Asahi Group Holdings, Ltd.

FY2021 Q3Consolidated 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 November 10, 2021.
This translation was made for information only. The Company gives no warranty with respect to itscorrectness.

Summary Report of Financial Results

November 10, 2021

(Fiscal 2021 Q3)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 September 30, 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 Q3 ended September 30, 2021

1,620,303

10.1

154,300

22.5

172,268

52.3

124,899

64.2

Fiscal 2020 Q3 ended September 30, 2020

1,471,393(5.1)

125,968(22.6)

113,094(29.2)

76,053(32.6)

Profit attributable toTotal comprehensive income

owners of parent(Millions of yen)(%)

(Millions of yen)(%)

Fiscal 2021 Q3 ended September 30, 2021

124,576

63.7

206,700

422.8

Fiscal 2020 Q3 ended September 30, 2020

76,121(32.6)

39,534651.3

Basic earnings

Diluted earnings

per shareper share(yen)(yen)

Fiscal 2021 Q3 ended September 30, 2021

245.84245.82

Fiscal 2020 Q3 ended September 30, 2020

165.14165.12(Reference) Profit before tax: FY2021 Q3 ended September 30, 2021 164,763 millions of yen (55.9%)
FY2020 Q3 ended September 30, 2020 105,706 millions of yen (-32.9%)*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 Q3 ended September 30, 2021

4,462,378

1,670,202

1,668,229

37.4

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

-

53.00

-

Fiscal 2021 ended December 31, 2021

-

54.00

-

Fiscal 2021 ending December 31, 2021 (forecast)
Note: Changes to the latest dividend forecast announced: No-1-

Year-end Total annual
(yen)

(yen)

53.00

106.0055.00

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

2,246,000

Fiscal 2021 ending December 31, 2021

(Millions of yen)

10.8

214,000

Proft attributable to(%)

Operating Profit(Millions of yen)

27.5211,500

Profit(%)
56.5(Millions of yen)
148,500(%)
60.4

Basic earnings per shareowners of parent(Millions of yen)
Fiscal 2021 ending December 31, 2021(%)

148,500(yen)60.0

293.05

Note: Changes to the latest consolidated results forecast announced: Yes(Reference) Profit before tax : FY2021 ending December 31, 2021 forecast

198,500 millions of yen (58.3%)<Constant Currency Basis>

Revenue(Millions of yen)
1,553,289
Fiscal 2021 ended September 30, 2021*
Fiscal 2021 ending December 31, 2021
2,166,117(forecast)*

Core Operating Profit(%)(Millions of yen)
5.6
145,7566.8

203,364(%)
15.7
21.2

* 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):Q3 ended September 30, 2021

507,003,362 sharesYear ended December 31, 2020

507,003,362 shares(2) Treasury shares at period-end:
Q3 ended September 30, 2021

261,584 sharesYear ended December 31, 2020

287,954 shares(3) Average number of outstanding shares during the period:
Q3 ended September 30, 2021

506,730,344 shares

Q3 ended September 30, 2020

460,935,409 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.
(Q3 ended September 30, 2021: 80,482 shares, Year ended December 31, 2020: 110,442 shares, Q3 ended September 30, 2020: 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. Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position (As of December 31, 2020 and September 30, 2021)(Millions of yen)

As ofAs ofDecember 31, 2020

September 30, 2021

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

54,281
332,041
209,8211,643
7,876
41,064
646,729
28,009674,739810,2642,701,985
5,256
160,064
27,596
19,27825,8463,750,292
4,439,378

801,889
2,767,771
6,263
142,754
31,006
18,171
19,783
3,787,638
4,462,378

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

482,120
483,351
36,724
13,393
115,604
114,657
1,245,851－
1,245,851

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

1,175,735
24,698202,143
137,413
6,332
1,546,324
2,792,175

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

220,044
161,715
1,038,785(915)
248,598
1,668,229
1,972
1,670,202
4,462,378(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(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 September 30, 2020 and 2021)<Consolidated Income Statements>(Millions of yen)Previous year
(From January 1to September 30)
Revenue

Current year
(From January 1to September 30)

1,471,393

1,620,303(926,973)(995,418)

544,419624,885(418,450)(470,584)

Other operating income

7,797

42,292Other operating expense(20,672)(24,325)

113,094

172,268

Finance income

4,241

4,390

Finance costs(9,628)(12,221)

Share of profit (loss) of investments accounted for using equity method

301

325

Gain (loss) on sales of investments accounted for using equity method(2,300)－105,706

164,763(29,653)(39,864)

76,053

124,899

76,121

124,576(67)

323

76,053

124,899

Basic earnings per share (JPY)165.14245.84

Diluted earnings per share (JPY)165.12245.82

Cost of sales
Gross Profit
Selling, general and administrative expenses

Operating Profit

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 September 30)
Profit for the period

Current year
(From January 1to September 30)

76,053

124,899(13,732)

8,370

Cash flow hedges(43,475)

1,281

Costs of hedging

275

155

20,43771,784(25)

209(36,519)

81,801

39,534

206,700

39,728206,405

(194)

295

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 11 to2020)
Fiscal2019(Januaryto September
December30,31,2019)(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(13,732)(43,475)(13,732)(43,475)

Comprehensive income
Profit76,121Other comprehensive income
Total comprehensive income－－

76,121－

Transfer to non-financial assets

11,723

Transactions with owners
Issuance of new shares

33,43533,435

Dividends(46,265)

Purchase of treasury shares(303)

Disposal of treasury shares

5,018

76,288Changes through sales of consolidated
subsidiaries

Share-based payment transaction

72

Transfer from other components of equity
to retained earnings(1,442)Other increase (decrease)

(0)

(6)

1,442

Total contributions by owners and distribution
to owners

33,43538,526(47,714)75,985

1,442－

Total transactions with owners

33,43538,526(47,714)75,985

1,442－

Balance as of September 30, 2020

215,967

157,689

946,930(1,025)51,064

1,045

Non-controllinginterests

Total equity

1,246,314

1,965

1,248,279

76,121(67)

76,053Equity attributable to owners of parent
Other components of equity

Balance as of January 1, 2020

Costs of hedging

Translationdifference on
foreign operations

Total othercomponents ofequity(1,125)

8,080

103,107

Total equity
attributable toowners of parent

Comprehensive income
ProfitOther comprehensive income

275

20,540(36,392)(36,392)(127)(36,519)275

20,540(36,392)

39,728(194)

39,534

11,723

11,723

11,723Issuance of new shares－

66,871

66,871Dividends－(46,265)

Purchase of treasury shares

－

(303)

(303)

Disposal of treasury shares－

81,30781,307

Changes through sales of consolidated
subsidiaries－－

Share-based payment transaction

－

72

72

1,442－

－－

(6)

200

194

Total comprehensive income
Transfer to non-financial assets
Transactions with ownersTransfer from other components of equity
to retained earnings

Other increase (decrease)

(23)

(62)

(46,289)(62)

Total contributions by owners and distribution
to owners

－－

1,442

101,676

114

101,790

Total transactions with owners

－－

1,442

101,676

114

101,790(849)

28,62079,8801,399,442

1,885

1,401,327

Balance as of September 30, 2020-6-

(3) Condensed Consolidated Statement of Changes in Equity
Fiscal 2021 (from January 1 to September 30, 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 instruments
measured atfair value through OCI

Cash flow hedges

39,605

2,526

8,370

1,281

8,370

1,281

Comprehensive income
Profit124,576

Other comprehensive income
Total comprehensive income－－

124,576－

Transfer to non-financial assets(128)Transactions with owners
Issuance of new shares
Dividends(54,220)

Purchase of treasury shares(18)

Disposal of treasury shares

0134

Changes through sales of consolidated
subsidiaries

Share-based payment transaction(68)

Transfer from other components of equity
to retained earnings

1,199(1,199)

Other increase (decrease)
Total contributions by owners and distribution
to owners－(67)(53,020)116(1,199)－Total transactions with owners－(67)(53,020)116(1,199)－220,044

161,715

1,038,785(915)

46,776

3,679

Non-controllinginterests

Total equity

1,516,124

1,691

1,517,816

124,576323

124,899

Balance as of September 30, 2021

Equity attributable to owners of parent
Other components of equityBalance as of January 1, 2021

Costs of hedging

Translationdifference on
foreign operations

Total othercomponents ofequity(773)

126,739

168,097

Total equity
attributable toowners of parent

Comprehensive income
ProfitOther comprehensive income

155

72,021

81,82981,829(27)

81,801

155

72,021

81,829206,405

295

206,700

(128)

(128)

(128)

Issuance of new shares－－－

Dividends－(54,220)

Purchase of treasury shares

－(18)

(18)

Disposal of treasury shares

－135

135

Changes through sales of consolidated
subsidiaries－－－

Share-based payment transaction

－(68)

(68)

(1,199)－－－－－Total comprehensive income
Transfer to non-financial assets
Transactions with owners

Transfer from other components of equity
to retained earnings

Other increase (decrease)(13)(54,233)

Total contributions by owners and distribution
to owners－－(1,199)(54,171)(13)(54,185)

Total transactions with owners－－(1,199)(54,171)(13)(54,185)(617)

198,761

248,598

1,668,229

1,972

1,670,202

Balance as of September 30, 2021-7-

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