Softbank Group Corp. · TSE:9984
Softbank — FY2025 Earnings Presentation
83 slides from Softbank's earnings presentation, May 13, 2026
Slide 1: FY2025 Earnings Results
FY2025 Earnings Results SoftBank Group Corp. May 13, 2026 2
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
Slide 3: To become the No.1 ASI platform provider
“To become the No.1 ASI platform provider” AGM, Jun 27, 2025 Our ASI journey continues 3
Slide 4: ASI
AI Model AI Chip ASI Physical AI AI Infrastructure 4
Slide 5: Valuation Up Sharply; Arm Market Cap near Record Levels
AI Model AI Chip Valuation Up Sharply ASI Market Cap near Record Levels $260B → $ 730B $221B OpenAI valuations are pre-money based. For details, see the press releases “Announcement Regarding Follow-on Investments in OpenAI” dated Apr 1, 2025 and “Follow-on Investments in OpenAI” dated Feb 27, 2026.
Slide 6: OpenAI Investment to Reach $64.6B by Oct 2026
AI Model AI Chip ASI ASI Investment to Reach $64.6B by Oct 2026 Physical AI Strategic Collaboration Expanding AI Infrastructure $64.6B cumulative investment: For details, see the press release “Follow-on Investments in OpenAI” dated Feb 27, 2026. 6
Slide 7: Arm First In-House CPU Chip; Ampere Acquisition Completed
AI Chip AI Model ASI Arm Announces First In-House CPU Chip Ampere Acquisition Completed Physical AI 7
Slide 8: Physical AI Brought Together; ABB Robotics Acquisition Announced
AI Model Physical AI AI Chip Robo HD ASI ~20 Robotics Physical AI Brought Together AI Infrastructure ABB Robotics Acquisition Announced 8
Slide 9: Major Japan-U.S. Public-Private Project Announced
AI Model AI Infrastructure ASI ASI Major Japan-U.S. Public-Private Project Announced Physical AI SB Energy Moving Forward with Data Center Site Construction 9
Slide 10: ASI
AI Model AI Chip Physical AI ASI AI Infrastructure Robo HD 10
Slide 11: Our Highest-Ever Profit
Our Highest-Ever Profit Net Income 4.99 ¥5.00T (¥ T) 1999 2020 2025 (FY) Net income: Net income attributable to owners of the parent. For fiscal years prior to FY2011, net income (Japanese GAAP) 11
Slide 12: Highest-Ever Profit in Japanese Corporate History
Highest-Ever Profit in Japanese Corporate History # Company Net Income Fiscal Year 1 SBG ¥5,002.3B 2025 1 SBG ¥4,988.0B 2020 2 Toyota ¥4,944.9B 2023 3 Mitsubishi UFJ Financial Group ¥1,862.9B 2024 4 NTT ¥1,279.5B 2023 5 Mitsubishi Corporation ¥1,180.7B 2022 6 Sumitomo Mitsui Financial Group ¥1,178.0
Slide 13: Our Highest-Ever NAV
Our Highest-Ever NAV ¥47.7T ($303.2B) NAV ¥40.1T ($250.5B) (¥ T) Driven by Arm SVF1/SVF2/ LatAm Alibaba SoftBank Corp. T-Mobile Yahoo Japan Other 1999 2005 2010 2015 2020 2025 FYE25 (FYE) Pro Forma Stock prices and FX rates Apportioned based on the proportionated value of each equity holding at the
Slide 14: Consolidated Results
Consolidated Results Significant growth across all profit measures (¥ B) FY2024 FY2025 Change Net Sales 7,243.8 7,798.7 +554.9 Gain/loss on 3,701.1 7,286.5 +3,585.4 Investments Income Before 1,704.7 6,134.9 +4,430.2 Income Tax Net Income 1,153.3 5,002.3 +3,848.9 Net income: Net income attributable t
Slide 15: Key Indicators
Key Indicators Significant NAV growth, with improved LTV and cash position Mar 31, 2025 Mar 31, 2026 NAV (Net Asset Value) ¥25.7 T ¥40.1T LTV (Net debt / Equity value of holdings) 18.0 % 17.0 % Cash Position ¥3.4 T ¥3.5 T For details of NAV and LTV, see Appendices, "Definition and Calculation Method
Slide 16: 16
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Slide 17: Arm Highlights
Highlights First Market Cap Near In-House Chip Record Levels Announced Arm’s historical high level market capitalization: As of May 12, 2026 17
Slide 18: Historical Market Capitalization
Historical Market Capitalization ($ B) 300 $252B (May 6, 2026) 250 $221B (May 12, 2026) 200 150 100 $161B 4.2X 50 (Mar 31, 2026) since IPO $52B (Upon listing) 0 Sep 14 Mar 31 Mar 31 Mar 31 2023 2024 2025 2026 (Source) Bloomberg Market cap upon listing is calculated by multiplying the 1,025,234,000 s
Slide 19: Record Revenue
Revenue ($ M) License and other revenue 4,920 Royalty revenue 4,007 2,307 Record Revenue 3,233 1,839 Up 23% YoY 1,431 2,613 2,168 1,802 FY2023 FY2024 FY2025 (Source) Arm US-GAAP. License and other revenue refers to revenue excluding royalty revenue. See Arm Investor Relations website (https://invest
Slide 20: Market Share Gains and CSS Adoption Driving Revenue Growth
Market Share Gains and CSS Adoption Driving Revenue Growth ~50% of the CPU chips shipped to leading Higher royalty rates driven by the inclusion hyperscalers are Arm-based in 2025 of multiple Arm technologies Cumulative number of CSS licenses 23 1 Physical AI Cloud AI Edge AI 11 AWS Graviton CPU Goo
Slide 21: Record EPS
Fully-Diluted Earnings per Share ($) 1.77 1.63 Record EPS 1.27 despite significantly higher R&D expenses FY2023 FY2024 FY2025 (Source) Arm US-GAAP Research and development expense refers to Non-GAAP Research and Development expense. Fully-Diluted Earnings per Share refers to Non-GAAP fully-diluted e
Slide 22: Arm is the Foundation of the Global Semiconductor Industry
Arm is the Foundation of the Global Semiconductor Industry Arm-based technology 350B+ Software Applications Total chips ever shipped End Products Chip Manufacturing ~70% Global population using products or services Chip Design Chip IP (Arm) 22M Software developers (Source) Arm 22
Slide 23: Arm Announced Its First In-House CPU Chip
Arm Announced Its First In-House CPU Chip Existing Business (License and Royalty) New Business IP IP package Chip (CSS) IP IP IP IP IP IP IP IP Design for CPUs etc. Design for CPUs and other related components In-house CPU chip (Source) Arm 23
Slide 24: Video
VIDEO 24
Slide 25: Arm AGI CPU
Arm AGI CPU World’s most efficient agentic CPU (Source) Arm 25
Slide 26: Strong Demand for Arm AGI CPU
Strong Demand for Arm AGI CPU Co-development of Arm AGI CPU Customer Launch Partners (Source) Arm 26
Slide 27: Revenue Forecast
Revenue Forecast ($ B) Chip Revenue 25+ IP/CSS Revenue 5X in 15 Next 5 years 4.9 3.2 4.0 10 FY2023 FY2024 FY2025 FY2030 (Forecast) (Source) Arm US-GAAP Does not guarantee or imply future value. Visit Arm Investor Relations website (https://investors.arm.com/) for details. 27
Slide 28: Fully-Diluted Earnings per Share Forecast
Fully-Diluted Earnings per Share Forecast ($) 9+ 5X in Next 5 years 1.63 1.77 1.27 FY2023 FY2024 FY2025 FY2030 (Forecast) (Source) Arm US-GAAP Fully-diluted earnings per share refers to Non-GAAP fully-diluted earnings per share. Does not guarantee or imply future value Visit Arm Investor Relations w
Slide 29: OpenAI
OpenAl
Slide 30: Highlights
Highlights Mar 2025 Feb 2026 Valuation $260B $730B FY2025 Investment Amount $32.4B Follow-on Investment Announced $30B OpenAI valuations are pre-money based. For details, see the press releases “Announcement Regarding Follow-on Investments in OpenAI” dated Apr 1, 2025 and “Follow-on Investments in O
Slide 31: OpenAI Valuation
OpenAI Valuation At additional $30B investment commitment ($ B) At additional $30B investment commitment 730 ~5X At initial investment since initial 500 investment 260 150 Sep 2024 Mar 2025 Oct 2025 Feb 2026 $150B: Pre-money valuation in OpenAI’s funding round in Sept 2024. For details, see OpenAI’s
Slide 32: Investment Amount in OpenAI
Investment Amount in OpenAI Additional $30B investment will bring total investment to $64.6B and ownership to ~13% ($ B) 10.0 3rd tranche (Planned on Oct 1) 32.4 10.0 2nd tranche (Planned on Jul 1) 1st tranche 10.0 (Funded on Apr 1) 2.2 FY2024 FY2025 FY2026 The investment amount includes indirect in
Slide 33: ChatGPT is the Leading Player in Consumer AI
ChatGPT is the Leading Player in Consumer AI Weekly Active Users (Global) 900M+ Paid Subscribers 50M+ 400M+ 15% of global internet users Feb 2025 Feb 2026 (Source) Over 400 million: Brad Lightcap, COO of OpenAI, X post (Feb 20, 2025). Over 900 million, paid subscribers: OpenAI’s blog dated Mar 31, 2
Slide 34: Accelerating Enterprise Business
Accelerating Enterprise Business Enterprise Share of Total Revenue Paying Business Users Current End of 2026 Apr 2026 9M+ >40% 50% On track to reach parity with consumer revenue by the end of 2026 (Source) OpenAI’s blog dated Apr 2, Apr 8, 2026 Paying business users: Number of ChatGPT Enterprise use
Slide 35: Codex: AI Coding Agent
Codex: AI Coding Agent AI agents to execute complex coding tasks Weekly users (M users) 4+ 10X 2+ in 4 months ~0.4 Dec 2025 Mar 2026 Apr 2026 (Source) OpenAI’s blog dated Mar 31, Apr 2, and Apr 21, 2026 35
Slide 36: Compute Is the Foundation of AI Evolution
Compute Is the Foundation of AI Evolution More compute More intelligent Faster adoption, models more revenue, and more cash flow Better products (Source) OpenAI’s blog dated Mar 31, 2026 36
Slide 37: Access to Compute Is a Strategic Advantage
Access to Compute Is a Strategic Advantage Compute is provided with multiple partners Chip Data Center Cloud NVIDIA Oracle Microsoft AMD Oracle AWS (Trainium) AWS Cerebras CoreWeave Broadcom Google Cloud (Source) OpenAI’s blog dated Mar 31, 2026 37
Slide 38: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 38
Slide 39: SVF Segment Highlights
Highlights SVF Segment SVF Total SVF2 Cumulative Investment Gain Cumulative Investment Gain/Loss $45.7B Turned (+$46.2B YoY) Positive SVF Total Cumulative Investment Gain: Cumulative gain/loss on investments at SoftBank Vision Funds segment since Q1 FY2017. SVF2 Cumulative Investment Gain: Cumulativ
Slide 40: Investment Gain/Loss (cumulative)
Investment Gain/Loss (cumulative) SVF Segment ($ M) Significant 60,821 66,375 improvement 56,825 55,874 45,700 SVF1: +$24.2B SVF2: +$21.8B 31,262 26,353 26,012 LatAm+others: -$0.4B 20,166 23,578 16,398 12,849 11,403 12,786 8,242 5,373 9,655 8,526 2,373 3,088 4,532 958 1,743 698 1,876 -1,414 -2,975 -
Slide 41: Breakdown of Investment Gain (FY2025)
Breakdown of Investment Gain (FY2025) SVF Segment SVF1 SVF2 + LatAm + others +$847M +$45,327M ($ M) 42,119 Recent transactions Market factors Others Public portfolio companies Public portfolio companies Performance Investment Gain: Gain on investments at SoftBank Vision Funds segment. Includes deriv
Slide 42: Cumulative Investment Return (as of Mar 31, 2026)
Cumulative Investment Return (as of Mar 31, 2026) SVF Segment SVF1 SVF2 ($ B) 118.7 111.4 6.5 Exited 96.9 8.4 87.2 10.8 Public Companies (investments before exit) 7.9 71.6 Private Companies 48.3 (investments before exit) 103.6 Interests/Dividends Incl. 78.2 19.0 13.5 OpenAI 79.6 Incl. OpenAI 34.6 19
Slide 43: Public Listings and Pipeline
Public Listings and Pipeline A robust pipeline for future public listings Public Listings Late-Stage Portfolio IPO in FY2025 7 listings Total Fair Value: $118B (Mar 31, 2026) (+$81B YoY) Select portfolio companies ($79.6B) Since Inception 62 listings (Source) SBGA/SBIA analysis The number of public
Slide 44: Courtesy of Nasdaq
Courtesy of Nasdaq 44
Slide 45: Number of Registered Users
Number of Registered Users Used by more than 1 in 2 people in Japan and more than 2 in 3 smartphone users in Japan 73.36 (M users) 60 Exceeded 30 73M users Oct 2018 Launch 0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Source) PayPay Corporation 73.36M users: Rounded down to the nearest
Slide 46: GMV
GMV 20 (¥ T) 19.4 Up 23% Exceeded 16 ¥19T 12 8 4 0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Source) PayPay Corporation Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, PayPay Credit, PayPay Card (physical card), VISA Debit Card, Alipay, LINE Pay, etc. are included. The use of
Slide 47: Historical Share Price
Historical Share Price ($) 25 +27% since IPO 20 $20.34 (May 12, 2026) $16 (IPO price) 15 Mar 12 Mar 31 Apr 31 May 2026 2026 2026 2026 (Source) Bloomberg 47
Slide 48: AI Infrastructure
AI Infrastructure 48
Slide 49: World's Largest Integrated Power and Data Center Campus
Mar 2026 | PORTS Technology Campus, Ohio, U.S. Announcement of the World’s Largest Integrated Power and Data Center Campus 49
Slide 50: Large-Scale Public-Private AI Infrastructure Project
A large-scale public-private AI infrastructure project involving the U.S. DOE, the U.S. DOC, SB Energy, and AEP Ohio Power Data Center 10GW Exceeds Met. Tokyo’s 10GW Exceeds the combined average power demand installed data center power capacity of the U.K., Japan, and South Korea―9.2GW (Source)Excee
Slide 51: This will become the center of our Super Intelligence
“This project will stimulate the whole industry and accelerate innovation across every aspects of our lives.” “This will become the center of our Super Intelligence.” At the groundbreaking ceremony of PORTS Technology Campus on Mar 20, 2026 Son Masayoshi 51
Slide 52: SB Energy's Strengths
SB Energy’s Strengths Integrated development of data center and power Data Center Power (Source) SB Energy. Image for illustrative purposes only 52
Slide 53: SB Energy: Milam County AI Data Center
SB Energy: Milam County AI Data Center Texas, U.S. Location Milam County, Texas, U.S. Capacity 1.2GW OpenAI (15-year lease Tenant agreement already signed) For details, see SB Energy’s press release “OpenAI and SoftBank Group Partner with SB Energy” dated Jan 9, 2026. 53
Slide 54: SB Energy: Power Business
SB Energy: Power Business Battery Storage Solar Battery Storage + Solar Athos Storage Orion Solar Belt Libra Energy Project (California, U.S.) (Texas, U.S.) (Nevada, U.S.) Capacity: 1.6GWh Capacity: 900 MWdc Capacity: Battery storage: 2.8 GWh Solar: 910 MWdc Customers: Multiple Customer: Google Cust
Slide 55: SoftBank KK's Domestic AI Data Centers
SoftBank KK’s Domestic AI Data Centers Tomakomai, Hokkaido Sakai, Osaka Launch external sales in FY2026 (50MW scale) Launch external sales in H1 FY2027 (140MW) Containerized data center scalable in phases Evolving into an AI data center ready to based on demand operate cutting-edge GPU 50MW scale: M
Slide 56: Physical AI
Physical AI 56
Slide 57: Highlights: ~20 Robotics Companies Brought Together
Highlights ~20 Robotics Companies Acquisition Brought Together Announced 57
Slide 58: New Structure to Drive Physical AI
New Structure to Drive Physical AI ~20 robotics portfolio companies brought together under Robo HD SVF2 58.7% 41.3% Robo HD ~20 Portfolio companies As of Mar 31, 2026 58
Slide 59: A Comprehensive Physical AI Portfolio
A Comprehensive Physical AI Portfolio Invested in 30+ companies, including those under Robo HD Autonomous Mobility Automation Infrastructure Robotics +others +others +others Includes major robot-related investments held by SBG, its primary wholly owned subsidiaries, and SVF, including investments he
Slide 60: Valuation of Physical AI Portfolio Companies
Valuation of Physical AI Portfolio Companies Valued at $ 14B Valued at $8.6B At series C round announced in Jan 2026, led by SVF2 At series D round announced in Jan 2026 Valued at $7.6B Valued at $6B At new funding announced in Jan 2026 At series E round announced in Apr 2025 Prepared by SBG based o
Slide 61: $5.4B Acquisition Announced
Oct 2025 $5.4B Acquisition Announced Closing expected in the 2nd half of 2026 For details, see SBG’s press release dated Oct 8, 2025, “Acquisition of ABB Ltd’s Robotics Business.” 61
Slide 62: Key Strengths of ABB Robotics
Key Strengths of ABB Robotics R&D Manufacturing ⚫ Production capacity of ⚫ ~1,800 technical staff ~100K units per year ⚫ Global R&D network ⚫ 3 manufacturing sites Sales Service ⚫ >1,000 sales personnel ⚫ >100 service centers ⚫ serving ~25,000 customers ⚫ ~1,750 staff ⚫ A full-platform capability fr
Slide 63: Financial Policy
Financial Policy Some figures in this presentation are rounded and may not add up to the figures presented as the total. 63
Slide 64: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) 44.0 ($ B) 32.4 7.9 6.5 3.9 2.2 5.0 Others FY2023 FY2024 FY2025 Total amount of SBG investments and SVF investments SBG investment amount: Investments made by SBG, its primary wholly owned subsidiaries, and Robo HD, excluding intragroup transactions and bond investments.
Slide 65: Bridge Loan in Place to Fund Committed Investments
Bridge Loan in Place to Fund Committed Investments 府投資額（SBG＋SVF） Investment (SBG+SVF) Further ($ B) 44.0 opportunities $38.5B $40B Total Commitment 32.4 (as of Mar 31, 2026) 30.0 Of this, $10B was paid in Apr 2026. 7.9 3.9 2.2 6.5 5.4 Others 5.0 3.1 FY2023 FY2024 FY2025 FY2026 Bridge Loan arranged i
Slide 66: Financial policy remains unchanged
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 position 66
Slide 67: Over the next 30 years, we aim to be at the center of the AI revolution
“Over the next 30 years, we aim to be at the center of the AI revolution.” Apr 2026 67 Address at the SoftBank Group New Employee Ceremony
Slide 68: ASI
AI Model AI Chip Physical AI ASI AI Infrastructure Robo HD 68
Slide 69: Our journey has just begun
Our journey has just begun 69
Slide 70: Information Revolution—Happiness for Everyone
Information Revolution —Happiness for Everyone 70
Slide 71: SoftBank
SoftBank
Slide 72: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 72
Slide 73: Monetization and Capital Allocation (FY2025)
Monetization and Capital Allocation (FY2025) (¥ T) +10.5 0.1 Share repurchase 4th installment payment for Arm 0.6 shares transaction 0.8 Other investments Financing and 1.0 debt repayment 5.6 4.9 Monetization, etc. 4.9 3.4 -7.4 2.2 3.5 Arm margin loan undrawn 0.7 Interest / dividends received：+0.3 c
Slide 74: SVF1 (Inception to Mar 31, 2026)
SVF1 (Inception to Mar 31, 2026) (Entire Fund) LP Net Equity LP Net Preferred LP Net Blended IRR Equity IRR IRR 4% 7% 5% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued
Slide 75: SVF1 (Inception to Mar 31, 2026)
SVF1 (Inception to Mar 31, 2026) (SBG (LP) + Manager’s performance fee) Net Equity IRR 4% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio
Slide 76: SVF2 (Inception to Mar 31, 2026)
SVF2 (Inception to Mar 31, 2026) (SBG (LP)) Net Blended IRR 6% <Valuation Process> SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in SVF2 on a quarterly basis in line with the requirements of IFRS. The SBIA Portfolio Valuations team is
Slide 77: SVF1+2 (Inception to Mar 31, 2026)
SVF1+2 (Inception to Mar 31, 2026) (SBG (LP) + Manager’s performance fee) Net Blended IRR 5% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the “Funds”) on a quarterly basis in line with the requirements of the AIFM Directive (as is
Slide 78: LatAm (Inception to Mar 31, 2026)
LatAm (Inception to Mar 31, 2026) (SBG (LP) + Manager’s performance fee) Net Blended IRR -2% <Valuation Process> SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in the LatAm Funds on a quarterly basis in line with the requirements of IFR
Slide 79: SVF1 Public Portfolio Companies (as of Mar 31, 2026)
SVF1 Public Portfolio Companies (as of Mar 31, 2026) (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 to S
Slide 80: SVF2 Public Portfolio Companies (as of Mar 31, 2026)
SVF2 Public Portfolio Companies (as of Mar 31, 2026) (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 to S
Slide 81: Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2026)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2026) 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 82: Definition and Calculation Method of SBG's NAV and LTV (Q4 FY2025 Pro forma)
Definition and Calculation Method of SBG’s NAV and LTV (Q4 FY2025 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 A
Slide 83: Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 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