Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2026 Earnings Presentation
44 slides from Softbank's earnings presentation, Aug 6, 2026
Slide 1: Q1 FY2026 Earnings Results Investor Briefing
Q1 FY2026 Earnings Results Investor Briefing August 6, 2026 SoftBank Group Corp. Three-month period ended June 30, 2026
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: Exchange rates and abbreviations
Exchange rates per JPY used for translation FY2025 FY2026 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 145.19 147.50 154.04 156.48 160.51 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 159.88 162.39 Abbreviations Abbreviations utilized within this presentation are outlined
Slide 4: Finance
Finance “SBG stand-alone” financial figures are calculated by excluding those of self- financing entities from the consolidated figures, unless otherwise stated. Major self-financing entities include SBKK (including its subsidiaries), Arm, SVF1, SVF2, LatAm, etc.
Slide 5: FY2026Q1 Highlights
FY2026Q1 Highlights NAV reaches an all-time high amid rise in Arm’s share price. LTV remains at a sufficiently prudent level NAV LTV (¥ T) (%) 72.3 2x in one year 58.3 20.6 17.0 16.5 17.0 40.1 32.4 33.3 30.9 13.0 Well positioned for future investments Arm SVF and market volatility SBKK T-Mobile Othe
Slide 6: External Environment
External Environment Stock indices rose, led by SOX, but entered a correction phase from Jun. Interest rates rose gradually, while the yen appreciated following FX intervention Stock Indices*1 U.S. & Japan Interest Rates USD/JPY Exchange Rate 250 6.0 (%) (¥) 10-year 米国債（10年）U.S. Treasury 170 FF金利上限
Slide 7: Arm and Intel Share Price Performance
Arm and Intel Share Price Performance Arm and Intel shares surged through Jun on rising CPU demand expectations; gains narrowed but remain above 2x their year-start levels (Dec 31, 2025 = 100) Arm Intel SOX S&P500 400 300 Intel 274 Arm 251 200 SOX 170 S&P500 113 100 0 Dec 2025 Mar 2026 Jun 2026 Aug
Slide 8: Key Metrics
Key Metrics Driven by Arm, NAV expanded significantly to over ¥70T Mar 2026 Jun 2026 Key Drivers of Change • Increase in equity value of holdings (+¥31.4T) NAV ¥40.1T ¥72.3T • Forex impact (+¥1.2T) (+¥32.2T) • New investments, etc. (+4.2 ppt) LTV 17.0% 13.0% • Increase in equity value of holdings (-
Slide 9: FY2026: Major Financial and Investment Activities
FY2026: Major Financial and Investment Activities Fully repaid the $12B bridge loan arranged in 2025. Sequentially drawing down the new bridge loan for the follow-on investment in OpenAI. Takeout financing underway FY2026 Q1 (Results) 2026 bridge loan (partial drawdown) $20.0B ¥3,247.8B Debt financi
Slide 10: Historical Equity Value of Holdings
Historical Equity Value of Holdings Doubled in one year, primarily due to the increase in Arm and OpenAI's value Net of asset-backed finance (¥ T) 83.1 Increased by ¥44.1T 69.0 49.9 48.3 Share price 36.8 39.9 $354.57 39.0 39.0 Share price 19.1 $274.58 18.2 12.7 19.8 SVF 23.9 23.2 18.0 21.6 10.6 13.3
Slide 11: Historical Arm Share Price and Market Evaluation
Historical Arm Share Price and Market Evaluation Arm's share price rose. Despite the recent correction, fundamentals remain exceptionally solid Arm Share Price and Analysts’ Target Price*1 Guidance (FY2026Q2)*2 500 ($) 450 Revenue $1.33B ~ $1.43B Analyst consensus 400 (average) 350 YoY (+17.2% ~ +26
Slide 12: Historical NAV
Historical NAV Continued NAV growth through portfolio reshuffling, reaching a record high Jun 30, 2026 ¥72.3T Q1 Pro forma (Aug 5, 2026) * ¥58.3T Sep 2023 Arm IPO Arm SVF SBKK Alibaba T-Mobile Yahoo Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 (FY) Internet
Slide 13: Historical LTV
Historical LTV Track record of flexible LTV management through market fluctuations. Current LTV retains sufficient headroom despite large-scale investments 35% Extraordinary circumstances 25% Normal circumstances 21.6% 20.4% 20.6% 18.7% 18.0% 18.2% 17.0% 16.5% 17.0% 15.9% 15.0% 14.5% 13.0% 12.9% 11.
Slide 14: Debt Coverage by Equity Value of Holdings
Debt Coverage by Equity Value of Holdings Net debt covered by equity value of holdings of over 7x Net of asset-backed finance (¥ T) 83.1 LTV13.0% SVF 23.9 Sufficient 7x Arm headroom 49.9 LTV25% 4x SBKK 2.8 10.8 Others 6.5 Net Interest-bearing Debt Equity Value of Holdings Jun 30, 2026 Jun 30, 2026 F
Slide 15: Approach to Bridge Loan Repayment
Approach to Bridge Loan Repayment Pursuing orderly repayment through a combination of asset monetization and debt financing SBG Stand-Alone Interest-bearing Debt + Bridge Facility ¥14T (Interest-bearing debt as of Jun 30, 2026) (¥ T) Others Bonds and CP Bank loans, etc. Outstanding July Undrawn Repa
Slide 16: Currency Composition of Assets and Debt
Currency Composition of Assets and Debt USD funding expanded as investments became increasingly USD-denominated and larger in scale Mar 2019 Started financial management Jun 2026 as an investment holding company 18% USD 50% 50% Interest-bearing Debt*1 Yen, others 82% ¥6.7T ¥18.7T (¥ T) 87.8 4.0 Equi
Slide 17: Globalization of funding: Key relationship banks
Globalization of funding: Key relationship banks Expanded globally. 30+ financial institutions participated in 2026 bridge loan Overseas Domestic Number of participating financial institutions in key financings 2026 Bridge loan 30+ Commitment line 25 Arm share 41 SBKK share 26 $40B institutions $6.0
Slide 18: Globalization of Funding: Key Financings Since July
Globalization of Funding: Key Financings Since July Entered into a financing agreement Arranged LBO financing ahead of the using OpenAI shares* acquisition of ABB’s robotics business (Aug 2026) (Aug 2026) $ 10B $ 1.8B * For details of the financing using OpenAI shares, see “(3) Financing at SVF2” un
Slide 19: Track Record of Our Retail Bond Issuance and Redemption
Track Record of Our Retail Bond Issuance and Redemption More than two decades of sustained efforts have established a cycle of issuance and redemption Cumulative issuance* ¥10.6T (¥ B) 678.0 1,100.0 900.0 772.0 Annual issuance 385.0 Cumulative issuance 1,405.0 900.0 410.0 Beginning of 800.0 Hawks Bo
Slide 20: Expansion of the Retail Bond Market
Expansion of the Retail Bond Market Approx. half of household financial assets remain in cash and deposits, while rising interest rates are driving stronger retail investor demand for bonds Household Financial Assets Retail JGB Issuance Amount and 10-year JGB Yield* (As of Mar 2026) (¥ T) Total ¥2,3
Slide 21: Investment Track Record and Announced Deals
Investment Track Record and Announced Deals Executed the follow-on investments in OpenAI of $10B each in Apr and Jul ($ B) 32.3 23.8 18.5 10.0 10.3 10.0 Oct (Plan) 8.3 Ampere 7.5 3.2 6.5 10.0 10.0 5.4 1.1 Funded in Apr Funded in Jul Others 0.8 2.1 1.9 0.1 3.1 0.3 Committed Q1 Q2 Q3 Q4 Q1 Q21, 2026)
Slide 22: Cash Position and Future Bond Redemptions
Cash Position and Future Bond Redemptions Maintain cash position, over 2 years' worth of bond redemptions Cash Position*1 Bond Redemption Schedule (Incl. the first call of hybrid bonds) (¥ B) ¥2.3 T ($14B) Undrawn commitment line 489.5 Bond redemptions for the ＞ next 2 years ¥1.5T ($9B) 1,824.3 *2 1
Slide 23: SBG Stand-Alone Cash Position
SBG Stand-Alone Cash Position Decreased due to debt repayment (¥ B) 4,330.7 801.9 3,502.4 3,285.8 2,933.9 469.8 Main changes from Mar 31, 2026 2,509.2 Increase Decrease • 2026 bridge loan +$20.0B • Follow-on investment in OpenAI -$10.0B 684.9*1 • Bond issuance & redemption • Loan repayment (-$18.6B)
Slide 24: SBG Stand-Alone Interest-Bearing Debt and Net Debt
SBG Stand-Alone Interest-Bearing Debt and Net Interest-Bearing Debt SBG Stand-Alone Interest-Bearing Debt*1 SBG Stand-Alone Net Interest-Bearing Debt*2 Increased primarily due to bond issuance Increased due to investment execution (¥ B) 18,769.8 (¥ B) 17,792.0 16,344.0 Non-recourse 16,260.5 4,683.7
Slide 25: Bond Redemption Schedule
Bond Redemption Schedule Focusing on active leveraging in the near term. Shift toward debt management with a focus on diversifying maturities from FY2028 onward, while managing funding costs. (¥ B) 2,227.8 Domestic senior bonds 137.6 Domestic subordinated bonds Domestic hybrid bonds 482.2 Foreign cu
Slide 26: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition A+ 14 Japan Telecom of Vodafone KK Acquisition of Sprint Acquisition of Arm Listing of SBKK Listing of Arm Announced follow-on investments in OpenAI A 13 A- 12 (Outlook: Negative) BBB+ 11 BBB10 S&P BB+ BBB-9 BB+ 8 Outlook BB 7 BB- 6 Negative
Slide 27: Adherence to Financial Policy
Adherence to Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal circumstances (upper threshold of 35% even in extraordinary circumstances) Maintain at least 2 years’ worth of bond redemptions in cash position Finance 24
Slide 28: FY2026 Financial Strategy
FY2026 Financial Strategy Core financial strategy remains unchanged Swiftly responding to Securing investment Pursuing optimal leverage Financial Investments market fluctuations in Financing capital through diversified Maintaining strict discipline sync with management financing methods Soundness in
Slide 29: Appendix
Appendix
Slide 30: SBG Foreign Currency Senior Bond Spreads
SBG Foreign Currency Senior Bond Spreads USD-Denominated Bonds EUR-Denominated Bonds (bps) (bps) 600 USD (Senior) 2.7Y USD (Senior) 4.4Y USD (Senior) 5.9Y 600 EUR (Senior) 3.2Y EUR (Senior) 4.9Y EUR (Senior) 6.9Y USD (Senior) 8.9Y USD (Senior) 3.2Y USD (Senior) 5.2Y EUR (Senior) 3.7Y EUR (Senior) 5.
Slide 31: SBG Domestic Senior Bond Spreads and 5-Year CDS
SBG Domestic Senior Bond Spreads and 5-Year CDS Domestic Senior Bonds 5-Year CDS (bps) (bps) Senior #59 (4.6Y) Senior #61 (2.7Y) Senior #62 (4.7Y) 450 450 Senior #63 (4.9Y) Senior #64 (5.3Y) Senior #65 (3.7Y) Senior #66 (3.7Y) Senior #67 (6.3Y) 400 400 350 350 300 300 250 250 200 200 150 150 100 100
Slide 32: Calculation of Equity Value of Holdings
Jun 30, 2026: Calculation of Equity Value of Holdings $1=¥162.39 ¥87.8T (¥ T) Equity value of holdings Equity value of holdings Adjustment for ＝ ー (adjusted) (unadjusted) asset-backed finance (unadjusted) Prepaid forward contracts 0.3 Margin loans 4.4 ¥ 49.9T ＝ ¥53.1T 923M shares held*1 × Share pric
Slide 33: LTV Calculation: SBG Stand-Alone Equity Value of Holdings
LTV Calculation: SBG Stand-Alone Equity Value of Holdings (L) Adjusted ¥10.81T SBG stand-alone net debt =13.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥83.11T (¥ T) Adjusted SBG stand- Major SBG’s interest in SVF1&2 Other investments in = + + alone equity value of holdings assets & L
Slide 34: LTV Calculation: Details of Equity Value of Holdings
LTV Calculation: Details of SBG Stand-Alone Equity Value of Holdings (¥ T) Assets Value Calculation method (a) Arm 49.91 Before adjustment 53.13 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($327.2B; ¥53,129.8B) Adjustment for asset-backed finance -3.22 Equivalent
Slide 35: LTV Calculation: SBG Stand-Alone Net Debt
LTV Calculation: SBG Stand-Alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥10.81T (V) Adjusted SBG stand-alone ¥83.11T =13.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- stand-alone net Other adjustments debt = net debt - financing entities - 10.81 22.29 6.03 5
Slide 36: LTV Calculation: Details of SBG Stand-Alone Net Debt
LTV Calculation: Details of SBG Stand-Alone Net Debt (¥ T) SBG stand-alone net debt Consolidated net interest-bearing debt - net interest-bearing debt at self- (before adjustment) 16.26 financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; a
Slide 37: SBG Stand-Alone Interest-Bearing Debt
SBG Stand-Alone Interest-Bearing Debt*1 (¥ B) 18,769.8 17,792.0 Breakdown (Jun 30, 2026) (¥ B) Non-recourse SBG borrowings QoQ 4,683.7 to SBG Bank loan 2,915.4 -860.1 Bridge loan borrowing, repayment 4,624.3 2026 bridge loan 1 1,452.6 +1,452.6 Commitment line partial repayment Hybrid loan 185.5 +0.2
Slide 38: Status of Margin Loans
Status of Margin Loans (as of Jun 30, 2026) (¥ T) (¥ T) 53.1 4.0 1.2 3.2 Outstanding balance Equity value of Outstanding balance Equity value of holdings* holdings* * Before adjustment of asset-backed finance. Finance 35
Slide 39: Structure and Management of Major Margin Loan Arrangements
Structure and Management of the Group’s Major Margin Loan Arrangements LTV structure with a buffer to absorb share price volatility. Respond flexibly and conservatively depending on share price level Response to Share Price Structure Movements • Loans secured by shares, executed through financing su
Slide 40: Breakdown of Equity Value of Holdings and Geographical Diversification
Breakdown of Equity Value of Holdings and Geographical Portfolio Diversification Net of asset-backed finance Geographical Portfolio Breakdown of Equity Value of Holdings*1 Diversification*3 (Jun 30, 2026) 22% APAC (excl. China and Japan) Others 51% 2% 1% 14% 55% China 3% 60% Japan T-Mobile 7% 4% Nor
Slide 41: Breakdown by Currency
Breakdown by Currency Investment and monetization flows are primarily in USD, while debt refinancing is conducted principally in the same currency Investments and monetization Debt composition Cash position: ¥2.5T*1 Equity value of holdings: ¥83.1T*2 Interest-bearing debt*3: ¥18.7T EUR, etc. JPY Net
Slide 42: FY2026 Q1: Breakdown of NAV・LTV Change
FY2026 Q1: Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Price Fluctuations FX Impact * Others Share Price Investments Fluctuations +1.2 -0.3 Payments of interest +0.4ppt Hybrid adjustment -0.3ppt Monetization, -0.7ppt distributions Others +0.3ppt +4.2% Others OpenAI +2.6ppt -8.0% power +1.6ppt -0
Slide 43: Increase/Decrease in Cash Position (Mar – Jun 26)
Increase/Decrease in Cash Position (Mar 26 – Jun 26) SVF Asset distributions Investments (¥ T) monetization Debt finance 0.3 0.1 0.9 1.6 Expenditures to acquire assets related to power generation and data centers in the U.S. 2025 bridge loan repayment -1.9 0.1 Others 2026 bridge loan drawdown +3.2 1
Slide 44: Consolidated Interest-bearing Debt/Cash Position/Net Debt
Consolidated Interest-bearing Debt/ Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 SBG stand-alone 12,326.1 12,605.9 16,344.0 17,792.0 18,769.8 SVF1&2 and LatAm 460.9 647.1 834.7 814.3 806.7 SoftBank Segment 6,510.4 6,