Softbank Group Corp. · TSE:9984
Softbank — Q2 FY2025 Earnings Presentation
85 slides from Softbank's earnings presentation, Nov 11, 2025
Slide 1: Q2 FY2025 Earnings Results
Q2 FY2025 Earnings Results SoftBank Group Corp. November 11, 2025 2 Six-month period ended September 30, 2025
Slide 2: Disclaimers
Disclaimers This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and its subsidiaries (together with SBG, the “Company”) and its affiliates (together with the Company, the “Group”) and does not constitute or form any solicitation of investment including any offer to buy
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Slide 4: A New Frontier: Physical AI
A New Frontier: Physical AI 4
Slide 5: Brain computer Muscles (Motor)
“SoftBank’s Next 30-Year Vision” announcement, Jun 2010 Brain computer Muscles (Motor) 5
Slide 6: A Key Piece Added toward Realizing ASI
Chip Data Center Stargate AI Model Robot Power Robo HD A Key Piece Added toward Realizing ASI 6
Slide 7: H1 FY2025 Highlights
H1 FY2025 Highlights Fair value of investment in OpenAI increased by 1 $14.6B H1 net income hit a record ¥2.9T (+¥1.9T YoY) 2 far exceeding the previous high NAV reached ¥33.3T (+¥0.9T QoQ) driven by the rise in 3 OpenAI’s fair value LTV improved to 16.5% (-0.6ppt QoQ) and cash position 4 rose to ¥4
Slide 8: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 8
Slide 9: Consolidated Results FY2025 H1
Consolidated Results (¥ B) FY2024 FY2025 Change H1 H1 Net sales 3,469.9 3,736.8 +266.9 Gain/loss on 2,651.0 3,926.7 +1,275.6 investments Income before 1,461.1 3,686.4 +2,225.2 income tax Net income 1,005.3 2,924.1 +1,918.7 Net income: Net income attributable to owners of the parent 9
Slide 10: Consolidated Results FY2025 H1
Consolidated Results (¥ B) FY2024 FY2025 H1 H1 Net sales 3,469.9 3,736.8 Gain/loss on 2,651.0 3,926.7 H1 record high investments Income before 1,461.1 3,686.4 H1 record high income tax Net income 1,005.3 2,924.1 H1 record high Net income: Net income attributable to owners of the parent 10
Slide 11: Net Income (H1)
Net Income (H1) (¥ T) ¥2.9T ¥1.9T Record high for H1, well above the previous peak 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 (FY) Net income: Net income attributable to owners of the parent. Figures for FY2011 and earlier represent net income under Japanese GAAP. 11
Slide 12: Gain/Loss on Investments and Net Income (quarterly)
Gain/Loss on Investments and Net Income (quarterly) (¥ B) Gain/loss on investments 3,439.7 Driven by Net income 2,502.2 2,091.3 fair value 1,531.1 gains from 1,179.6 OpenAI 517.2 559.7 486.9 421.8 -174.3 -369.2 -481.0 Q1 Q2 Q3 Q4 Q1 Q2 FY2024 FY2025 Net income: Net income attributable to owners of t
Slide 13: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) 3,439.7 2,091.3 2,156.3 OpenAI ($14.6B) 1,531.1 559.7 486.9 1,283.4 Others -481.0 Q1 Q2 Q3 Q4 Q1 Q2 FY2024 FY2025 Investment gain on OpenAI ¥2,156.3B ($14.6B): A total amount recorded under the Investment Business of Holding Companies segment and the SoftBa
Slide 14: OpenAI's Valuation
OpenAI’s Valuation ($ B) World’s most 500 valuable private company 260 150 Sep 2024 Mar 2025 Oct 2025 $150B: Pre-money valuation in OpenAI’s funding round in Sep 2024. See OpenAI’s blogpost dated Oct 2, 2024 for details. $260B: Pre-money valuation in SBG’s follow-on investment in OpenAI committed to
Slide 15: Investment Gain on OpenAI
Investment Gain on OpenAI ($ B) Cumulative investment gain 26.5 Increase in fair value of forward contract +15.7 (a) A right to invest an additional $22.5B at a $260B valuation Total investment 8.0 Q2 FY25 gain for Q2 (b) Increase in fair value (a)+(b): of equity interests 6.6 Q2 FY25 Convertible in
Slide 16: Key Indicators
Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. 16
Slide 17: Key Indicators: NAV, LTV, Cash position
Key Indicators Jun 30, 2025 Sep 30, 2025 NAV (Net Asset Value) ¥32.4 T ¥33.3 T LTV (Net debt / Equity value of holdings) 17.0 % 16.5 % Cash position ¥3.7 T ¥4.2 T For details of NAV and LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2025)" and "Definition an
Slide 18: NAV
NAV (¥ T) 35.3 33.3 36.2 Record High 32.4 ($224B) 29.0 29.3 27.8 25.7 17.5 19.4 15.2 16.5 13.4 13.2 14.4 19.2 10.6 16.4 15.5 6.1 3.4 3.9 11.1 11.6 Arm 8.5 8.3 7.7 8.8 8.1 7.6 SVF1/SVF2/ 7.3 7.3 LatAm Funds 7.3 SoftBank Corp. 2.9 2.7 2.9 2.6 2.9 2.8 2.9 2.5 2.9 T-Mobile/ 2.2 2.4 1.4 1.3 1.9 2.6 2.5 2
Slide 19: LTV
LTV Net of asset-backed finance 40% 35％ (upper limit during emergencies) 30% Below 25％ (in normal times) 21.6% 20.4% Remained at 16.5% 20% 18.7% a low level 18.2% 18.0% 15.0% 17.0% 15.9% 12.5% 11.5% 14.5% 11.0% 8.4% 12.9% 10% 10.6% 8.0% 7.8% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 F
Slide 20: Cash Position
Cash Position (¥ T) Remained 6.0 5.8 5.1 ample 5.0 5.0 4.7 4.6 4.4 4.2 4.0 3.8 3.7 3.4 3.0 2.0 1.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 As of the end of each quarter Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + un
Slide 21: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 21
Slide 22: Gain/Loss on Investments (quarterly) SVF Segment
Gain/Loss on Investments (quarterly) SVF Segment SVF Driven by fair value gain on ($ M) 19,046 OpenAI 12,823 OpenAI 1,159 5,006 6,223 Others 4,049 12 -2,331 Q1 Q2 Q3 Q4 Q1 Q2 FY2024 FY2025 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual in
Slide 23: Breakdown of Gain/Loss on Investments (Q2 FY2025)
Breakdown of Gain/Loss on Investments (Q2 FY2025) SVF Segment SVF Strong performance from both SVF1 and SVF2 ($ M) SVF1 SVF2 + LatAm + others +$5,780M +$13,266M Total Total 12,931 Recent transactions Others Performance of portfolio companies Recent transactions 1,300 Primarily OpenAI Market factors
Slide 24: Gain/Loss on Investments (cumulative)
Gain/Loss on Investments (cumulative) SVF Segment SVF ($ M) 66,375 60,821 56,825 55,874 Strong turnaround 31,262 26,353 23,578 16,398 20,166 SVF1:+$32.8B 12,849 12,786 SVF2:-$9.1B 11,403 8,242 5,373 9,655 8,526 LatAm+others:-$0.1B 3,088 958 1,743 2,373 698 4,532 1,876 -1,414 -2,975 -475 -1,093 -1,63
Slide 25: Public Listings and Pipeline
Public Listings and Pipeline SVF A robust pipeline for future public listings Public listings Pipeline Since inception 58 listings Total fair value of late-stage portfolio: $56B (+$11B QoQ) Select late-stage Filed Listings in Q2 FY2025 portfolio companies （2025年11月10日上場完了) (Listed on Nov 10, 2025) (
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Slide 27: Number of Registered Users
Number of Registered Users Used by more than 1 in 2 people in Japan and ~2 out of 3 smartphone users in Japan 71.07 (M users) 60 6,000 Exceeded 3,000 71M users 30 Oct 2018 Launch 0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Source) PayPay Corporation More than 1 in 2 people in Japan: C
Slide 28: Key Consolidated Indicators
Key Consolidated Indicators GMV EBITDA Up 25% YoY Doubled YoY 53 48.3 (¥ T) (¥ B) 9.2 8 7.4 35 6.1 24.2 4 18 8.6 0 0 H1 H1 H1 H1 H1 H1 FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 (Source) PayPay Corporation (Source) PayPay Corporation Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, Pay
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Slide 30: Revenue (H1) (US-GAAP)
Revenue (H1) (US-GAAP) ($ M) License and other revenue Royalty revenue 2,188 1,783 Record high 983 1,481 Revenue 802 License and other revenue 663 Royalty revenue 1,205 981 818 H1 H1 H1 FY2023 FY2024 FY2025 (Source) Arm See Arm Investor Relations website (https://investors.arm.com/) for details. Lic
Slide 31: Non-GAAP Operating Income (H1)
Non-GAAP Operating Income (H1) (US-GAAP) ($ M) 879 774 656 Up 14% YoY H1 H1 H1 FY2023 FY2024 FY2025 (Source) Arm See the end of Arm’s FYE26-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. See Arm Investor Relations website (https:/
Slide 32: Continued Penetration of Compute Subsystems (CSS)
Continued Penetration of Compute Subsystems (CSS) Enables even higher royalty rates than Armv9 by utilizing multiple Arm technologies Number of cumulative licenses 19 Automotive 1 PC 16 3 Mobile 1 13 2 Data center 11 12 1 1 1 6 Microsoft, Samsung etc. 1 5 have been adopters 5 5 7 4 1 3 9 8 6 6 6 3 Q
Slide 33: Announced Lumex CSS for Mobile Device
Announced Lumex CSS for Mobile Device Integrates the most advanced CPU, GPU, and system IP to accelerate AI performance on edge devices Compared to previous generation: Up to 5X AI performance 2.8X faster audio generation Up to 3X energy performance (Source) Arm 33
Slide 34: Guidance (US-GAAP)
Guidance (US-GAAP) In the long term, both revenue and profit are expected to grow strongly Q3 FY2025 Revenue $1.225B ±$50M YoY +25% Non-GAAP operating expense ~$720M Non-GAAP fully diluted earnings per share $0.41 ±$0.04 (Source) Arm Visit Arm Investor Relations website (https://investors.arm.com/)
Slide 35: OpenAI
OpenAl
Slide 36: OpenAI Completes Recapitalization
OpenAI Completes Recapitalization Non-profit (Philanthropic Organization) OpenAI Employees and Microsoft other investors Foundation SVF2 (non-SoftBank Group) ~26% ~27% ~11% ~36% For-profit OpenAI Group PBC (Source) OpenAI’s blogpost dated Oct 28, 2025 Equity interest ratios in OpenAI Group PBC: Afte
Slide 37: Follow-on Investment Commitment (Mar 2025)
Follow-on Investment Commitment (Mar 2025) Valuation: $260B Co-investors (syndication) (Mar 2025) through SVF２ Investment Commitment $40B = $30B + $10B 1st Closing Completed Completed $10B = $7.5B + Completed $2.5B 2nd Closing Decided to proceed in Dec 2025 Committed to in full $30B = $22.5B + $7.5B
Slide 38: Weekly Active Users (Global)
Weekly Active Users (Global) (M users) 800 800M+ 600 Continuous growth 400 200 0 Nov Aug Oct Dec Feb Mar Aug Oct 2023 2024 2024 2024 2025 2025 2025 2025 (Source) OpenAI’s announcement 38
Slide 39: Number of App Downloads
Number of App Downloads (Global, Jan-Oct 2025 cumulative） (M) ChatGPT 1,000 871 Significantly outpaces competitors 500 Gemini 282 Grok 77 Claude 16 0 Source: SensorTower, based on cumulative global Android and iPhone app download data for the period from the week of Jan 6, 2025, to the week of Oct 2
Slide 40: Annual Recurring Revenue (ARR)
Annual Recurring Revenue (ARR) ($ B) Significant 13 increase 5.5 As of Dec 2024 As of Jul 2025 (Source) ARR as of Dec 2024 ($5.5B): Article from CNBC titled “OpenAI hits $10 billion in annual recurring revenue fueled by ChatGPT growth” dated Jun 9, 2025 ARR as of Jul 2025 ($13B): OpenAI ARR: Annuali
Slide 41: Continues to Release New and Innovative Features
Continues to Release New and Innovative Features Releasing new features and products to complete a wide range of tasks with ChatGPT at its core ChatGPT Pulse Instant Checkout apps in ChatGPT ChatGPT Atlas (Sep 2025 release) (Sep 2025 release) (Oct 2025 release) (Oct 2025 release) Proactively deliver
Slide 42: SVF2: Follow-on Investment in OpenAI (Oct 2025)
SVF2: Follow-on Investment in OpenAI (Oct 2025) Participated in employee share sale Valuation: $500B Investment from Investors other than Transaction amount SVF2 SVF2 $6.6B $1.45B + others 42
Slide 43: Stargate Project Progress
Stargate Project Progress Build AI Infrastructure for OpenAI Plan to invest $500B over the next 4 years Joint press release on Sep 24, 2025 Clear path to securing full $500B / 10GW commitment See press releases “Announcing The Stargate Project” dated Jan 22, 2025, and “OpenAI, Oracle, and SoftBank e
Slide 44: Crystal intelligence Progress
Crystal intelligence Progress 51% 49% Consolidated C Holdings subsidiary 50% 50% SB OAI Japan Exclusive offering of Crystal intelligence for enterprise customers in Japan ✓ SB OAI Japan was launched on Nov 5, 2025 ✓ Service launch planned for 2026 44
Slide 45: Driving Physical AI Forward
Driving Physical AI Forward 45
Slide 46: Fusing ASI and robotics to pioneer humanity's future
Fusing ASI and robotics to pioneer humanity’s future Agreed to acquire ABB’s Robotics Business in Oct 2025 46
Slide 47: Marc Segura, Morten Wierod
Marc Segura Morten Wierod President, ABB Robotics Div. CEO, ABB 47
Slide 48: Video
Video 48
Slide 49: A Key Piece Added toward Realizing ASI
Chip Data Center Stargate AI Model Robot Power Robo HD A Key Piece Added toward Realizing ASI 49
Slide 50: Overview of ABB's Robotics Business
Overview of ABB’s Robotics Business The second largest in the industry by revenue and cumulative robot shipments Headquarter Zurich, Switzerland Development, manufacture, sale Business and service of industrial robots Employees ~7,000 Revenue (Fiscal year ended Dec $2,279M 2024) See “Acquisition of
Slide 51: Competitive Landscape
Competitive Landscape FANUC YASKAWA KUKA Headquarter #2 in the Industry Revenue Fiscal 2024; ~$2.3B ~$2.2B ~$1.6B ~$3.1B Robotics only #2 in the Industry Cumulative Robot >500K >1M >500K >300K Shipments Main Manufacturing Sites (Source) Disclosures from each company Revenue: FANUC (Robot segment), Y
Slide 52: Key Strengths
Key Strengths R&D Manufacturing ~1,800 technical staff Production capacity of ~100K units Global R&D network per year 3 manufacturing sites Sales Service >1,000 sales personnel >100 service centers serving ~25,000 customers ~1,750 staff A full-platform capability from R&D and desig
Slide 53: Wayve SVF2
Wayve SVF2 Proving global-scale generalization of Wayve AI Driver Remarkable advancement in autonomous performance through learning Japan’s unique traffic rules Began adapting the global model for Japan in Apr 2025 First days A few weeks Several weeks End of Sep 2025 World model enables Performance
Slide 54: Video
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Slide 55: Nuro
Nuro SVF1 Nuro announced a next-generation autonomous robotaxi program with Lucid and Uber in Jul 2025 Autonomous Cutting-edge EV Global ride-hailing driving system Lucid Gravity platform Nuro Driver Scheduled to launch in major U.S. cities in the latter half of 2026 Plan to deploy >20,000 vehic
Slide 56: Diverse Robotics Investments
Diverse Robotics Investments Pursuing commercial opportunities / synergies 56
Slide 57: SoftBank Group Signs Framework Agreement for Strategic Investments
SoftBank Group Signs Framework Agreement for Strategic Investments Builds on the Memorandum of Understanding (MOU) on Strategic Investments, signed by Japan and the U.S. in Sep 2025, which outlines Japan’s commitment to invest up to $550B in the U.S. 57
Slide 58: Members forming the up to $332B funding framework
Members forming the up to $332B funding framework Kinder Morgan Mitsubishi Electric TDK Hitachi Murata Panasonic Holdings Fujikura Manufacturing ENTRA1 GE Vernova Bechtel Kiewit SoftBank Group Toshiba Carrier Energy SoftBank Group is one of the members to support critical power infrastructure in the
Slide 59: Photo courtesy of the U.S. Embassy
Photo courtesy of the U.S. Embassy 59
Slide 60: Financial Strategy
Financial Strategy 60
Slide 61: Financial Policy
Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2 years’ worth of bond redemptions in cash 61
Slide 62: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) ($ B) H1 total 8.4 $11.6B H1 total 7.5 $8.6B 3.4 3.2 1.9 2.0 1.1 Intel 0.6 2.1 Others $2.0B 0.9 etc. Q1 Q2 Q3 Q4 Q1 Q2 FY2024 FY2025 SBG investment amount: Investment (excluding bond investments) by SBG, SBG’s primary wholly owned subsidiaries, and Robo HD, plus the amou
Slide 63: Estimated Q3 Investments (SBG+SVF)
Estimated Q3 Investments (SBG+SVF) Estimated Q3 ($ B) investments (incl. completed) Investment in OpenAI 30.5 Others 6.5 (Expected to be completed by end-Dec) 22.5 (Dec investment decided) Investment in 8.4 OpenAI is expected to total 3.4 3.2 1.9 2.0 0.5 0.6 1.7 7.5 1.1 6.5 1.45 $34.7B (completed in
Slide 64: Raising Investment Capital
Raising Investment Capital Accessing diverse funding markets with LTV discipline Utilizing assets held Utilizing debt Cash position Equity value of holdings Domestic and foreign ¥39.9T bonds and loans ¥4.2T ($268B) ($29B) Hybrid funding • Use of margin loans, collars, share (50% treated as equity ca
Slide 65: Asset Monetization
Asset Monetization T-Mobile shares NVIDIA shares 40.2M shares sold for Entire holdings (32.1M shares) $9.2B (H1 2025)* sold for $5.8B (Oct 2025) Holding as of Sep 30, 2025: 45.2M shares (fair value: $10.8B) Deutsche Telekom shares Arm shares Derivatives settled and shares Margin loan upsized to $20.
Slide 66: H1 FY2025 Highlights
H1 FY2025 Highlights Fair value of investment in OpenAI increased by 1 $14.6B H1 net income hit a record ¥2.9T (+¥1.9T YoY) 2 far exceeding the previous high NAV reached ¥33.3T (+¥0.9T QoQ) driven by the rise in 3 OpenAI’s fair value LTV improved to 16.5% (-0.6ppt QoQ) and cash position 4 rose to ¥4
Slide 67: SBG Share Price (Since IPO)
SBG Share Price (Since IPO) Oct 29, 2025 Closing price: ¥27,315 Intraday high: ¥27,695 (record high) Latest closing price Nov 10, 2025 Sep 30, 2025 ¥22,255 ¥18,685 Q1 Earnings Aug 7, 2025 Feb 18, 2000 ¥12,560 ¥10,111 Jul 22, 1994 IPO Jul 1994 Jul 1999 Jul 2004 Jul 2009 Jul 2014 Jul 2019 Jul 2024 Clo
Slide 68: SBG Share Price (Jan 1, 2025 - Nov 10, 2025)
SBG Share Price (Jan 1, 2025 - Nov 10, 2025) Oct 29, 2025 Closing price: ¥27,315 Intraday high: ¥27,695 (¥) (record high) 30,000 25,000 Latest closing price Nov 10, 2025 ¥22,255 20,000 3.8X from the 15,000 10,000 year’s low 5,000 Apr 7, 2025 ¥5,835 (recent low) 0 Jan 1 25/1/1 Mar25/4/1 31 Jun 30 25/
Slide 69: Share Split
Share Split Share split ratio (Effective date: Jan 1, 2026) 1:4 Minimum investment amount: from ¥2.23M to ¥0.56M after the share split (one unit = 100 shares) (Based on closing price as of Nov 10, 2025) See “Share Split and Subsequent Partial Amendment to Articles of Incorporation, and Dividend Fore
Slide 70: Evolution of Humanity: Robot
Evolution of Humanity Robot (Brain) (Body) To create happiness 70
Slide 71: To be the No.1 ASI Platform Provider
To be the No.1 ASI Platform Provider after 10 years at annual general meeting of shareholders Jun 27, 2025 71
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Slide 73: SoftBank
SoftBank
Slide 74: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 74
Slide 75: Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2025) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 76: Definition and Calculation Method of SBG's NAV and LTV (Q2 Pro forma)
Definition and Calculation Method of SBG’s NAV and LTV (Q2 Pro forma) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Arm ADS
Slide 77: Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2025) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 78: Monetization and Capital Allocation (Q1-2 FY2025)
Monetization and Capital Allocation (Q1-2 FY2025) （¥ T） +4.1 0.1 Share repurchase 0.6 4th installment payment for Arm shares transaction Financing and debt repayment 2.0 1.7 SVF+SBG investments 4.2 3.4 2.1 -2.3 0.9 0.7 Arm margin loan undrawn capacity Arm margin loan undrawn capacity 0.7 Corporate i
Slide 79: SVF1: Gain/Loss on Investments
SVF1: Gain/Loss on Investments SVF Segment SVF Q1 FY2025 Q2 FY2025 +$3,563M +$5,780M Realized Realized Unrealized gain/loss Others gain/loss Unrealized gain/loss Others gain/loss Markup +$951M +$4,239M (21 co) +$17M +$707M +$5,979M (22 co) – +$3,318M – – +$358M +$67M +$496M +$2,849M +$1,318M +$78M +
Slide 80: SVF2: Gain/Loss on Investments
SVF2: Gain/Loss on Investments SVF Segment SVF Q1 FY2025 Q2 FY2025 +$788M +$13,002M Realized Realized Unrealized gain/loss Others gain/loss Unrealized gain/loss Others gain/loss Markup +$85M +$4,098M (95 co) +$79M +$56M +$8,177M (74 co) +$6,193M +$641M +$100M +$95M +$930M +$224M +$2,108M +$590M +$6,
Slide 81: SVF1 Public Portfolio Companies (as of Sep 30, 2025)
SVF1 Public Portfolio Companies (as of Sep 30, 2025) SVF (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF1
Slide 82: SVF2 Public Portfolio Companies (as of Sep 30, 2025)
SVF2 Public Portfolio Companies (as of Sep 30, 2025) SVF (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF2
Slide 83: Cumulative Investment Return (as of Sep 30, 2025)
Cumulative Investment Return (as of Sep 30, 2025) SVF SVF1 SVF2 + LatAm + others ($ B) +$5.8B QoQ Investment period 122.3 Exited ended in 2019 +$2.9B QoQ Public companies +$16.2B QoQ (investments before exit) 89.5 Private companies 69.7 81.1 (investments before exit) 15.1 71.9 48.9 8.3 Derivatives/D
Slide 84: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Jun 30, 2025 Sep 30, 2025 Others Others T-Mobile/ T-Mobile/ Deutsche Telekom 6% Deutsche Telekom 9% 7% 4% SoftBank Arm SoftBank Arm Corp. 51% Corp. 46% 9% 8% 27% 33% SVF SVF Apportioned based on the propo
Slide 85: Equity Value of Holdings: Listed Share Ratio
Equity Value of Holdings: Listed Share Ratio Equity value of holdings basis (¥ T) *Parenthesis represents the proportion of the total Net of asset-backed finance 12.5 Unlisted (31%) Listed share ratio 69％ 7.0 (21%) 27.4 Listed 26.2 (79%) (69%) 11.0 5.7 (56%) (31%) 12.7 8.7 (69%) (44%) Sep 30 Sep 30