Softbank Group Corp. · TSE:9984
Softbank — FY2025 Earnings Presentation
31 slides from Softbank's earnings presentation, May 13, 2026
Slide 1: FY2025 Earnings Results Investor Briefing
FY2025 Earnings Results Investor Briefing May 13, 2026 SoftBank Group Corp. Fiscal year ended March 31, 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 FY2024 FY2025 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 156.53 150.26 151.32 152.95 145.19 147.50 154.04 156.48 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 159.88 Abbreviations Abbreviations utilized within this pres
Slide 4: Accounting
Accounting
Slide 5: Consolidated Results
Consolidated Results FY2024 FY 2025 Change Change % (¥ B) Net Sales 7,243.8 7,798.7 554.9 7.7% Income before income tax 1,704.7 6,134.9 4,430.2 259.9% Net income 5,002.3 3,848.9 333.7% (attributable to owners of the parent) 1,153.3 (Reference) Gain on investments 3,701.1 7,286.5 3,585.4 96.9% Invest
Slide 6: FY2025 Year-End Investments in OpenAI
FY2025 Year-End Investments in OpenAI ($ B) 79.6 Valuation gain: 43.9 Recorded in FY2025 $45.0B 34.6 1.1 Recorded in FY2024 32.4 Investment in FY2025 34.6 2.2 Investment in FY2024 FY2025 FY2025 Cumulative investment cost*1 Fair value *1 Includes indirect investments and is presented net of disposals
Slide 7: Follow-on Investment in OpenAI Committed in Feb 2026
Follow-on Investment in OpenAI Committed in Feb 2026 • In Feb 2026, SBG entered into a definitive agreement with OpenAI for a $30B follow-on investment through SVF2. • At a pre-money valuation of $730B, $10B will be invested in each of Apr, Jul, and Oct 2026; the Apr tranche has been executed. • The
Slide 8: PayPay Listed in Mar 2026
PayPay Listed in Mar 2026 (NASDAQ: PAYP) • In Mar 2026, PayPay listed on the Nasdaq Global Select Market at $16.0 per ADS*1. • PayPay remains a consolidated subsidiary with a 90.7%*2 ownership stake post-IPO. • Equivalent gain on sale is not recognized in P/L; recorded in B/S equity. Consolidated P/
Slide 9: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment FY2024 FY2025 Change (¥ B) Gain on investments 3,413.8 1 218.1 (3,195.7) 1 Gain on investments*1 • NVIDIA: ¥339.1B • Intel: ¥278.6B SG&A (131.9) (125.2) 6.7 • OpenAI Forward Contract: ¥264.9B • Alibaba: ¥(169.7)B Finance cost (531.3) 2 (645.6) (114.3)
Slide 10: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $239.38 $220.73 $210.03 $203.04 Share price - 21.5 - 18.7 - 16.7 - 18.5 Number of shares held 85.4 85.4 63.9 45.2 28.5 10.0 FY25 (M) Sold 75.4M shares (Equiv. to 21.5M shares) 5,734 for $16.2B (Equiv. to 18.7M shares) In FY2025 Q4, entered into 4,
Slide 11: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment FY2024 FY2025 Change (¥ B) 1 Gain on investments at SVF1 Gain on investments 434.9 6,991.9 6,557.0 • Divestment: SVF1 1,023.0 1 50.3 (972.7) Gains on divestment • Public: SVF2 (561.7) 2 6,853.7 7,415.4 Share price declines (e.g., Coupang, DiDi) • Private: LatAm 8.1 43.1
Slide 12: Investment Performance of SVF1 and SVF2
Investment Performance of SVF1 and SVF2 Since Inception FY2025*1 Gain/loss Gain/loss ($ B) Cost Returns Gain/loss YTD Jan - Mar SVF1 87.2 111.4 24.2 Exited investments 48.3 71.6 23.3 1.6 0.3 Investments before exit 38.9 39.2 0.3 (0.9) (4.5) Interests/Dividends － 0.6 0.6 0.0 － SVF2 96.9 118.7 21.8 Ex
Slide 13: Consolidated P/L
Consolidated P/L (¥ B) FY2024 FY2025 Change (¥ B) 1 Investment Business of Holding Companies Net sales 7,243.8 7,798.7 554.9 • NVIDIA: ¥339.1B • Intel: ¥278.6B Gross profit 3,754.2 4,016.1 261.9 • OpenAI Forward Contract: ¥264.9B Total gain on investments 3,701.1 7,286.5 3,585.4 • Alibaba: ¥(169.7)B
Slide 14: Consolidated B/S – Assets
Consolidated B/S – Assets Mar Mar (¥ B) Change 1 Other financial assets 2025 2026 • SB Northstar: +¥314.0B Current assets 9,432.9 11,815.6 2,382.7 (Corporate bonds acquisitions, partially offset by NVIDIA shares sales) Cash and cash equivalents 3,713.0 5,362.2 1,649.1 Derivative financial assets 111
Slide 15: Investment Securities in Consolidated B/S (Main Investments)
Investment Securities in Consolidated B/S (Main Investments) Mar Mar (¥ B) Change 2025 2026 Investment securities 8,040.1 4,264.6 (3,775.4) FVTPL 7,124.4 2,815.7 (4,308.7) 1 Intel 613.5 613.5 • $2.0B investment in Sep 2025 and higher share price Intel ― １ $3,837M $3,837M 2 T-Mobile 3,404.1 335.8 2 (
Slide 16: Consolidated B/S – Goodwill / Intangible assets
Consolidated B/S – Goodwill / Intangible assets Change Mar Mar Main items Amorti- Changes Outline (¥ B) 2025 2026 zation In FX rate Goodwill *1 5,781.9 7,314.5 Arm 3,540.4 3,785.8 ― 245.4 Ampere ― 1,099.3 ― (20.7) Provisionally recorded since purchase price allocation has not yet been completed Grap
Slide 17: Consolidated B/S – Liabilities
Consolidated B/S – Liabilities Mar Mar 1 Interest-bearing debt (¥ B) Change 2025 2026 (total of current and non-current) Current liabilities 12,601.7 14,833.5 2,231.9 • SBG Interest-bearing debt 5,629.6 1 7,251.6 1,622.0 Borrowings: ¥3,960.7B (+¥2,185.3B) 19.3 Corporate bonds: ¥8,170.4B (+¥1,502.0B)
Slide 18: Consolidated B/S Summary – Equity
Consolidated B/S Summary – Equity Mar Mar Change (¥ B) 2025 2026 1 Capital surplus Equity 13,953.0 20,468.4 6,515.4 Equivalent gain on sale attributable to owners of the parent associated with PayPay’s IPO (see p5): +¥81.5B Common stock 238.8 238.8 ― Capital surplus 3,376.7 3,510.7 1 134.0 2 Retaine
Slide 19: Impact of the Weaker Yen on P/L & B/S (Illustration)
Impact of the Weaker Yen on P/L & B/S (Illustration) P/L B/S Entities Components Exchange differences from Foreign exchange gain (loss) translation Foreign currency- denominated cash and cash equivalents/ Loans receivable SBG stand-alone+ Foreign exchange gain (excl. investments) Subsidiaries conduc
Slide 20: Impact of the Weaker Yen in FY2025
Impact of the Weaker Yen in FY2025 (from ¥149.52/$ to ¥159.88/$) Foreign exchange loss in consolidated P/L for FY2025: ¥(271.0)B At SBG stand-alone: Foreign exchange loss of ¥(428.7)B related to foreign currency borrowings from Group companies and loss of ¥(245.7)B related to foreign currency bonds
Slide 21: Consolidated C/F Summary
Consolidated C/F Summary FY2024 FY2025 Primary details for FY2025 1 Investments (¥ B) • By SBG (mainly $2.0B in Intel): ¥(0.6)T 1,019.3 Subtotal of C/F from operating activities • By PayPay Bank (in asset management products): ¥(0.7)T C/F from 203.6 (428.8) operating activities (821.6) Income taxes
Slide 22: Difference in Tax Rate
Difference in Tax Rate (Minuses show expenses) FY2025 Rate (%) Amount (¥ B) Income before income tax 6,134.9 Effective statutory tax rate 31.5% (1,930.0) (Main factors of difference) (i) Difference in subsidiaries’ tax rates (27.7%) 1,701.8 (ii) Impact of international taxation rules 3.4% (209.3) (i
Slide 23: Loss Carryforwards
Loss Carryforwards Carrying amounts in Income base Tax base Valuation allowance B/S FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 (¥ B) Total of companies 2,104.9 1,730.8 681.8 559.8 (612.3) (490.4) 69.5 69.4 based in Japan Total of companies 521.1 556.6 118.7 124.5 (72.3) (76.9) 46.4 47.6 based overseas
Slide 24: Income Taxes Paid on a Consolidated Basis (Net)
Income Taxes Paid on a Consolidated Basis (Net) 5-year FY2021 FY2022 FY2023 FY2024 FY2025 (¥ B) Total Consolidated 589.3 525.9 816.8 215.2 784.3 2,931.5 Japan 551.2 469.7 717.0 131.6 699.5 2,569.0 SBG and intermediate holding companies 200.0 214.2 443.3 (46.1) 463.4 1,274.8 (wholly owned subsidiarie
Slide 25: Co-investment Program to SVF2: Related Party Transactions
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests MgmtCo *1 SBG FY2025: $3,130M (¥500.4B) (Masayoshi Son) FY2024: $― (¥―) Equity interests: 17.25% (A) Equity acquisition amount: $2,750M (i) Acquisition costs: $2,594M (committed capital: $2.6B) (ii) A
Slide 26: SVF2: Recognition of Third-Party Interests
SVF2: Recognition of Third-Party Interests Allocation of NAV to Equity Interests (Illustrative) MOIC Test & Recognition of Third-Party Interests (as of Mar 31, 2026) In FY2025, investment gains increased, and NAV*1 was allocated to: No performance-based distribution was made to MgmtCo, 1 Preferred e
Slide 27: Co-investment Program to LatAm & Management's Investment in Asset Management Subsidiary
Co-investment Program to LatAm & Management’s Investment in Asset Management Subsidiary Management’s investment in Co-investment program to LatAm asset management subsidiary MgmtCo Masayoshi SBG SBG (Masayoshi Son) Son Loans entrusted Equity interests: 17.25% 66.7% 33.3% Equity interests of third-pa
Slide 28: Sustainability
Sustainability
Slide 29: Material Issues Relating to Sustainability
Material Issues Relating to Sustainability (“Material Issues”) All 10 Material Issues remain unchanged Sustainability 2
Slide 30: Sustainability Disclosures
Initiatives for Substantive Sustainability Disclosure Scope of Application of SSBJ in the Annual Securities Report for 2027(Climate-related matters) Preparing substantive sustainability disclosures through enhanced connectivity with financial information Information Revolution – Happiness for everyo
Slide 31: FY25 ESG Evaluation Results
FY25 ESG Evaluation Results ESG ratings have been maintained and enhanced, as a result of proactive disclosure of group-wide activities FTSE MSCI S&P Global SUSTAINALYTICS ISS ESG CDP Latest 4.4 AA 81 23.7 C B Rating （Out of 5; The higher the （AAA is the highest rating.） （Out of 100; The higher the