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    Katsura san • SMBC Nikko Securities

    Katsura san's questions to Sony Group Corp (SONY) leadership

    Katsura san's questions to Sony Group Corp (SONY) leadership • Q1 2025

    Question

    Katsura san from SMBC Nikko Securities sought confirmation on how the reduced tariff impact was factored into Q1 results and questioned the rationale behind the seemingly conservative full-year forecast revision, given the strong outperformance in the Gaming and Music segments.

    Answer

    Naoya Horii, Senior Vice President, confirmed the Q1 tariff impact was included in segment results, with the full-year JPY 70 billion impact viewed at a company level. Lin Tao, CFO, explained the gaming forecast revision was partially offset by the 'Marathon' delay. She noted that major music hits were already anticipated and that the overall forecast remains cautious due to increasing tariff impacts and macroeconomic uncertainties from Q2 onwards.

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    Katsura san's questions to Sony Group Corp (SONY) leadership • Q1 2025

    Question

    Katsura san from SMBC Nikko Securities sought confirmation on how the reduced tariff impact was accounted for in Q1 and the full-year forecast. He also questioned the apparent conservatism in the full-year guidance revision for the Game and Music segments, given their strong Q1 outperformance.

    Answer

    SVP Naoya Horii confirmed the Q1 tariff impact was included in each business's results, with the full-year JPY 70 billion impact managed at the corporate level. CFO Lin Tao explained the Game segment's modest guidance increase was a net result of positive drivers offset by the Marathon delay. She added that major hits were already in the forecast and the company is cautious for Q2 onwards due to macro uncertainties.

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