Asahi Group Holdings, Ltd.

FY2022 Q1Consolidated Financial Results(IFRS)NOTE:All information has been prepared in accordance with International Financial Reporting Standards (IFRS).
Amounts shown in this accounting report and in the attached materials have been rounded down to omit
fractions less than one million yen. This document is a partial English translation of the Japanese Financial
Statement which was filed at Stock Exchanges in Japan on May 16, 2022.
This translation was made for information only. The Company gives no warranty with respect to its
correctness.

Summary Report of Financial Results(Fiscal 2022 Q1)

May 16, 2022

Asahi Group Holdings, Ltd.
Code number: 2502
Shares Listed: Prime Market of Tokyo Stock Exchange
Head Office:Tokyo
Contact:
Osamu Ishizaka, Head of Corporate Communications, Executive Officer
Tel: +81 3 5608 5126 (https://www.asahigroup-holdings.com/en/)
US GAAP:Not applicable1. Overview of Performance (From January 1, 2022 to March 31, 2022)(Figures are rounded down to the million)(1) Business Performance(Percentage figures represent the change from the previous year)
Revenue(Millions of yen)Core Operating Profit(%)(Millions of yen)

Operating profit(%)(Millions of yen)

Profit for the period(%)(Millions of yen)(%)

Fiscal 2022 Q1 ended March 31, 2022

496,863

8.8

24,687(12.8)

9,044(82.7)

4,358(86.8)

Fiscal 2021 Q1 ended March 31, 2021

456,668

11.6

28,302

78.3

52,230304.1

33,036

298.7

Profit attributable toTotal comprehensive

Basic earnings

Diluted earnings

owners of parent

incomeper shareper share

(yen)

(yen)

(Millions of yen)(%)

(Millions of yen)(%)

Fiscal 2022 Q1 ended March 31, 2022

4,346(86.9)

218,493

31.5

8.588.58

Fiscal 2021 Q1 ended March 31, 2021

33,191

298.2

166,131－65.50

65.49(Reference)・Profit before tax:

FY2022 Q1

7,530 millions of yen (-84.6%)

FY2021 Q1

48,892 millions of yen (416.1%)

・Adjusted profit attributable to owners of parent:

FY2022 Q1

13,308 millions of yen (-59.9%)

FY2021 Q1

33,191 millions of yen (298.2%)

・Constant Currency Basis (Figures calculated by converting foreign currency amounts for the year to yen using the exchange rate of the previous year)
FY2022 Q1Revenue 7.1% YoYCore Operating Profit -14.7% YoY*Core Operating Profit is the reference index for normalized business performance. Core Operating Profit = Revenue - (COGS + general administrative cost)Core Operating Profit is not the index defined in IFRS. We think this index is useful for financial statements users so that we disclose it spontaneously.
*Adjusted profit attributable to owners of parent= Profit attributable to owners of parent - One-off special factors including business portfolio restructuring and impairment loss

(2) Financial Condition
Total assets

Total equity(Millions of yen)

Equity attributable toEquity ratio attributable toowners of parent

owners of parent(Millions of yen)(%)

(Millions of yen)

Fiscal 2022 Q1 ended March 31, 2022

4,783,842

1,949,370

1,947,242

40.7

Fiscal 2021 ended December 31, 2021

4,547,748

1,759,148

1,757,104

38.6

2. Dividends
Cash dividend per share
Q1

Q2

Q3(yen)

(yen)

(yen)

Fiscal 2021 ended December 31, 2021－

Fiscal 2022 ended December 31, 2022－

Fiscal 2022 ending December 31, 2022 (forecast)Year-end Total annual
(yen)

(yen)

54.00

－55.00109.0055.00－56.00111.00Note: Changes to the latest dividend forecast announced: No-1-3. Forecast for Fiscal 2022 (From January 1, 2022 to December 31, 2022)(Percentage figures represent the change from the previous year)
RevenueCore Operating Profit(Millions of yen)(%)

2,450,000

Fiscal 2022 ending December 31, 2022

(Millions of yen)

9.6

Proft attributable to(%)

240,000

10.1

Operating profit(Millions of yen)

217,500

Profit(%)(Millions of yen)

2.6

146,500

Basic earnings per shareowners of parent(Millions of yen)(%)

146,500

Fiscal 2022 ending December 31, 2022(yen)(4.6)

289.10Note: Changes to the latest consolidated results forecast announced: No(Reference)・Profit before tax:

FY2022 forecast

205,500 million yen (2.8%)

・Adjusted profit attributable to owners of parent:

FY2022 forecast

156,500 million yen (1.2%)

・Constant Currency Basis (Figures calculated by converting foreign currency amounts for the year to yen using the exchange rate of the previous year)
FY2022 (Forecast)

Revenue 10.5% YoYCore Operating Profit 11.4% YoY*Adjusted profit attributable to owners of parent= Profit attributable to owners of parent - One-off special factors including business portfolio restructuring and impairment loss

Notes
(1) Changes in status of material subsidiaries during the period (changes in specified subsidiaries due to changes in the scope of consolidation): No
New: - company ( - ), Excluded: - company ( - )(2) Changes in accounting policies, or changes in accounting estimates(1) Changes in accounting policies required by IFRS: No(2) Changes in accounting policies other than item (1) above: No(3) Changes in accounting estimates: No(3) Number of shares (common stock):(1) Issued share at period-end (including treasury shares):Q1 ended March 31, 2022

507,003,362 sharesYear ended December 31, 2021

507,003,362 shares(2) Treasury shares at period-end:
Q1 ended March 31, 2022

263,527 sharesYear ended December 31, 2021

263,187 shares(3) Average number of outstanding shares during the period:
Q1 ended March 31, 2022

506,739,867 shares

Q1 ended March 31, 2021

506,714,851 shares(Note) The treasury shares which are excluded from calculations of the number of treasury shares at the end of the fiscal period andthe average number of shares during the period under review include the Company's shares held by Custody Bank of Japan, Ltd.
as trust property of the performance-lined stock compensation system for the Directors.
(Q1 ended March 31, 2022: 80,482 shares, Year ended December 31, 2021: 80,482 shares, Q1 ended March 31, 2021: 110,442 shares)* This Consolidated Financial Results for the quarter is not subject to quarterly review procedures* Forward-looking statements and other special instructions
The forward-looking statements that reflect Asahi’s forecasts for consolidated and unconsolidated results in this document are based on information available
at the time of the release of these materials and reasonable assumptions made by Asahi.
Certain risks and uncertainties could cause the results of Asahi to differ materially from any projections presented herein.

-2-(%)(4.8)

4. Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position (As of December 31, 2021 and March 31, 2022)(Millions of yen)

As of

As of

December 31, 2021

March 31, 2022

(Assets)
Current assets
Cash and cash equivalents

52,74345,497

Trade and other receivables

395,974

355,494

Inventories

200,828

230,855

Income tax receivables

2,232

8,695

Other financial assets

7,119

12,060

Other current assets

34,08137,787

692,980

690,392

Assets held for sale

7,196

14,880Total current assets

700,176

705,272

Property, plant and equipment

818,398

817,909

Goodwill and intangible assets

2,819,634

3,030,054

6,640

7,121

Other financial assets

126,295

133,503

Deferred tax assets

34,54943,965Net defined benefit assets

23,981

23,307

Other non-current assets

18,071

22,707

Total non-current assets

3,847,572

4,078,570

4,547,748

4,783,842

Trade and other payables

531,573

506,824

Bonds and borrowings

423,652

507,004

Income tax payables

36,841

33,021

Provisions

13,253

13,917

Other financial liabilities

111,585

112,508

Other current liabilities

125,985

107,586

Total current liabilities

1,242,891

1,280,864

1,172,551

1,176,190

Net defined benefit liabilities

24,05324,325

Deferred tax liabilities

203,579

222,218

Other financial liabilities

139,194

124,487

Other non-current liabilities

6,330

6,385

Total non-current liabilities

1,545,709

1,553,608

2,788,600

2,834,472

Issued capital

220,044

220,044

Share premium

161,731

161,748

Retained earnings

1,064,644

1,041,620

(923)

(925)

311,607524,754

1,757,104

1,947,242

2,043

2,127

1,759,148

1,949,370

4,547,748

4,783,842

Subtotal

Non-current assets

Investments accounted for using equity method

Total assets(Liabilities and Equity)(Liabilities)
Current liabilities

Non-current liabilities
Bonds and borrowings

Total liabilities(Equity)Treasury shares
Other components of equity
Total equity attributalble to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity-3-(2) Consolidated Statement of Profit or Loss and Comprehensive Income(From January 1 to March 31, 2021 and 2022)<Consolidated Income Statements>(Millions of yen)Previous year
(From January 1to March 31)
Revenue

Current year
(From January 1to March 31)

456,668

496,863(283,945)(319,066)

172,723

177,797(144,420)(153,109)

Other operating income

35,630720

Other operating expense(11,703)(16,364)

52,230

9,044

747

1,914

(4,166)(3,514)81

86

48,892

7,530(15,855)(3,171)33,036

4,358

33,191

4,346

(154)

12

33,036

4,358

Basic earnings per share (JPY)

65.50

8.58

Diluted earnings per share (JPY)

65.49

8.58

Cost of sales
Gross Profit
Selling, general and administrative expenses

Operating Profit
Finance income
Finance costs
Share of profit (loss) of investments accounted for using equity method
Profit before tax
Income tax expense
Profit for the period

Attributable to:
Owners of parent
Non-controlling interests
Total-4-(Millions of yen)<Consolidated Statement of Comprehensive Income>Previous year
(From January 1to March 31)
Profit for the period

Current year
(From January 1to March 31)
33,036

4,358

6,391

1,072

Cash flow hedges

2,765

7,022

Costs of hedging

725

40

123,066

205,815146183

133,094

214,134

166,131

218,493

166,264

218,394(133)

98

Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in fair value of financial instruments measured at fair value
through other comprehensive income
Items that might be reclassified to profit or loss

Translation difference on foreign operations
Share of other comprehensive income of entities accounted for using equity
methodTotal other comprehensive income
Total comprehensive income

Total comprehensive income attributable to:
Owners of parent
Non-controlling interests-5-

(3) Condensed Consolidated Statement of Changes in Equity
Previous year (from January 1 to March 31, 2021)(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Share
premium

Issued capital

Balance as of January 1, 2021

220,044

Retainedearnings

161,783

Changes in fairvalue of financial
instruments
measured atfair value throughOCITreasury
shares967,230(1,031)

Cash flow
hedges39,605

2,526

6,391

2,765

6,391

2,765

Comprehensive income
Profit33,191Other comprehensive income
Total comprehensive income－33,191－－

Transfer to non-financial assets

15

Transactions with owners
Dividends(26,855)

Purchase of treasury shares(3)

Disposal of treasury shares

0

Share-based payment transaction

150Transfer from other components of equity to retained
earnings

1,197(1,197)

Total contributions by owners and distribution to owners－

15(25,658)(3)(1,197)－

Total transactions with owners－15(25,658)(3)(1,197)－

Balance as of March 31, 2021

220,044

161,798

974,762(1,035)44,7995,307

Noncontrollinginterests

Total equity

Equity attributable to owners of parent
Other components of equity
Costs ofhedging
Balance as of January 1, 2021

Total equity
attributable toowners ofparent

Translationdifference on
foreign
operations

Total othercomponentsof equity

126,739

168,097

1,516,124

1,691

1,517,816－

33,191(154)

33,036(773)

Comprehensive income
ProfitOther comprehensive income

725

123,191

133,072

133,07221

133,094725

123,191

133,072

166,264(133)

166,131

15

15

Dividends－(26,855)

Purchase of treasury shares

－

(3)

(3)

Disposal of treasury shares－

00

Share-based payment transaction

－

15

15－

－

Total comprehensive income
Transfer to non-financial assets

15

Transactions with owners

Transfer from other components of equity to retainedearnings(1,197)(13)(26,869)

Total contributions by owners and distribution to owners－－(1,197)(26,843)(13)(26,857)

Total transactions with owners－－(1,197)(26,843)(13)(26,857)

249,931299,989

1,655,560

1,543

1,657,104

Balance as of March 31, 2021

(48)

-6-

(3) Condensed Consolidated Statement of Changes in Equity
Current year (from January 1 to March 31, 2022)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Balance as of January 1, 2022

Issued capital

Share
premium

Retainedearnings

220,044

161,7311,064,644

Changes in fairvalue of financial
instruments
measured atfair value throughOCITreasury
shares(923)

Cash flow
hedges37,975

7,486

1,072

7,026

1,072

7,026

Comprehensive income

4,346

ProfitOther comprehensive income
Total comprehensive income－4,346－－(401)

Transfer to non-financial assets
Transactions with owners(27,870)

Dividends(2)

Purchase of treasury shares

0

Disposal of treasury shares

017

Share-based payment transaction
Transfer from other components of equity to retained
earnings

499

(499)

Total contributions by owners and distribution to owners－

17(27,370)

(1)

(499)

－

Total transactions with owners－

17(27,370)

(1)

(499)

－

161,748

1,041,620(925)

38,548

14,112

Noncontrollinginterests

Total equity

1,757,104

2,043

1,759,148

4,346

12

4,358

Balance as of March 31, 2022

220,044

Equity attributable to owners of parent
Other components of equity
Costs ofhedging
Balance as of January 1, 2022

Translationdifference on
foreign
operations

Total othercomponentsof equity

266,746

311,607(601)

Total equity
attributable toowners ofparent

Comprehensive income
ProfitOther comprehensive income
Total comprehensive income－
40

205,907

214,047

214,04786

214,13440

205,907

214,047

218,394

98

218,493

(401)

(401)

Transfer to non-financial assets(401)

Transactions with owners
Dividends－(27,870)

Purchase of treasury shares

－(2)

(2)

Disposal of treasury shares－

00

Share-based payment transaction

－

1717

Transfer from other components of equity to retained
earnings

(499)

(15)

－

(27,885)－

Total contributions by owners and distribution to owners

－－

(499)

(27,855)(15)(27,870)

Total transactions with owners

－－

(499)

(27,855)(15)(27,870)

524,754

1,947,242

2,127

1,949,370

Balance as of March 31, 2022

(560)

-7-

472,654

(4) Notes to the Condensed Consolidated Financial Statements(Notes Regarding Going Concern Assumptions)None-8-