Slide 1: Q3 FY2025 Earnings Results
Q3 FY2025 Earnings Results SoftBank Group Corp. February 12, 2026 2 Nine-month period ended December 31, 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
Slide 3: To be the No.1 ASI Platform Provider
To be the No.1 ASI Platform Provider (= a core pillar of the industry) 3
Slide 4: Steadily laying the groundwork
Steadily laying the groundwork 4
Slide 5: $22.5B follow-on investment completed
Dec 2025 $22.5B (¥3.5T) follow-on investment completed $34.6B (¥5.4T) invested in total for ~11% ownership Jan 2026 Subsidiary SB Energy formed a strategic partnership to advance Stargate Converted at USD1= JPY156.17 5
Slide 6: Robot, chip and digital infrastructure acquisitions
Robot Chip $5.4B acquisition $6.5B acquisition Announced (Oct 2025) Completed (Nov 2025) Digital infrastructure investment company $3.1B acquisition Announced (Dec 2025) 6
Slide 7: Major step forward
AI Model Chip Data Center/ Power Robot Stargate Robo HD Major step forward 7
Slide 8: NAV reflects progress in readiness toward ASI realization
NAV reflects progress in readiness toward ASI realization Now Dec 31, 2025 3 years ago Dec 31, 2022 Arm 18% Robot/ OpenAI >60% Power Arm Robot/ DC/ Chip - other Power ¥13.9T NAV ¥30.9T NAV The breakdown represents an estimated NAV, based on the proportionate value of each equity holding at each quar
Slide 9: Q3 FY2025 Highlights
Q3 FY2025 Highlights Completed follow-on investment in OpenAI, 1 increasing ownership to ~11% Further reinforced investments across ASI portfolio 2 Q1-Q3 net income reached ¥3.17T (+¥2.54T YoY) 3 NAV at ¥30.9T (-¥2.4T QoQ) Large investments made with financial policy maintained 4 LTV at 20.6% (+4.1p
Slide 10: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 10
Slide 11: Consolidated Results
Consolidated Results (¥ B) FY2024 FY2025 Change Q1-Q3 Q1-Q3 Net sales 5,302.6 5,719.2 +416.7 Gain/loss on 2,170.0 4,220.3 +2,050.3 investments Income before 1,270.9 4,169.2 +2,898.2 income tax Net income 636.2 3,172.7 +2,536.5 Net income: Net income attributable to owners of the parent 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 Net income 2,502.2 2,091.3 1,531.1 1,179.6 559.7 517.2 486.9 293.7 421.8 248.6 -174.3 -369.2 -481.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 Net income: Net income attributable to owners of the parent 12
Slide 13: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) 3,439.7 Driven by fair value gain on 2,091.3 2,156.3 OpenAI ($14.6B) 1,531.1 559.7 486.9 293.7 1,283.4 639.7 ($4.2B) OpenAI -346.0 Other -481.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 13
Slide 14: OpenAI's Valuation
OpenAI’s Valuation ($ B) Valuation of $30B follow-on investment committed in Mar 2025 One of the world’s most valuable 500 private companies 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. $260B
Slide 15: Investment Gain on OpenAI
Investment Gain on OpenAI Cumulative ($ B) investment gain 54.4 Recorded in Q3 FY2025 4.2 +19.8 Investment gain for 14.6 Recorded in Q2 FY2025 Q3 FY2025 34.6 $4.2B 1.0 Recorded in FY2024 Investment cost 23.8 as of Dec 31, 2025 34.6 Cumulative investment cost Cumulative investment 10.8 cost as of Sep
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
Key Indicators Mar 31, 2025 Sep 30, 2025 Dec 31, 2025 NAV ¥25.7 T ¥33.3 T ¥30.9 T (Net Asset Value) LTV (Net debt / Equity value of holdings) 18.0 % 16.5 % 20.6 % Cash Position ¥3.4 T ¥4.2 T ¥3.8 T For details of NAV and LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as o
Slide 18: NAV
NAV (¥ T) 35.3 33.3 33.1 32.4 30.9 ($197.6B) 29.0 29.3 27.8 25.7 12.0 19.4 15.2 10.1 16.5 13.4 13.2 14.4 19.2 10.6 16.4 15.5 6.1 3.4 3.9 14.3 14.4 Arm 11.1 8.5 8.3 7.7 8.8 SVF1/SVF2/ 8.1 7.6 7.3 LatAm Funds 7.3 7.3 SoftBank Corp. 2.9 2.7 2.9 2.6 2.9 2.8 2.3 2.3 2.5 2.9 T-Mobile 2.2 2.4 2.2 2.6 2.8 1
Slide 19: LTV
LTV Net of asset-backed finance 40% 35％ (upper limit during emergencies) 30% Large Below 25％ (in normal times) investments 20% 18.7% 21.6% 20.4% 18.2% 18.0% made with 20.6% financial policy 17.0% 16.5% 15.9% 14.5% 15.0% 11.5% 12.5% 12.9% maintained 10% 11.0% 8.4% 10.6% 8.0% 7.8% 0% Q1 Q2 Q3 Q4 Q1 Q2
Slide 20: Cash Position
Cash Position (¥ T) 6.0 5.8 5.1 5.0 Strong position 5.0 4.4 4.7 4.6 4.2 despite large-scale 4.0 3.8 3.7 3.8 investments 3.4 3.0 Bond redemptions over the next 2 years ¥1.8T 2.0 1.2 1.0 0.6 0.0 Jan-Dec Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2026 2027 FY2023 FY2024 FY2025 Year 1 Year 2 As of the end
Slide 21: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 21
Slide 22: SVF Segment Gain/Loss on Investments (quarterly)
SVF Segment Gain/Loss on Investments (quarterly) SVF SVF Segment ($ M) 19,046 Driven by fair 12,823 value gain on OpenAI 2,434 6,223 12 4,049 1,159 5,006 4,153 OpenAI -2,331 -1,719 Others Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 Gain/Loss on Investments (quarterly): Quarterly gain and loss on investments
Slide 23: Breakdown of Gain/Loss on Investments (Q3 FY2025)
Breakdown of Gain/Loss on Investments (Q3 FY2025) SVF Segment SVF SVF1 SVF2 + LatAm + others -$4,051M +$6,485M ($ M) Others 2,546 Recent transactions 4,153 OpenAI Others Performance of portfolio companies Recent transactions Public portfolio companies Performance of portfolio companies Public portfo
Slide 24: Gain/Loss on Investments (cumulative)
Gain/Loss on Investments (cumulative) SVF Segment SVF 66,375 ($ M) Growth in 60,821 56,825 investment 55,874 gains 31,262 26,012 26,353 16,398 20,166 23,578 SVF1: +$28.7B 12,849 SVF2: -$2.5B 8,242 11,403 12,786 LatAm+others: -$0.1B 5,373 9,655 8,526 3,088 958 1,743 2,373 4,532 698 1,876 -1,414 -2,97
Slide 25: Public Listings and Pipeline
Public Listings and Pipeline SVF A robust pipeline for future public listings Public listings Late-stage portfolio Listings in Q3 FY2025 (Nov 2025) Total fair value: (Dec 31, 2025) $90B (+$34B QoQ) (Dec 2025) Filed for IPO Select portfolio companies Since inception 60 （2025年11月10日上場完了) (Listed on Ja
Slide 26: IPO in Q3 FY2025: Lenskart
IPO in Q3 FY2025 SVF SVF2 A vertically integrated, omnichannel eyewear company that designs, manufactures, and sells its products across India and international markets FY2024 FY2024 FY2024 (INR) ($ B) Transacting customers Number of stores Eyewear units sold 480 12.4M 2,700+ 27M 457 Gross 440 MOIC
Slide 27: IPO in Q3 FY2025: Meesho
IPO in Q3 FY2025 SVF SVF2 An e-commerce marketplace in India on a mission to democratize commerce by connecting consumers with small- and micro-sellers FY2024 FY2024 FY2024 (INR) ($ B) Transacting users Transacting sellers Net merchandise value 199M 500k+ $3.6B 240 180 174 Gross MOIC 2.8x 120 111 0.
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Slide 29: Number of Registered Users
Number of Registered Users Used by more than 1 in 2 people in Japan and ~2 out of 3 smartphone users in Japan 72.19 (M users) 60 6,000 Exceeded 3,000 72M users 30 Oct 2018 Launch 0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Source) PayPay Corporation 72.19M users: Rounded down to the n
Slide 30: Key Consolidated Indicators
Key Consolidated Indicators GMV EBITDA Up 83% YoY Up 24% YoY 79.1 88 (¥ T) (¥ B) 14.3 70 12 11.5 9.4 53 43.2 8 35 13.0 4 18 0 0 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 Q1-Q3 FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 (Source) PayPay Corporation Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, Pa
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Slide 32: Revenue (quarterly) (US-GAAP)
Revenue (quarterly) (US-GAAP) ($ M) License and other revenue Royalty revenue 1,242 Record high 983 Up 26% YoY 505 824 403 354 737 580 470 Q3 Q3 Q3 FY2023 FY2024 FY2025 (Source) Arm See Arm Investor Relations website (https://investors.arm.com/) for details. License and other revenue refers to reven
Slide 33: Non-GAAP Operating Income (quarterly)
Non-GAAP Operating Income (quarterly) (US-GAAP) ($ M) 505 442 361 Up 14% YoY Q3 Q3 Q3 FY2023 FY2024 FY2025 (Source) Arm See the end of Arm’s FYE26-Q3 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. See Arm Investor Relations website (
Slide 34: Arm Technology Penetrating in Various Areas
Arm Technology Penetrating in Various Areas Edge AI Physical AI Cloud AI Samsung: Exynos 2600 Rivian: RAP1 AWS: Graviton5 Armv9- and CSS-based Armv9-based chip for Armv9-based chip for chip for mobile autonomous driving cloud (Source) Arm and each companies’ website 34
Slide 35: Guidance (US-GAAP)
Guidance (US-GAAP) Solid growth outlook Q4 FY2025 Revenue $1.470B ±$50M YoY +18% Non-GAAP operating expense ~$745M Non-GAAP fully diluted earnings per share $0.58 ±$0.04 (Source) Arm Visit Arm Investor Relations website (https://investors.arm.com/) for details. 35
Slide 36: OpenAI
OpenAl
Slide 37: Historical Investment Amount
Historical Investment Amount （$ B） 23.8 Cumulative investment amount $34.6B Follow-on 22.5 investment 7.5 completed in Dec 2025 1.71.7 1.1 0.5 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 The investment amount is shown on a net basis, after offsetting divestment proceeds 37
Slide 38: OpenAI Group PBC Ownership
Ownership Non-profit (Philanthropic organization) OpenAI Employees and Microsoft other investors Foundation SVF2 (non-SoftBank Group) ~26% ~27% ~11% ~36% For-profit OpenAI Group PBC (Source) OpenAI’s blogpost dated Oct 28, 2025 Equity interest ratios in OpenAI Group PBC: After completion of second c
Slide 39: Weekly Active Users (Global)
Weekly Active Users (Global) 800M+ 800M+ in 3 years since product launch Jan 2023 Dec 2025 (Source) OpenAI 39
Slide 40: Annual Recurring Revenue (ARR)
Annual Recurring Revenue (ARR) ($ B) 10X 20 + in 2 years 6 2 Dec 2023 Dec 2024 Dec 2025 (Source) OpenAI’s blogpost dated Jan 18, 2026 ARR: Annualized value of contracted recurring revenue, calculated by multiplying the revenue achieved in the referenced month by twelve. Includes consumer subscriptio
Slide 41: App Downloads (Global)
App Downloads (Global; cumulative since service launch) ChatGPT (B) 1.52 1.5 Significantly outpaces 1 competitors Gemini 0.51 0.5 Grok Claude 0.10 0.03 0 (Source) SensorTower, based on cumulative global Android and iPhone app download data for the period from app launch of each AI service, to Dec 20
Slide 42: Total Number of ChatGPT for Work Accounts
Total Number of ChatGPT for Work Accounts (M accounts) 8 6 Expanding enterprise business 4 7 5 2 3 0 Jun Aug Nov 2025 2025 2025 (Source) OpenAI’s blogpost dated Nov 5, 2025 ChatGPT for Work is a collective term for business-oriented plans (including ChatGPT Business, ChatGPT Enterprise, and ChatGPT
Slide 43: A Steady Stream of New Products
A Steady Stream of New Products Launching new products that will underpin future growth ChatGPT for Prism Healthcare GPT-5.3-Codex Frontier (Jan 2026) (Jan 2026) (Feb 2026) (Feb 2026) Safely uses personal health data A GPT-5.2-based workspace An agentic coding model Enterprise AI platform that and m
Slide 44: Beginning Advertising in ChatGPT
Beginning Advertising in ChatGPT Beginning to test advertising in a limited and experimental manner for free and lower-priced subscription plan in the U.S. Example: When a user asks about dinner ideas Suggests relevant ingredients (Source) OpenAI’s blogpost dated Jan 16, 2026 and Feb 9, 2026 44
Slide 45: Stargate
_ Stargate - :
Slide 46: Signed Strategic Partnership
Signed Strategic Partnership OpenAI, SBG, and SB Energy signed a strategic partnership to advance Stargate (Jan 9, 2026) New investment: Follow-on investment: $500M $500M SBG subsidiary See SB Energy’s press release “OpenAI and SoftBank Group Partner with SB Energy” dated Jan 9, 2026, for details. F
Slide 47: Data Center in Milam County, Texas (1.2 GW)
Data Center in Milam County, Texas (1.2 GW) SB Energy selected to build and operate. 15-year data center lease agreement signed with OpenAI See SB Energy’s press release “OpenAI and SoftBank Group Partner with SB Energy” dated Jan 9, 2026, for details. For details of Stargate, see press releases “An
Slide 48: DigitalBridge
DigitalBridge 48
Slide 49: Announcement of Acquisition (Dec 29, 2025)
Announcement of Acquisition (Dec 29, 2025) Agreed to acquire all outstanding common shares for $3.1B. Closing expected in H2 2026 Global Portfolio A LEADING GLOBAL DIGITAL INFRASTRUCTURE FIRM Investment Sectors $108B 45+ Data Centers AUM Portfolio companies Edge Infra AI Cell Towers 100+ Digital Pow
Slide 50: Key Portfolio Companies
Key Portfolio Companies Data Centers A data center operator building and operating A data center operator focused on developing AI- An edge and enterprise operator with 60+ data hyperscale campus data centers globally. ready, large-scale campus data centers across the centers and 20 interconnection
Slide 51: Financial Strategy
Financial Strategy Some figures in this presentation are rounded and may not add up to the figures presented as the total. 51
Slide 52: Financial Policy
Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2 years’ worth of bond redemptions in cash 52
Slide 53: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) ($ B) 32.3 23.8 8.3 2.1 3.4 7.5 3.2 6.5 1.8 0.5 0.4 1.7 1.1 1.9 Others Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 SBG investment amount: Investment (excluding bond investments and intragroup transactions) made by SBG, its primary wholly owned subsidiaries, and Robo HD. In the ca
Slide 54: Raising Capital for Investment
Raising Capital for Investment Accessing a broad range of funding markets while maintaining LTV discipline Utilizing assets held Utilizing debt market Cash position Equity value of holdings ¥39.0T Domestic and foreign bonds and loans ¥3.8T ($249B) ($24B) Hybrid bonds • Use of margin loans, collars,
Slide 55: Utilizing Assets Held (Q1-Q3 FY2025)
Utilizing Assets Held (Q1-Q3 FY2025) Sold Asset-backed finance for $21.3B in total of $15.9B in total T-Mobile shares Arm shares 56.9M shares sold for $11.5B $12.7B raised through margin loan Deutsche Telekom shares SoftBank shares Derivatives settled and shares ¥0.4T entirely sold, generating $2.7B
Slide 56: Utilizing Debt (Q1-Q3 FY2025)
Utilizing Debt (Q1-Q3 FY2025) Raised ¥3.2T in total through bonds and loans Repaid/ Raised NET Redeemed 2 Bridge Loan ¥2.1T 2 -¥0.3T ¥1.8T $7.5B for OpenAI $6.5B for Ampere Senior ¥1.7T -¥0.8T ¥0.9T Bonds Yen-denominated: ¥1.2T Yen-denominated: ¥500B USD/EUR-denominated: $4.2B equiv. USD/EUR-denomin
Slide 57: Q3 FY2025 Summary
Q3 FY2025 Summary Completed follow-on investment in OpenAI, 1 increasing ownership to ~11% Further reinforced investments across ASI portfolio 2 Q1-Q3 net income reached ¥3.17T (+¥2.54T YoY) 3 NAV at ¥30.9T (-¥2.4T QoQ) Large investments made with financial policy maintained 4 LTV at 20.6% (+4.1ppt
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Slide 59: SoftBank
SoftBank
Slide 60: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 60
Slide 61: Definition and Calculation Method of SBG's NAV and LTV (as of Dec 31, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 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
Slide 62: Definition and Calculation Method of SBG's NAV and LTV (Q3 FY2025 Pro forma)
Definition and Calculation Method of SBG’s NAV and LTV (Q3 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 63: 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 64: 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
Slide 65: Monetization and Capital Allocation (Q1-Q3 FY2025)
Monetization and Capital Allocation (Q1-Q3 FY2025) （¥ T） +8.8 0.1 Share repurchase 0.6 4th installment payment for Arm shares transaction Financing and 4.9 debt repayment 6.7 SVF+SBG investments Monetization, etc. 3.4 3.9 3.8 -7.3 Commitment line Arm margin loan 1.3 0.9 undrawn capacity undrawn capa
Slide 66: SVF1 Public Portfolio Companies (as of Dec 31, 2025)
SVF1 Public Portfolio Companies (as of Dec 31, 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 67: SVF2 Public Portfolio Companies (as of Dec 31, 2025)
SVF2 Public Portfolio Companies (as of Dec 31, 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 68: Cumulative Investment Return (as of Dec 31, 2025)
Cumulative Investment Return (as of Dec 31, 2025) SVF SVF1 SVF2 ($ B) 114.4 Exited 95.2 92.7 85.7 9.9 6.1 Public companies 5.2 (investments before exit) 68.6 5.9 Private companies (investments before exit) 45.6 Interests/Dividends 17.7 79.4 81.2 19.1 27.5 21.0 0.6 0.2 Cumulative Cumulative Cumulativ
Slide 69: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Sep 30, 2025 Dec 31, 2025 Others Others T-Mobile/ Deutsche Telekom 9% T-Mobile 11% 4% SoftBank Arm SoftBank 2% Arm Corp. 46% Corp. 33% 8% 7% 33% 46% SVF SVF Apportioned based on the proportionated value o
Slide 70: 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 19.1 (49%) Unlisted Listed share ratio 7.5 51％ (22%) 26.1 5.9 (78%) (27%) 19.9 9.4 Listed 15.8 (51%) (56%) (73%) 7.5 (44%) Dec 31 Dec 31 D