Softbank Group Corp. · TSE:9984
Softbank — Q4 FY2024 Earnings Presentation
26 slides from Softbank's earnings presentation, May 2025
Slide 1: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED MARCH 31, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL CFO, SB Investment Advisers & SB Global Advisers
Slide 2: Important Information (1 of 2)
Important Information (1 of 2) This presentation (this “Presentation”) is furnished to you for informational purposes in connection with the interests of SoftBank Group Corp. (together with its affiliates, “SoftBank”) in SoftBank Vision Fund L.P. (together with, as the context may require, any paral
Slide 3: Important Information (2 of 2)
Important Information (2 of 2) Vision Fund 1 performance herein is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, a
Slide 4: Significant Volatility in the US; China & India Markets Diverged
PERFORMANCE UPDATE Significant Volatility in the US; China & India Markets Diverged ECONOMIC INDICATORS & EQUITY MARKETS AFFECTED BY MACRO UNCERTAINTY RE-RATING IN CHINA & INDIA CONSUMER SENTIMENT INDEX & PERFORMANCE OF MAGNIFICENT 7 3 KEY INDICES PERFORMANCE3 1 - Y E A R I N F L A T I O N E X P E C
Slide 5: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$1.9B $(0.6B) +$0.1B +$1.3B SVF1 SVF2 LATAM COMBINED PRIVATE +$1.6B +$0.3B +$0.0B +$1.9B Quarterly PUBLIC +$0.2B $(0.9B) +$0.1B $(0.6B) Performance Uplift in ByteDance Uplift in private assets Private gains
Slide 6: $3.4B in FY24 Gross Fair Value Gains
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE VISION & LATAM FUNDS GROSS FAIR VALUE PERFORMANCE 1 +$1.3B $3.4B in FY24 Gross +$3.4B +$2.1B Fair Value Gains As of March 31, 2025 FY24 TOTAL Previous 3 March 2025 Quarters Quarter Footnotes: 1. Gross Fair Value Gain is before tax and expenses and
Slide 7: Performance Snapshot
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total Commitments $98.6B $65.8B $7.8B $172.2B Acquisition Cost1 $87.8B $60.4B $7.5B $155.8B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $25.7B $(23.8B
Slide 8: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of March 31, 2025 Unless Noted JUNE QTD CHANGE5 APR 1–MAY 9 MARCH QTR FV MARCH QTR FV SVF1 SVF2 LATAM INVESTMENT FV ($B)2 COMMENTARY7 STOCK CHANGE ($MM)4 STOCK MOVEMENT6 ($MM)
Slide 9: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of March 31, 2025 SVF1 SVF2 LATAM 393 # CURRENT INVESTMENTS1 Unrealized FV2 $26.5B Unrealized FV2 $29.4B Unrealized FV2 $4.9B Quarterly FV Quarterly FV Quarterly FV Change4 +$1.6B Change4 +$0.3B Change4 +$0.0B $60.8B
Slide 10: ByteDance Growth Remains Robust
SVF1 PERFORMANCE UPDATE PORTFOLIO UPDATE ByteDance Growth Remains Robust As of March 31, 2025 REPORTED ANNUAL REVENUE ($B) 4 Domestic vs. International, 2018-2024 International Revenue Domestic Revenue 155 47% +29% 2020-2024 Revenue CAGR1 120 $33B 85 Reported 2024 Net Profit2 72 33 2B+ 16 Reported M
Slide 11: OpenAI Continues to Expand and Innovate
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Continues to Expand and Innovate RECENTLY LAUNCHED PRODUCTS 3 CHATGPT WEEKLY ACTIVE USERS 3 November 2023 – March 2025 Image Generation Unlocking precise, accurate, and 500mm photorealistic image generation with #1 a natively multimodal model o3 Model
Slide 12: OpenAI Raises New Funding to Build Towards AGI
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Raises New Funding to Build Towards AGI As of March 31, 2025 ROUND DETAILS USE OF PROCEEDS1 We’re excited to be working in Up to $40B Push the frontiers Total Round Size2 of AI research partnership with SoftBank Group— few companies understand how to s
Slide 13: SVF2 OpenAI Investment Totals $10B+
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE SVF2 OpenAI Investment Totals $10B+ As of May 9, 2025 $10.4B Funded To Date1 INVESTMENT September January & March April & May TIMELINE 2024 2025 2025 SVF2 SVF2 SVF2 SOFTBANK INVESTMENT2 $0.5B $1.7B $8.2B Syndication Ongoing TOTAL ROUND SIZE $6.6B Employee Ten
Slide 14: Metsera Listed in January 2025, Raising More Than $300mm
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Metsera Listed in January 2025, Raising More Than $300mm As of March 31, 2025 Key Metrics $36mm $131mm 3.6x Total Cost1 Total Fair Value2 Gross MOIC3 RECENT PERFORMANCE COMPANY Cost5 & Trading Activity6 HIGHLIGHTS4 MAR 31, 2025 20k 11% 20months LISTING – JAN
Slide 15: Late-Stage Portfolio Companies Navigating Market Conditions
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Companies Navigating Market Conditions As of March 31, 2025 $36B 60% Cumulative Public Listings Since Inception1 % of Total Private Fair 55 Unrealized Fair Value2 Value2 54 SELECT COMPANIES: SERIES E AND ONWARDS 3 50 45 SVF1 38
Slide 16: Portfolio Companies Continue to be Well-Capitalized
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE 3% <12 Months 8% 12-24 Months 11% 97% >24 Months Portfolio Companies Portfolio 78% Continue to be Companies FCF+ or Sufficient to Portfolio Cash Runways Achieve Companies with Well-Capitalized By Fair Value1 Profitability2 12+ Months Cash Runway As
Slide 17: Strategic Exits Continue to Drive Liquidity
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Strategic Exits Continue to Drive Liquidity As of March 31, 2025 ANNOUNCED TRANSACTION1 STRATEGIC EXITS OVERVIEW 17 $9.0B # STR ATEGIC EXITS 3 GR OSS PR OCEEDS 4 Wiz and Google Cloud are fully committed to continue supporting and protecting custome
Slide 18: Distributed $4.9B in the March Quarter
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Distributed $4.9B in the March Quarter As of March 31, 2025 CUMULATIVE DISTRIBUTIONS SINCE INCEPTION1 $66.6B $71.5B MAR-25 DISTRIBUTIONS $58.0B $53.4B +$4.9B $44.2B $15.2B $10.6B $5.7B $0.2B 2025 2017 2018 2019 2020 2021 2022 2023 2024 YTD Top Inve
Slide 19: Leading the AI Revolution
Leading the $11.4B AI Revolution FY2024 DISTRIBUTIONS2 SVF1 SVF2 LATAM 97% $10.4B PORTFOLIO COMPANIES WITH 12+ MONTHS CASH RUNWAY3 TOTAL SVF2 INVESTMENT1 $36B Footnotes: 1. Reflects SoftBank Vision Fund 2’s total investment in OpenAI as of May 9, 2025. 2. Distributions include proceeds from Investme
Slide 20: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 21: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to March 31, 2025 Total Distributions (A) (B) (C) (D) (E) = (B)-(C) Fund Drawn Return of Pref Coupon / 3 Outstanding 2 Commitment Capital 1 Capital Equity Gains 4 Capital Preferred Equity $40.0B $36.2B $31.1B $9.1B $5.2B Equity $58.6B $53.0
Slide 22: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to Mar 31 Fund Net Profit2 $12.6 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (6.2) to SBG, Net of 3rd SBG LP Income: 6.4 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 23: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of March 31, 2025 $23.2B $34.1B Net Asset Value3 Distributions4 $10.9B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 24: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $62.3B to SBG SBG Total Value2 As of March 31, 2025 $28.8B $37.9B Net Asset Value3 Distributions4 $9.1B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG Pai
Slide 25: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $5.7B $6.4B Net Asset Value3 As of March 31, 2025 Distributions4 $0.7B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SB
Slide 26: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 26