Asahi Group Holdings, Ltd.

FY2021 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 theJapanese Financial Statement which was filed at Stock Exchanges in Japan on May 14, 2021.
This translation was made for information only. The Company gives no warranty with respect to its
correctness.

Summary Report of Financial Results

May 14, 2021

(Fiscal 2021 Q1)Asahi Group Holdings, Ltd.
Code number:

2502

Shares Listed:

First Section of Tokyo Stock Exchange

Head Office:TokyoContact:

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, 2021 to March 31, 2021)(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 2021 Q1 ended March 31, 2021

456,668

11.6

28,302

78.3

52,230304.1

33,036

298.7

Fiscal 2020 Q1 ended March 31, 2020

409,133(4.7)

15,874(36.0)

12,923(44.5)

8,286(45.9)

Profit attributable toTotal comprehensive income

owners of parent(Millions of yen)(%)

(Millions of yen)(%)

Fiscal 2021 Q1 ended March 31, 2021

33,191

298.2

166,131-

Fiscal 2020 Q1 ended March 31, 2020

8,334

(45.3)(215,620)-

Basic earningsDiluted earnings

per shareper share(yen)(yen)Fiscal 2021 Q1 ended March 31, 2021

65.50

65.49

Fiscal 2020 Q1 ended March 31, 2020

18.20

18.19

(Reference) Profit before tax: FY2021 Q1 ended March 31, 2021 48,892 millions of yen (416.1%)
FY2020 Q1 ended March 31, 2020 9,473 millions of yen (-57.1%)*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.

(2) Financial Condition
Total assets

Total Equity(Millions of yen)

Equity attributable to Equity ratio attributable to(Millions of yen)owners of parent

owners of parent(Millions of yen)(%)

Fiscal 2021 Q1 ended March 31, 2021

4,509,296

1,657,104

1,655,560

36.7

Fiscal 2020 ended December 31, 2020

4,439,378

1,517,816

1,516,124

34.2

2. Dividends
Cash dividend per share
Q1

Q2

Q3(yen)

(yen)

(yen)

Fiscal 2020 ended December 31, 2020-

Fiscal 2021 ended December 31, 2021-

Fiscal 2021 ending December 31, 2021 (forecast)Year-end Total annual(yen)

(yen)

53.00

-53.00106.0054.00-55.00109.00Note: Changes to the latest dividend forecast announced: No-1-

3. Forecast for Fiscal 2021 (January 1, 2021 to December 31, 2021)
Revenue(Millions of yen)Core Operating Profit(%)(Millions of yen)(%)

Operating Profit(Millions of yen)

Profit(%)(Millions of yen)(%)

Fiscal 2021 H1 ending June 30, 2021

1,067,500

22.1

76,50045.4

93,500106.3

59,400

97.4

Fiscal 2021 ending December 31, 2021

2,296,000

13.2

217,500

29.6

216,000

59.8

152,000

64.2

Proft attributable toBasic earnings per shareowners of parent(Millions of yen)

(%)

(yen)

Fiscal 2021 H1 ending June 30, 2021

59,50097.1

117.42

Fiscal 2021 ending December 31, 2021

152,000

63.7

299.97

Note: Changes to the latest consolidated results forecast announced: No(Reference) Profit before tax : FY2021 ending December 31, 2021 forecast

203,000 millions of yen (61.9%)<Constant Currency Basis>

Revenue

Fiscal 2021 ending March 31, 2021 *1
Fiscal 2021 ending December 31, 2021
(forecast)(Millions of yen)
436,212Core Operating Profit(%)(Millions of yen)
6.6
25,872

2,272,185

12.1

214,265(%)
63.0
27.7

*1 The figures in FY2021 are converted by the previous year's local currency rates.

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, 2021

507,003,362 sharesYear ended December 31, 2020

507,003,362 shares(2) Treasury shares at period-end:
Q1 ended March 31, 2021

288,735 sharesYear ended December 31, 2020

287,954 shares(3) Average number of outstanding shares during the period:
Q1 ended March 31, 2021

506,714,851 shares

Q1 ended March 31, 2020

458,075,908 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, 2021: 110,442 shares, Year ended December 31, 2020: 110,442 shares, Q1 ended March 31, 2020: 35,742 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. Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position (As of December 31, 2020 and March 31, 2021)(Millions of yen)

As ofAs ofDecember 31, 2020

March 31, 2021

(Assets)
Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Income tax receivables
Other financial assets
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Goodwill and intangible assets
Investments accounted for using equity method
Other financial assets
Deferred tax assets
Net defined benefit assets
Other non-current assets
Total non-current assets
Total assets

48,460378,924
183,166
24,403
4,226
32,252
671,434
17,652
689,086

52,239307,496
201,147
26,666
5,587
39,270632,408－
632,408810,2642,701,985
5,256
160,064
27,596
19,27825,8463,750,292
4,439,378

816,552
2,818,546
5,580
166,395
27,885
18,791
23,137
3,876,887
4,509,296

477,098
924,760
35,68312,01989,519113,440
1,652,521
134
1,652,655

436,954649,635
38,566
11,996
83,717
93,077
1,313,947－
1,313,947

898,867
24,093
205,275
134,729
5,941
1,268,906
2,921,562

1,155,108
24,442
213,151
139,890
5,650
1,538,243
2,852,191

220,044
161,783
967,230(1,031)
168,097
1,516,124
1,691
1,517,816
4,439,378

220,044
161,798
974,762(1,035)299,989
1,655,560
1,543
1,657,104
4,509,296(Liabilities and Equity)(Liabilities)
Current liabilities
Trade and other payables
Bonds and borrowings
Income tax payables
Provisions
Other financial liabilities
Other current liabilities
Subtotal
Liabilities directly related to assets held for sale
Total current liabilities
Non-current liabilities
Bonds and borrowings
Net defined benefit liabilities
Deferred tax liabilities
Other financial liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities(Equity)
Issued capital
Share premium
Retained earnings
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, 2020 and 2021)<Consolidated Income Statements>(Millions of yen)Previous year
(From January 1to March 31)
Revenue

Current year
(From January 1to March 31)

409,133

456,668(264,311)(283,945)

144,821

172,723(128,947)(144,420)

Other operating income

402

35,630

Other operating expense(3,352)(11,703)

12,92352,230Finance income

1,045

747

Finance costs(4,548)(4,166)

52

81

9,473

48,892(1,187)(15,855)

8,286

33,036

8,334

33,191

(48)

(154)

8,286

33,036

Basic earnings per share (JPY)

18.20

65.50

Diluted earnings per share (JPY)

18.19

65.49

Cost of sales
Gross Profit
Selling, general and administrative expenses

Operating Profit

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 1
to March 31)
Profit for the period

Current year
(From January 1
to March 31)

8,286

33,036(17,970)

6,391

Cash flow hedges(106,296)

2,765

Costs of hedging

(506)

725

(99,000)

123,066

(133)

146

(223,907)

133,094(215,620)

166,131(215,963)

166,264

342

(133)

Other comprehensive income
Items that will not be reclassified to profit or loss
Changes in fair value of financial instruments measured atfair 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 method
Total 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
Fiscal2020(fromJanuary 1
1 to31, 2020)
Fiscal2019(Januaryto MarchDecember
31, 2019)(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Issued capital

Balance as of January 1, 2020

Share premium

182,531

Retained earnings Treasury shares

119,163918,523(77,011)

Changes in fair value offinancial instruments
measured atfair value through OCI

Cash flow hedges

63,35432,797(17,970)(106,296)(17,970)(106,296)

Comprehensive income
Profit8,334

Other comprehensive income
Total comprehensive income

－－

8,334

－

Transfer to non-financial assets

126

Transactions with owners
Dividends(21,987)

Purchase of treasury shares(4)

Disposal of treasury shares

00

Changes through sales of consolidated
subsidiaries

Share-based payment transaction

39

Transfer from other components of equity
to retained earnings(321)

Other increase (decrease)

321

(0)

Total contributions by owners and distribution
to owners－39(22,309)

(4)

321

－

Total transactions with owners－39(22,309)

(4)

321

－

Balance as of March 31, 2020

182,531

119,202904,549(77,015)45,706(73,371)

Non-controllinginterests

Total equity

Equity attributable to owners of parent
Other components of equity

Balance as of January 1, 2020

Total equity
attributable toowners of parent

Costs of hedging

Translationdifference on
foreign operations

Total othercomponents ofequity(1,125)

8,080

103,107

1,246,314

1,965

1,248,279

－

8,334

(48)

8,286

Comprehensive income
ProfitOther comprehensive income(506)(99,525)(224,298)(224,298)

391(223,907)(506)(99,525)(224,298)(215,963)

342(215,620)

126

126

Dividends－(21,987)

Purchase of treasury shares

－

(4)

(4)

Disposal of treasury shares－00

Changes through sales of consolidated
subsidiaries－－

Share-based payment transaction

－

39

39

321

－

－－

(0)

(0)

(1)

Total comprehensive income
Transfer to non-financial assets

126

Transactions with owners

Transfer from other components of equity
to retained earnings

Other increase (decrease)

(23)

(62)

(22,011)(62)

Total contributions by owners and distribution
to owners－－

321(21,952)(86)(22,039)

Total transactions with owners－－321(21,952)(86)(22,039)

Balance as of March 31, 2020

(1,631)(91,445)(120,742)

1,008,524

2,221

1,010,745-6-(3) Condensed Consolidated Statement of Changes in Equity
Fiscal 2021 (from January 1 to March 31, 2021)(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Issued capital

Balance as of January 1, 2021

Share premium

220,044

Retained earnings Treasury shares

161,783

967,230(1,031)

Changes in fair value offinancial instrumentsmeasured atfair value through OCI

Cash flow hedges

39,605

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

00

Changes through sales of consolidated
subsidiaries

Share-based payment transaction

15

Transfer from other components of equity
to retained earnings

1,197(1,197)

Other increase (decrease)
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

Non-controllinginterests

Total equity

Equity attributable to owners of parent
Other components of equity

Balance as of January 1, 2021

Total equity
attributable toowners of parent

Costs of hedging

Translationdifference on
foreign operations

Total othercomponents ofequity(773)

126,739

168,097

1,516,124

1,691

1,517,816－

33,191(154)

33,036Comprehensive income
ProfitOther comprehensive income

725

123,191

133,072

133,07221

133,094725

123,191

133,072

166,264(133)

166,1311515

Dividends－(26,855)

Purchase of treasury shares

－

(3)

(3)

Disposal of treasury shares－

00

Changes through sales of consolidated
subsidiaries－－－

Share-based payment transaction－

15

15(1,197)

－

－－

－

－

Total comprehensive income
Transfer to non-financial assets

15

Transactions with owners

Transfer from other components of equity
to retained earnings

Other increase (decrease)(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)

Balance as of March 31, 2021

(48)

249,931299,989

1,655,560

1,543

1,657,104-7-

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