony also provides SPE with a distinctive competitive advantage. It has jointly produced multiple films and TV programs with PlayStation Studios and collaborated with Sony Music artists by leveraging their respective intellectual properties.

Entertainment, Technology & Services

Profitability in this segment has remained stable through the expansion of the high margin camera business and the reduction of our exposure to the television and mobile phone businesses through structural reforms, thereby lowering profit volatility. In March 2026, we announced the execution of definitive agreements for a strategic partnership in the home entertainment field, including TV and home audio equipment, with TCL Electronics Holdings Limited and its subsidiaries. This transaction aims to improve profitability and better manage profit volatility of the segment.

Imaging & Sensing Solutions

Driven by the growth of mobile image sensors, the I&SS segment achieved record-high sales and operating income in the fiscal year ended March 31, 2026. By leveraging our technology and manufacturing capabilities, we have maintained a leading position in the image sensor market and delivered stable profitability by capturing demand mainly from high-end smartphones for larger sensors with higher average selling prices. In addition, in May 2026, we announced the signing of a non-binding memorandum of understanding to pursue a strategic partnership with Taiwan Semiconductor Manufacturing Company Limited for the development and manufacturing of next-generation image sensors. From a financial perspective, this partnership aims to mitigate capital expenditure burdens for the segment going forward.

Financial Discipline and Flexibility Enabling Us to Control Leverage

Our operating cash flow has stabilized since we began accelerating our shift to entertainment businesses. Operating cash flow in the fiscal year ended March 31, 2023 decreased temporarily due to an increase in working capital primarily from PS5 console sales expansion, but our core cash flow, which is net income exclusive of depreciation and amortization, has been very consistent during this period. In the current fifth Mid-Range Plan capital allocation, we expect our cash flow generation will provide financial flexibility to support increased investments and shareholder returns.

Backed by our cash flow generation and financial discipline, we have maintained a sound leverage ratio despite the increase in investment and shareholder returns. We aim to control our leverage ratio in line with our credit rating targets. We view our credit rating upgrade over the past few years as supported by our solid business fundamentals, robust profitability, low leverage and disciplined financial management.

IFRS Selected Financial Data and Other Information from Fiscal Year Ended March 31, 2021

The tables below present selected consolidated financial information as of and for the fiscal years ended March 31, 2021, 2022, 2023, 2024, 2025 and 2026, which is derived from our consolidated financial statements as of and for the same periods, prepared in accordance with IFRS Accounting Standards, and other supplemental information.

Our consolidated financial statements as of March 31, 2025 and 2026, and the related consolidated statements of income, comprehensive income, changes in stockholders’ equity and cash flows for each of the three years in the period ended March 31, 2026, are included in our most recent annual report on Form 20-F for the fiscal year ended March 31, 2026, filed with the SEC on June 18, 2026, which is incorporated by reference herein, and have been audited in accordance with the standards of the Public Company

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Accounting Oversight Board (United States) by PricewaterhouseCoopers Japan LLC, our independent auditor. Our consolidated financial statements as of and for any prior periods are not incorporated by reference herein.

You should read the selected consolidated financial information presented below together with the information included in “Item 5. Operating and Financial Review and Prospects” and the audited consolidated financial statements, including the notes thereto, in our most recent annual report on Form 20-F for the fiscal year ended March 31, 2026, filed with the SEC on June 18, 2026, which is incorporated by reference herein. The information presented below is qualified in its entirety by reference to that information.

In connection with the resolution of the Board of Directors of Sony Group Corporation (the “Board of Directors”) for the plan regarding the execution of the Spin-off, on May 14, 2025, the Financial Services business was classified as a discontinued operation. As such, our financial statements incorporated by reference herein have been re-presented to conform to the classification of continuing operations, comprised of Sony’s businesses excluding the Financial Services business, and the discontinued operation in accordance with IFRS Accounting Standards.

In the tables below, we provide selected financial information on a consolidated basis excluding the Financial Services business for certain fiscal years. It is important to note that such financial information is not in accordance with IFRS Accounting Standards. Consequently, financial information for the fiscal years excluding the Financial Services business is not comparable with financial information prepared in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Since the inclusion or exclusion of the Financial Services business varies by table, additional explanations are included with each relevant table to clarify the financial information provided. Additionally, Sony Group Corporation applied IFRS 17, Insurance Contracts, from the fiscal year ended March 31, 2024, with the transition date of April 1, 2022. As a result, the information for the fiscal years ended March 31, 2021 and 2022 is not comparable to the information for the fiscal year ended March 31, 2023 and subsequent periods. However, despite the lack of comparability, we believe the presentation of such financial information, which is not in accordance with IFRS Accounting Standards, may be useful for investors in understanding the financial results of Sony without the Financial Services business.

Transactions between the Financial Services business and Sony without the Financial Services business, including noncontrolling interests, are included in these respective financial data, and then eliminated in the consolidated figures shown below. See “— Non-IFRS Measures.” The difference in results “without Financial Services” and the other results below, which represent Sony’s continuing operations, is the amount equivalent to intersegment transactions between the Financial Services segment and the other segments, and such difference is immaterial. This difference also applies to operating cash flows.

The following tables include financial data that is based on segment information. Sales in each business segment represent sales recorded before intersegment transactions are eliminated. Operating income (loss) in each business segment represents operating income (loss) reported before intersegment transactions are eliminated and excludes unallocated corporate expenses. See Note 4 to the audited consolidated financial statements in our most recent annual report on Form 20-F for the fiscal year ended March 31, 2026, filed with the SEC on June 18, 2026, which is incorporated by reference herein for further information.

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Segment Sales

	Yen in millions
	Fiscal year ended March 31
	2021(1)		2022(1)		2023		2024		2025		2026
Consolidated total sales and financial services revenue		8,998,661		9,921,513		10,974,373
Financial services revenue		1,674,002		1,533,829		889,082
Intersegment elimination(2)		(15,281)		(14,533)		(16,688)
Sales without Financial Services (FY2020 – FY2022) or Sales from continuing operations (FY2023 – FY2025)(3)		7,339,940		8,402,217		10,101,979		11,260,037		12,034,917		12,479,620
G&NS		2,656,278		2,739,763		3,644,598		4,267,734		4,670,044		4,685,651
Music		939,867		1,116,949		1,380,632		1,618,958		1,842,604		2,120,110
Pictures		752,987		1,238,911		1,369,422		1,493,050		1,505,944		1,499,290
ET&S		2,068,087		2,339,186		2,476,025		2,453,718		2,409,275		2,260,532
I&SS		1,012,497		1,076,424		1,402,187		1,602,738		1,799,005		2,151,533
All Other		100,736		98,783		87,623		89,370		96,333		89,072
Corporate and elimination		(205,793)		(222,332)		(275,196)		(265,531)		(288,288)		(326,568)
Other Adjustments(4)		15,281		14,533		16,688

(1)

The figures for the fiscal years ended March 31, 2021 and 2022 are presented in accordance with IFRS 4. Consequently, the financial information for such periods does not reflect the changes that would result from the adoption of IFRS 17, which may limit comparability with subsequent periods that incorporate the effects of IFRS 17.

(2)

This is the elimination of intersegment sales between the Financial Services segment and the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination.

(3)

In connection with the resolution of the Board of Directors for the plan regarding the execution of the Spin-off, on May 14, 2025, the Financial Services business was classified as a discontinued operation. As such, beginning from the fiscal year ended March 31, 2024, our financial statements incorporated by reference herein have been re-presented to conform to the classification of continuing operations, comprised of Sony’s businesses excluding the Financial Services business, and the discontinued operation in accordance with IFRS 5. For the fiscal years ended March 31, 2021, 2022 and 2023, the financial information has not been re-presented to conform to the classification of continuing operations and the discontinued operation. The amounts presented for the years ended March 31, 2021, 2022, and 2023 (Sales without Financial Services) are calculated as consolidated total sales and financial services revenue less the sum of the financial services revenue and Intersegment elimination between the Financial Services segment and the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination. As such, the figures for the fiscal years ended March 31, 2021, 2022 and 2023 have not been prepared in accordance with IFRS 5 and are not comparable to other fiscal years presented in the table above.

(4)

Other Adjustments consists of, from FY2020 to FY2022, the difference between “Sales without Financial Services” and the sum of the sales of the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination.

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Segment Profit (Loss)

	Yen in millions, except margins
	Fiscal year ended March 31
	2021(1)		2022(1)		2023		2024		2025		2026
Consolidated operating income		955,255		1,202,339		1,302,389
Operating income from Financial Services		154,765		150,111		318,118
Intersegment elimination(2)		227		(18)		950
Operating income without Financial Services (FY2020 – FY2022)(3) or Operating income from continuing operations (FY2023 – FY2025)		800,263		1,052,246		983,321		1,035,255		1,276,635		1,447,507
G&NS		341,718		346,089		250,006		290,184		414,819		463,258
Music		184,786		210,933		263,107		301,662		357,255		446,986
Pictures		79,851		217,393		119,255		117,702		117,284		104,872
ET&S		127,859		212,942		179,461		187,399		190,926		158,584
I&SS		145,884		155,597		212,214		193,541		261,147		357,318
All Other		7,178		17,981		16,849		1,600		(17,996)		(74,646)
Corporate and elimination		(86,786)		(108,707)		(56,621)		(56,833)		(46,800)		(8,865)
Other Adjustments(4)		(227)		18		(950)
Operating income margin without Financial Services (FY2020 – FY2022) or Operating income margin from continuing operations (FY2023 – FY2025)(5)		10.9%		12.5%		9.7%		9.2%		10.6%		11.6%

(1)

(2)

This is the elimination of intersegment transactions between the Financial Services segment and the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination.

(3)

In connection with the resolution of the Board of Directors for the plan regarding the execution of the Spin-off, on May 14, 2025, the Financial Services business was classified as a discontinued operation. As such, beginning from the fiscal year ended March 31, 2024, our financial statements incorporated by reference herein have been re-presented to conform to the classification of continuing operations, comprised of Sony’s businesses excluding the Financial Services business, and the discontinued operation in accordance with IFRS 5. For the fiscal years ended March 31, 2021, 2022 and 2023, the financial information has not been re-presented to conform to the classification of continuing operations and the discontinued operation. The amounts presented for the fiscal years ended March 31, 2021, 2022 and 2023 (Operating income without Financial Services) are calculated as consolidated operating income less the sum of operating income from Financial Services and Intersegment elimination between the Financial Services segment and the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination. As such, the figures for the fiscal years ended March 31, 2021, 2022 and 2023 have not been prepared in accordance with IFRS 5 and are not comparable to other fiscal years presented in the table above.

(4)

Other Adjustments consists of, for FY2020 to FY2022, the difference between “Operating income without Financial Services” and the sum of the operating income of the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination.

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(5)

Operating income margin without Financial Services is calculated by dividing operating income without Financial Services by sales without Financial Services for the fiscal years ended March 31, 2021, 2022 and 2023 and operating income margin from continuing operations is calculated by dividing operating income from continuing operations by sales from continuing operations for the fiscal years ended March 31, 2024, 2025 and 2026.

Selected Balance Sheet Data

	Yen in millions, except ratios
	As of March 31
	2023		2024		2025		2026
Consolidated cash and cash equivalents		1,480,900		1,907,113		2,980,956		2,208,879
Cash and cash equivalents from Financial Services		756,493		913,815		1,216,277
Cash and cash equivalents without Financial Services (FY2022 – FY2024) or Cash and cash equivalents (FY2025)(1)		724,407		993,298		1,764,679		2,208,879
Consolidated debt(2)		3,870,572		4,088,433		4,198,246		1,669,669
Short-term debt(3)		2,102,876		2,030,316		2,131,404		311,753
Short-term debt attributable to Financial Services		1,891,856		1,802,337		1,872,486
Short-term debt without Financial Services (FY2022 – FY2024) or Short-term debt (FY2025)(1)		211,020		227,979		258,918		311,753
Long-term debt(3)		1,767,696		2,058,117		2,066,842		1,357,916
Long-term debt attributable to Financial Services		663,352		703,106		690,249
Long-term debt without Financial Services (FY2022 – FY2024) or Long-term debt (FY2025)(1)		1,104,344		1,355,011		1,376,593		1,357,916
Debt without Financial Services (FY2022 – FY2024) or Debt (FY2025)(1)		1,315,364		1,582,990		1,635,511		1,669,669
Net debt without Financial Services (FY2022 – FY2024) or Net debt (FY2025)(1)(4)		590,957		589,692		(129,168)		(539,210)
Net income ratio without Financial Services (FY2022 – FY2024)(5) or Net income ratio (FY2025)(5)		0.72x		0.66x		(0.12)x		(0.52)x
Adjusted EBITDA ratio(6)		0.39x		0.35x		(0.07)x		(0.25)x

(1)

(2)

Consolidated debt is defined as the sum of short-term debt and long-term debt.

(3)

Short-term debt is defined as the aggregate of Short-term borrowings, the current portion of Lease liabilities and Current portion of long-term debt. Short-term debt from Financial Services is defined as the aggregate of Short-term borrowings, the current portion of Lease liabilities and Current portion of long-term debt, each from the Financial Services business. Long-term debt is defined as the aggregate of Long-term debt and the non-current portion of Lease liabilities. Long-term debt from Financial Services is defined as the aggregate of Long-term debt and the non-current portion of Lease liabilities, each from the Financial Services business.

(4)

Net debt without Financial Services and net debt is calculated as described under “— Non-IFRS Measures.” Net debt without Financial Services and net debt are not in accordance with IFRS Accounting Standards. However, Sony believes that net debt without Financial Services and net debt may be useful in understanding and analyzing Sony’s operating results.

(5)

Net income ratio is calculated by dividing Net debt without Financial Services by Net income attributable to Sony Group Corporation’s Stockholders without Financial Services for the fiscal years

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ended March 31, 2023 and 2024, dividing the Net debt without Financial Services by Net income attributable to Sony Group Corporation’s Stockholders from continuing operations for the fiscal year ended March 31, 2025, and dividing Net debt by Net income attributable to Sony Group Corporation’s Stockholders from continuing operations for the fiscal year ended March 31, 2026.

(6)

Adjusted EBITDA ratio is calculated by dividing Net debt without Financial Services by Adjusted EBITDA without Financial Services for the fiscal years ended March 31, 2023 and 2024, by dividing Net debt without Financial Services by Adjusted EBITDA from continuing operations for the fiscal year ended March 31, 2025 and by dividing Net debt by Adjusted EBITDA from continuing operations for the fiscal year ended March 31, 2026. Adjusted EBITDA is calculated as described under “— Non-IFRS Measures.” Adjusted EBITDA ratio is not in accordance with IFRS Accounting Standards. However, Sony believes that Adjusted EBITDA ratio may be useful in understanding and analyzing Sony’s operating results.

Selected Cash Flow Data

	Yen in millions
	Fiscal year ended March 31
	2021(1)		2022(1)		2023		2024		2025		2026
Consolidated operating cash flow		1,140,217		1,233,643		314,691
Operating cash flow from Financial Services		9,914		459,710		(56,282)
Intersegment elimination(2)		(19,962)		(39,335)		(44,500)
Operating cash flow without Financial Services (FY2020 – FY2022) or Total net cash provided by operating activities from continuing operations (FY2023 – FY2025)(3)		1,150,265		813,268		415,473		1,103,645		1,971,349		1,966,292

(1)

(2)

This is the elimination of intersegment operating cash flow between the Financial Services segment and the G&NS, Music, Pictures, ET&S and I&SS segments, All Other and Corporate and elimination.

(3)

In connection with the resolution of the Board of Directors for the plan regarding the execution of the Spin-off, on May 14, 2025, the Financial Services business was classified as a discontinued operation. As such, beginning from the fiscal year ended March 31, 2024, our financial statements incorporated by reference herein have been re-presented to conform to the classification of continuing operations, comprised of Sony’s businesses excluding the Financial Services business, and the discontinued operation in accordance with IFRS 5. For the fiscal years ended March 31, 2021, 2022 and 2023, the financial information has not been re-presented to conform to the classification of continuing operations and the discontinued operation. The amounts presented for the fiscal years ended March 31, 2021, 2022 and 2023 (Operating cash flow without Financial Services) are calculated by subtracting the Financial Services related amount from the consolidated operating cash flow and adding back the Intersegment elimination. As such, the figures for the fiscal years ended March 31, 2021, 2022 and 2023 have not been prepared in accordance with IFRS 5 and are not comparable to other fiscal years presented in the table above.

Other Financial Data

Geographic Information

Sales by Geographic Region — IFRS Accounting Standards

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The following table shows Sony’s consolidated sales to external customers in each of its major markets for the periods indicated.

	Yen in millions
	Fiscal year ended March 31, 2026
Japan		1,333,202
United States		4,064,440
Europe		2,826,805
China		1,428,677
Asia-Pacific		1,694,889
Other Areas		1,131,607

Percentage Sales by Geographic Region — IFRS Accounting Standards

	Percentage
	Fiscal year ended March 31, 2026
Japan		10.7%
United States		32.6%
Europe		22.7%
China		11.4%
Asia-Pacific		13.6%
Other Areas		9.1%

Major countries and areas in each geographic segment excluding Japan, United States and China are as follows:

(1)

Europe: United Kingdom, France, Germany, Spain and Italy

(2)

Asia-Pacific: India, South Korea, Oceania, Thailand and Malaysia

(3)

Other Areas: The Middle East/Africa, Brazil, Mexico and Canada

Business Segment Information

See Note 4 to the audited consolidated financial statements in our most recent annual report on Form 20-F for the fiscal year ended March 31, 2026, filed with the SEC on June 18, 2026, which is incorporated by reference herein for further information.

Percentage of Sales by Business Segment — IFRS Accounting Standards

	Percentage(1)
	Fiscal year ended March 31, 2026
G&NS		36.8%
Music		16.7%
Pictures		11.8%
ET&S		17.8%

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	Percentage(1)
	Fiscal year ended March 31, 2026
I&SS		16.9%
% of Entertainment Businesses(2)		65.3%

(1)

The ratios for each business are calculated by dividing sales for each business segment including intersegment sales by the total of such sales for business segments, excluding All Other and Corporate and elimination.

(2)

Entertainment Businesses represent the G&NS, Music, and Pictures segments.

Sales, Operating Income and Operating Income Margin by Business Segment — IFRS Accounting Standards

G&NS

	Yen in millions, except margins
	Fiscal year ended March 31
	2021		2022		2023		2024		2025		2026
Sales		2,656,278		2,739,763		3,644,598		4,267,734		4,670,044		4,685,651
Digital Software and Add-on Content		1,454,654		1,424,459		1,523,045		1,934,586		2,290,498		2,415,305
Network Services		382,950		409,355		464,676		545,537		669,873		763,126
Hardware and Others		767,109		840,542		1,550,812		1,692,871		1,583,200		1,391,622
Intersegment		51,565		65,407		106,065		94,740		126,473		115,598
Operating income		341,718		346,089		250,006		290,184		414,819		463,258
Operating income margin(1)		12.9%		12.6%		6.9%		6.8%		8.9%		9.9%

(1)