Softbank Group Corp. · TSE:9984
Softbank — Q3 2025 Earnings Presentation
102 slides from Softbank's earnings presentation, Feb 12, 2026
Slide 1: Q3 FY2025 Earnings Results Investor Briefing
Q3 FY2025 Earnings Results Investor Briefing February 12, 2026 SoftBank Group Corp. 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: 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 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 156.56 Abbreviations Abbreviations used in Accounting and Finance s
Slide 4: Index
Index • Accounting • Finance • SoftBank Vision & LatAm Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results FY 2024 FY 2025 (¥ B) Q1-Q3 Q1-Q3 Change Change % Net Sales 5,302.6 5,719.2 +416.7 +7.9% Income before income tax 1,270.9 4,169.2 +2,898.2 +228.0% Net income (attributable to owners of the parent) 636.2 3,172.7 +2,536.5 +398.7% (Reference) Gain on investments 2,170.0 4,220.3 +2,
Slide 7: Follow-on Investments in OpenAI
Follow-on Investments in OpenAI (Committed Mar 2025; Completed Dec 2025) Mar 2025: SBG entered into a definitive agreement with OpenAI for follow-on investments of up to $40B*¹ (SBG’s effective investment amount: $30B). Apr 2025: 1st closing of $10B was completed, with $7.5B invested by SVF2. Oct 20
Slide 8: Investments in OpenAI
Investments in OpenAI ($ B) 54.4 4.2 Recorded in FY2025 Q3 Valuation gain: $19.8B 14.6 Recorded in FY2025 Q2 34.6 1.0 Recorded in FY2024 Investment in 32.4 FY2025 Q1-Q3 34.6 2.2 Investment in FY2024 FY2025 Q3 FY2025 Q3 Cumulative investment cost*1 Fair value *1 Net of disposals Accounting 4
Slide 9: New Reportable Segment
New Reportable Segment New “AI Computing Segment” established, consolidating semiconductor-related subsidiaries including Arm, Graphcore, and Ampere (acquired in FY2025 Q3). FY2025 Q2 Reportable Segments Investment Business Arm SoftBank Vision Funds SoftBank Other of Holding Companies FY2025 Q3 Repo
Slide 10: Implications of New Reportable Segment
Implications of New Reportable Segment ■ Previous Segment Structure (FY2025 Q1-Q3, Pro forma (Reference)) Reportable segments Other and Consolidated Investment Business SoftBank Reconciliations (total) (¥ B) SoftBank Arm of Holding Companies Vision Funds (¥ B) Net sales - - 5,196.1 511.6 11.5 5,719.
Slide 11: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment FY2024 FY2025 Change (¥ B) Q1-Q3 Q1-Q3 Gain on investments 2,008.5 1 163.4 - 1,845.1 1 Gain on investments*1 • NVIDIA: ¥339.1B • OpenAI Forward Contract: ¥264.9B SG&A - 93.7 - 82.2 +11.6 • Intel: ¥180.2B • Deutsche Telekom: - ¥31.9B Finance cost - 402
Slide 12: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $239.38 $220.73 Share Price $206.36 $203.04 -21.5 -18.7 -16.7 Number of 85.4 85.4 85.4 63.9 45.2 28.5 FY2025 Q1-Q3 shares held (M) (Equiv. to Sold 56.9M shares for $12.7B 21.5M shares) 5,734 FY2025 Q4 (Equiv. to 18.7M shares) 4,452 (Equiv. to (Equ
Slide 13: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment FY2024 FY2025 Change (¥ B) Q1-Q3 Q1-Q3 Gain on investments 257.6 3,911.2 + 3,653.5 1 Gain on investments at SVF1 • Public: SVF1 740.3 1 746.0 +5.7 Share price appreciation (e.g., Coupang, DiDi) • Private: SVF2 - 453.4 2 3,042.2 +3,495.6 Fair value increases, mainly driv
Slide 14: Investment Performance of SVF1 and SVF2
Investment Performance of SVF1 and SVF2 Since Inception*1 FY2025*2 Gain/loss Gain/loss ($ B) Cost Returns Gain/loss Apr - Dec Oct - Dec SVF1 85.7 114.4 28.7 Exited investments 45.6 68.6 23.0 1.3 0.2 Investments before exit 40.1 45.2 5.1 4.5 - 4.2 Interests/Dividends － 0.6 0.6 0.0 0.0 SVF2 95.2 92.7
Slide 15: Consolidated P/L
Consolidated P/L FY2024 FY2025 1 Investment Business of Holding Companies (¥ B) Change (¥ B) Q1-Q3 Q1-Q3 • NVIDIA: ¥339.1B Net sales 5,302.6 5,719.2 +416.7 • OpenAI Forward Contract: ¥264.9B • Intel: ¥180.2B Gross profit 2,785.0 2,985.1 +200.1 • Alibaba: - ¥168.4B Gain on investments • T-Mobile: - ¥
Slide 16: Consolidated B/S – Assets
Consolidated B/S – Assets Mar Dec (¥ B) Change 2025 2025 1 Other financial assets Current assets 9,432.9 11,027.1 +1,594.2 • SB Northstar: +¥592.0B Cash and cash equivalents 3,713.0 4,406.7 +693.6 (Acquisition of corporate bonds, partially offset by sale of NVIDIA shares) Derivative financial assets
Slide 17: Investment Securities in Consolidated B/S
Investment Securities in Consolidated B/S (Main Investments) Mar Dec Change (¥ B) 2025 2025 Investment securities 8,040.1 4,641.6 - 3,398.5 FVTPL 7,124.4 3,312.4 - 3,812.0 1 T-Mobile 3,404.1 906.1 - 2,498.0 • Sale of 56.9M TMo shares and lower share price T-Mobile １ $22,767M $5,787M - $16,979M 2 Int
Slide 18: Consolidated B/S – Goodwill / Intangible assets
Consolidated B/S – Goodwill / Intangible assets Change Mar Dec Main items Amorti- Changes Outline (¥ B) 2025 2025 zation In FX rate Goodwill *1 5,781.9 7,203.3 Arm 3,540.4 3,707.2 ― +166.8 Ampere ― 1,073.9 ― - 2.1 Provisionally recorded since purchase price allocation has not yet been completed Grap
Slide 19: Consolidated B/S – Liabilities
Consolidated B/S – Liabilities Mar Dec 1 Interest-bearing debt (total of current and non-current) (¥ B) Change 2025 2025 • SBG Current liabilities 12,601.7 13,247.0 +645.3 Borrowings: ¥2,990.2B (+¥1,214.8B) Interest-bearing debt 5,629.6 1 5,664.7 +35.1 Corporate bonds: ¥8,315.2B (+¥1,646.8B) Lease l
Slide 20: Consolidated B/S Summary – Equity
Consolidated B/S Summary – Equity Mar Dec Change (¥ B) 2025 2025 1 Retained earnings Equity 13,953.0 18,311.2 +4,358.1 Net income attributable to owners of the parent: +¥3,172.7B Common stock 238.8 238.8 ― Capital surplus 3,376.7 3,414.6 +37.9 2 Treasury stock • Based on a Board resolution dated Aug
Slide 21: Impact of the Weaker Yen on P/L & B/S
Impact of the Weaker Yen on P/L & B/S (Illustration) P/L B/S Entities Components Exchange differences from Foreign exchange gain (loss) translation Foreign currency- denominated cash and cash equivalents/ Loans receivable SBG stand-alone+ Foreign exchange gain (excl. investments) Subsidiaries conduc
Slide 22: Impact of the Weaker Yen in FY2025 Q1-Q3
Impact of the Weaker Yen in FY2025 Q1-Q3 (from ¥149.52/$ to ¥156.56/$) Foreign exchange loss in consolidated P/L for FY2025 Q1-Q3: ¥94.6B At SBG stand-alone: Foreign exchange loss of ¥250.8B related to foreign currency-denominated borrowings from Group companies and loss of ¥178.8B related to foreig
Slide 23: Consolidated C/F Summary
Consolidated C/F Summary FY2024 FY2025 1 Investments (¥ B) Q1-Q3 Q1-Q3 Primary details for FY2025 Q1-Q3 • By SBG (mainly $2.0B in Intel): - ¥0.6T +1,037.1 Subtotal of C/F from operating activities • By PayPay Bank (in asset management products): - ¥0.5T C/F from operating activities +149.2 - 119.0 -
Slide 24: Income Taxes Paid on a Consolidated Basis
Income Taxes Paid on a Consolidated Basis (Net) 5-year FY2025 FY2020 FY2021 FY2022 FY2023 FY2024 (¥ B) Total Q1-Q3 Consolidated 324.5 589.3 525.9 816.8 215.2 2,471.7 749.3 Japan 189.5 551.2 469.7 717.0 131.6 2,059.0 689.9 SBG and intermediate holding companies - 85.3 200.0 214.2 443.3 - 46.1 726.1 4
Slide 25: Co-investment Program to SVF2
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests Masayoshi SBG FY2025 Q3: $― (¥―) Son*1 FY2024: $― (¥―) Equity interests: 17.25% (B) (A) Distribution: $173M Equity acquisition amount: $2,923M (Return of capital) (i) Acquisition costs: $2,594M (commi
Slide 26: Co-investment Program to LatAm
Co-investment Program to LatAm & Management’s Investment in Asset Management Subsidiary Management’s investment in Co-investment program to LatAm asset management subsidiary Masayoshi Masayoshi SBG SBG Son Son Loans entrusted Equity interests: 17.25% 66.7% 33.3% (B) Distribution: $2M Equity interest
Slide 27: 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 28: Market Environment: Trends from 2025 Onward
Market Environment: Trends from 2025 Onward Equity indices have risen, led by SOX. JPY interest rates increased amid concerns over expansionary fiscal policy. Weaker JPY continues since April Stock Indices*1 Interest Rates FX Rate (USD/JPY) (%) (JPY) 180 6.0 165 10-year U.S. Treasury 米国債（10年） SOX*2
Slide 29: Market Environment: Continued Favorable Markets vs Potential Risks
Market Environment: Continued Favorable Markets vs Potential Risks While equity and credit markets remain steady, multiple uncertainties persist Stock Indices*1 Potential Risks 1,400 SOX*2 1,263 1,200 Volatility of 1,000 International Asset / 800 600 affairs commodity 400 S&P500 345 Prices 200 NIKKE
Slide 30: FY2025 Q3 – Key Indicators
FY2025 Q3 – Key Indicators Maintained financial soundness through steady monetization, etc. in preparation for large-scale investments FY2025 Q2 Q3 Key Drivers of Change Impact of JPY depreciation (+¥1.6T), NAV ¥33.3T ¥30.9T Increase in SVF Value (+¥0.6T), (-¥2.4T) Arm share price decline (-¥4.4T) A
Slide 31: FY2025 Q3 – Financial Summary
FY2025 Q3 – Financial Summary Completed OpenAI investment ($22.5B) and Ampere acquisition ($6.5B). Financed through diversified funding channels Key Activities Debt funding Foreign hybrid bonds $2.9B ¥451.4B Domestic senior retail bonds $3.2B ¥500.0B Ampere bridge loan $6.5B ¥1,022.2B Drawn Arm shar
Slide 32: Historical NAV
Historical NAV NAV remains at approx. ¥30T Dec 31, 2025 ¥30.9T Q3 Pro forma (Feb 11, 2026)* ¥33.1T Sep 2023 Arm IPO Arm SVF Alibaba SBKK T-Mobile Yahoo! Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Internet Broadband Mobile AI (Note) The proportional s
Slide 33: Historical Equity Value of Holdings
Historical Equity Value of Holdings Remained broadly flat, as the expansion of SVF value was offset by declines in listed share prices and monetization, etc. Net of asset-backed finance (¥ T) 39.9 41.2 39.0 39.0 33.7 31.4 12.7 15.0 18.2 19.8 Share Price $109.31 Share price $125.28 15.4 12.9 18.0 18.
Slide 34: Historical LTV
Historical LTV LTV controlled below 25% despite large-scale investments 35% (times of emergency) 25% (normal times) 21.6% * 20.4% 20.6% 18.7% 18.0% 18.2% 17.0% 16.5% 15.9% 14.5% 15.0% 12.5% 12.9% 12.2% 11.5% 11.0% 10.6% 8.0% 8.4% 7.8% Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec M
Slide 35: 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) ¥3.8 T ($24B) Undrawn commitment lines 945.2 ＞ Bond redemptions for the next 2 years ¥1.8T ($11B) 2,816.0*2
Slide 36: Investment Amounts
Investment Amounts Completed OpenAI 2nd closing and Ampere acquisition 32.3 ($ B) OpenAI Cumulative 23.8 investment amount $34.6B 8.3 2.1 3.4 7.5 3.2 6.5 1.8 0.5 0.4 1.7 1.1 1.9 Other investments Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 (Note) Investment Amounts: • SBG investment amount: Investment (exclu
Slide 37: Increase/Decrease in Cash Position
Increase/Decrease in Cash Position (Mar 25 - Dec25) Secured investment capital by combining multiple financing channels (¥ T) SVF Asset distributions Investments monetization 0.6 4.9 5.5 Debt finance 1.0 Others 0.7 Arm shares transaction 3.4 2.8 Listed share sales T-Mobile 3.4 1.9 0.6 consideration
Slide 38: Funding Methods for Investment Capital
Funding Methods for Investment Capital Accessing a broad range of funding markets while maintaining LTV discipline Planned Bridge Loan Investment Further Investment + repayment + $8.5B $12B Opportunities (Announced) ABB Robotics $5.4B DigitalBridge $3.1B Funding executed in a disciplined and planned
Slide 39: 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 Finance 13
Slide 40: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt* Increased mainly through bond issuance. Non-recourse debt also increased due to increase in margin loans (¥ B) 16,344.0 Non-recourse to SBG 4,297.0 (¥ B) 12,951.9 12,605.9 Breakdown (Dec 31, 2025) 12,139.2 12,326.1 SBG borrowings QoQ Ampere bridge loan Bank loa
Slide 41: Status of Margin Loans
Status of Margin Loans Strengthening margin loan initiatives by utilizing the substantial value of our equity holdings Outstanding Balance and Equity Value of Holdings 残高と保有株式価値(25年12月末時点) (as of Dec 31, 2025) (¥ T) (¥ T) 15.8 4.1 1.2 3.1 0.4 1.8 Sep 30, 2025 0.8 Sep 30, 2025 1.3 Outstanding Equity
Slide 42: Structure and Management of Margin Loans
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 Structure Price Movements • Loans secured by shares, executed through financing su
Slide 43: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Maintained cash position while executing large-scale investments through proactive asset monetization, bond issuance, etc. (¥ B) Main changes from Sep 30, 2025 3,502.4 Increase Decrease 3,307.0 3,285.8 • Loan borrowing (+¥1,485.9B) • Loan repayment (-¥1,204.0B) 17.1 *1
Slide 44: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Executed large-scale investments funded by a combination of debt financing and asset monetization (¥ B) 13,058.1 Finance-related adjustments 9,662.0 5,012.1 Asset-backed finance, etc.: ¥4,297.0B 9,516.0 9,392.2 9,103.5 Hybrid finance: ¥715.1B 2,750.1 2,544.5
Slide 45: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition Acquisition Acquisition Listing of Listing A+ Japan Telecom14 of Vodafone KK of Sprint of Arm SBKK of Arm 800 A 13 700 A- 12 (Negative) 600 BBB+ 11 BBB 500 10 BBB- S&P BB+ 9 400 BB+ 8 300 BB (Stable) 7 200 BB- 6 B+ 100 5 4 0 (CY) '03 '04 '05
Slide 46: Bond Redemption Schedule
Bond Redemption Schedule Completed refinancing for FY2025. Redeemed domestic hybrid bonds in February (at its first call date) (¥ B) Domestic senior bonds 1,637.4 Domestic subordinated bonds 1,463.9 Domestic hybrid bonds 1,440.0 386.3 Foreign currency-denominated senior bonds 93.9 137.6 Foreign curr
Slide 47: Impact of Rising JPY Interest Rates
Impact of Rising JPY Interest Rates Limited impact from rising JPY interest rates. Interest expense managed within the investment and monetization cycle Forecast for 10-year JGB Yield (as of Feb 11, 2026)*1 Breakdown of Interest-Bearing Debt *2 (%) 2.8 Floating-rates (10%) of the total 2.6 2 years l
Slide 48: Retail Bonds: Expansion of the Retail Investor Base
Retail Bonds: Expansion of the Retail Investor Base SBG bondholders continue to expand steadily, driven by retail investors’ preference for higher yields. Looking to attract younger and working-age investors through expanded online sales Number of SBG Retail Bondholders*1 Online Sales Ratio (by Numb
Slide 49: Historical Equity Value of Holdings and Net Debt
Historical Equity Value of Holdings and Net Interest-bearing Debt (FY2022~) Expanded leverage to capture investment opportunities in a timely manner Investment in OpenAI Total $34.6B* ¥39.0T Equity value of holdings ¥21.7T Arm IPO ¥8.0T SBG Stand-alone ¥3.1T Net Interest-bearing Debt Jun 2022 Sep 20
Slide 50: Historical LTV (FY2022~)
Historical LTV (FY2022~) Growth in value of portfolio companies supports a stable LTV 35% (times of emergency) 25% (normal times) * 20.6% 18.2% 18.0% 17.0% 16.5% 14.5% 15.0% 12.5% 12.9% 10.6% 11.5% 11.0% 8.0% 8.4% 7.8% Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Slide 51: Prioritize NAV Growth and Investment Opportunities
Financial Management of an Investment Holding Company: Prioritize NAV Growth and Investment Opportunities Capture attractive investment opportunities by utilizing leverage to drive mid- to long-term NAV growth Utilizing Debt Market Expand Value Established trust of Investees with credit investors ◼
Slide 52: Direction of Financial Management (Illustrative)
Financial Management of an Investment Holding Company: Direction of Financial Management (Illustrative) Enterprise value (the market value of equity and debt) of an investment holding company is driven by portfolio growth. In defense, LTV is controlled; in offense, investment returns are maximized －
Slide 53: Capital Allocation
Financial Management of an Investment Holding Company: Capital Allocation An optimal balance between investment execution and stakeholder returns supports long-term growth Achieving both shareholder value growth and financial soundness Utilizing Debt Market Expand Value of Investees Shareholder Fina
Slide 54: FY2025 Financial Strategy
FY2025 Financial Strategy In a highly uncertain environment, engage in financial activities with prudence and boldness to build a solid foundation for NAV growth Fully leveraging SBG’s financial strengths - further cultivating the financial foundation developed over years of disciplined financial ma
Slide 55: Appendix
Appendix
Slide 56: SBG Foreign-currency Senior Bond Spreads
SBG Foreign-currency Senior Bond Spreads USD-denominated Senior Bond Spreads EUR-denominated Senior Bond Spreads (bps) (bps) USD (Senior) 2.4Y USD (Senior) 5.4Y EUR (Senior) 3.4Y EUR (Senior) 6.4Y 600 600 USD (Senior) 3.4Y USD (Senior) 5.4Y EUR (Senior) 2.9Y EUR (Senior) 6.4Y USD (Senior) 3.2Y USD (
Slide 57: SBG Domestic Bond Spreads and 5-year CDS
SBG Domestic Bond Spreads and 5-year CDS SBG Domestic Bond Spreads 5-year CDS (bps) (bps) Senior #58 (3.8Y) Senior #59 (5.1Y) Senior #60 (1.2Y) Senior #61 (3.2Y) Senior #62 (5.2Y) Senior #63 (5.3Y) 450 450 Senior #64 (5.8Y) Senior #65 (4.2Y) Senior #66 (4.2Y) Senior #67 (6.8Y) Sub #3 (2.6Y) Sub #4 (
Slide 58: Calculation of Equity Value of Holdings
Dec 31, 2025: Calculation of Equity Value of Holdings $1=¥156.56 (¥ T) Equity value of holdings Equity value of holdings Adjustment for ＝ ー ¥43.3T (adjusted) (unadjusted) asset-backed finance (unadjusted) 12.7T ＝ Margin loans 4.3 923M Share price Margin loan ¥ ¥15.8T × ー shares held*1 $109.31*1 ¥3.1
Slide 59: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥8.05T SBG stand-alone net debt =20.6% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥38.98T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm
Slide 60: Details of SBG Stand-alone Equity Value of Holdings
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (¥ T) Assets Value Calculation method (a) Arm 12.69 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($100.9B; Before adjustment 15.79 ¥15,791.3B) Equivalent amount of outstanding debt for margin loa
Slide 61: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥8.05T (V) Adjusted SBG stand-alone ¥38.98T =20.6% equity value of holdings (¥ T) Adjusted SBG Consolidated Other Net debt at self- stand-alone net debt = net debt - financing entities - adjustments 8.05 18.56 5.51 5.0
Slide 62: 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 (before adjustment) 13.06 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Ad
Slide 63: Geographical Portfolio 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 Alibaba 5% (Dec 31, 2025) APAC 18% (excl. China Others 33% 41% and Japan) 47% 3% 15% China 6% 7% SBKK Japan 6%
Slide 64: Market Environment
Market Environment Investment and monetization flows are primarily in USD, while debt refinancing is conducted principally in the same currency Investments and monetization Debt composition (Incl. margin loans) Cash position: ¥3.3T*1 Equity value of holdings: ¥39.0T*2 Interest-bearing debt*3: ¥16.3T
Slide 65: Breakdown of NAV・LTV Change
Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Price OpenAI +6.5 FX* Others Ampere +1.8 Share Others +0.5 Price Others -0.2 -3.8 +1.6 Investments -0.2% Asset Arm -4.4 Monetization +2.0% SVF +0.6 Arm +2.3 Others -0.1 SVF -0.3 33.3 30.9 20.6% -6.5% +8.9% 16.5% Listed share sales T-Mobile -1.5 NVIDIA
Slide 66: Net Interest-bearing Debt
Consolidated Interest-bearing Debt/Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 SBG stand-alone 12,951.9 12,139.2 12,326.1 12,605.9 16,344.0 SVF1&2 and LatAm 540.4 501.3 460.9 647.1 834.7 SoftBank Segment 6,215.8 5,9
Slide 67: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED DECEMBER 31, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL Executive Managing Partner & CFO, SB Investment Advisers & SB Global Advisers
Slide 68: 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 69: 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 70: Key Market & Economic Indicators
PERFORMANCE UPDATE Key Market & Economic Indicators As of December 31, 2025 2025 YEAR IN REVIEW EQUITY MARKETS END THE YEAR NEAR RECORD HIGHS Key Developments Key Indices Performance5 | January 1, 2025 – December 31, 2025 Global economy resilient despite elevated volatility, with Nasdaq Composite MS
Slide 71: $27B+ in Fair Value Gains in CY2025
SVF1 SVF2 LATAM PORTFOLIO UPDATE $27B+ in Fair Value Gains in CY2025 Twelve-Months Ending December 31, 2025 QUARTERLY GROSS FAIR VALUE PERFORMANCE1 +$2.4B +$19.0B $27.6B Total Fair Value Gains - CY2025 $7.3B Total Fair Value Gains – Vision Fund 1 +$4.8B $20.3B Total Fair Value Gains – +$1.3B Vision
Slide 72: Quarterly Performance
SVF1 SVF2 LATAM PORTFOLIO UPDATE $(4.1B) +$6.5B $(0.1B) SVF1 SVF2 LATAM PRIVATE $(0.4B) +$5.8B $(0.1B) Quarterly PUBLIC $(3.7B) +$0.7B $(0.1B) Performance Private investment losses – Private investment gains Private investments impacted by a public driven by uplift in OpenAI, largely flat this quart
Slide 73: Performance Snapshot
SVF1 SVF2 LATAM PORTFOLIO UPDATE SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total LP Commitments $98.6B $101.8B $7.8B $208.2B Effective Feb. 2026 Acquisition Cost1 $87.8B $96.2B $7.6B $191.6B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $31.1B $(
Slide 74: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Private Investments Overview As of December 31, 2025 KEY METRICS & FAIR VALUE DRIVERS 378 $115.3B 82% +$5.4B Current Private Investments1 Unrealized FV – Private2 Of Total Unrealized FV3 Quarterly FV Change4 ROBO HOLDINGS Upcoming strategic Strong performance – Wee
Slide 75: OpenAI: Scaling Our Position as Growth Accelerates
SVF2 PERFORMANCE UPDATE OpenAI: Scaling Our Position as Growth Accelerates As of December 31, 2025 Unrealized Cost1 Unrealized Fair Value1 CY25 FV Gain2 Recent Employee Tender Valuation $36.4B $54.4B +$18.0B $500B RECENT DEVELOPMENTS ANNUAL RECURRING REVENUE5 WEEKLY ACTIVE USERS6 Launched GPT-5.2, t
Slide 76: Physical AI Portfolio Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Physical AI Portfolio Overview As of December 31, 2025 KEY METRICS 24 Total Investments1 $7.8B Total Fair Value2 +$2.4B CY25 Fair Value Gain2 Footnotes: 1. Source: SBIA Analysis. Total Investments include Investments made by the Combined Funds in companies categori
Slide 77: Performance of Recent Investments
SVF2 PERFORMANCE UPDATE Largest Recent Investments – January 2023 to December 2025 – by Fair Value1 INVESTMENT KEY DEVELOPMENTS2 Reached $4.8B in ARR, growing 55% YoY; Recently raised $4B+ Series L at a $134B valuation Data center portfolio consists of 480 MW of capacity currently in service or unde
Slide 78: Our Portfolio Companies Raised $52B in 2025
SVF1 SVF2 LATAM PERFORMANCE UPDATE Our Portfolio Companies Raised $52B in 2025 Twelve-Month Period Ended December 31, 2025 SVF1 SVF2 LATAM 46 Funding Rounds1 Series E Late Stage Series C Ext. Series C Series D Series C Series G Series C Series K & L Series F 74% % Up Rounds2 Series C Series E Series
Slide 79: Late-Stage Portfolio Valued at $90B
SVF1 SVF2 LATAM PERFORMANCE UPDATE Late-Stage Portfolio Valued at $90B As of December 31, 2025 L AT E - S T AG E P O R T F O L I O 2 $90B Late-Stage Portfolio Fair Value2 78% % of Total Private Unrealized FV2 SELECT COMPANIES3 54 +6 Listings 45 13 3 2018 2020 2022 2024 2025 Footnotes: 1. Vision & La
Slide 80: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of December 31, 2025 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$475 $1.1 +11% Q2 FY26 revenue grew 24% YoY, with EBITDA up 35% 43 #
Slide 81: Lenskart: Vertically-Integrated Eyewear Leader
SVF2 PERFORMANCE UPDATE Lenskart: Vertically-Integrated Eyewear Leader Raised $800mm+ in IPO As of December 31, 2025 Key Metrics $0.3B $1.3B 4.8x Total Cost1 Total Fair Value2 Gross MOIC3 FY25 COMPANY HIGHLIGHTS4 REVENUE GROWTH4 RECENT PERFORMANCE $778mm Average Cost5 & Trading Activity6 NSEI: LENSK
Slide 82: Meesho: E-Commerce Platform Had Best Performing India IPO in 2025
SVF2 PERFORMANCE UPDATE Meesho: E-Commerce Platform Had Best Performing India IPO in 2025 As of December 31, 2025 Key Metrics $0.3B $0.8B 2.8x Total Cost1 Total Fair Value2 Gross MOIC3 RECENT PERFORMANCE FY25 COMPANY HIGHLIGHTS6 Annual Transacting Users Average Cost4 & Trading Activity5 NSEI: MEESHO
Slide 83: India Portfolio Overview
SVF1 SVF2 PORTFOLIO UPDATE India Portfolio Overview As of December 31, 2025 PORTFOLIO OVERVIEW 24 $13.7B 8 4 $7.4B Total Investments1 Total Fair Value2 IPOs3 Full Exits Gross Proceeds4 PRIVATE PUBLIC FULLY EXITED6 (SVF2) (SVF1) Revolutionizing software creation with Agentic AI / Footnotes: 1. Total
Slide 84: Metsera: Achieved Full Exit Resulting in 7.5x MOIC
SVF2 PERFORMANCE UPDATE Metsera: Achieved Full Exit Resulting in 7.5x MOIC As of December 31, 2025 H E AL T H T E CH E X I T S V A L U AT I O N H I S T O R Y ( $ B ) 1 Top 5 Largest Exits by Gross Proceeds3 $10.0 TOTAL GROSS GROSS INVESTMENT COST PROCEEDS MOIC4 Initial SVF2 SVF2 Follow-On $7.0 308 2
Slide 85: Advancing SoftBank’s Mission to Realize ASI
SVF1 SVF2 LATAM Advancing SoftBank’s Mission to Realize ASI C Y 2 5 V I S I O N & L A T A M F U N D M E T RI C S Capital Deployed1 Fair Value Gain2 Distributions3 AI Compute AI Platform Physical AI Scalable Energy AI Infrastructure Stargate Footnotes: 1. Capital Deployed is the Change in Total Acqui
Slide 86: Appendix
Appendix m= OOftBank 20 Investment Advisers
Slide 87: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to December 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 $32.1B $9.4B $4.1B Equity $58.6B $5
Slide 88: SVF1 Contribution to SBG
SVF1 SVF1 2025 Inception to Dec 31 Fund Net Profit2 $17.8 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (8.7) to SBG, Net of 3rd SBG LP Income: 9.1 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 89: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution to SBG SBG Total Value2 As of December 31, 2025 Net Asset Value3 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG Total Value reflects SBG
Slide 90: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution to SBG SBG Total Value2 As of December 31, 2025 Net Asset Value3 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG Paid-In Capital is net of t
Slide 91: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds Contribution SBG Total Value2 to SBG Net Asset Value3 As of December 31, 2025 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG Paid-In Capital is
Slide 92: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 26
Slide 93: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Jason Child Chief Financial Officer February 2026 1
Slide 94: Nomenclature difference between Arm and SoftBank Group
Nomenclature difference between Arm and SoftBank Group Fiscal year ending March 31, 2026 Fiscal year ending March 31, 2026 FY2025 FYE26 2
Slide 95: Q3 FYE26: From Revenues to Profits
Q3 FYE26: From Revenues to Profits 98% 41% Non-GAAP Non-GAAP Gross Margin Operating Margin $21m $716m License Revenue $505m Royalty Revenue $737m Notes: 1. Depreciation and amortization for Q3 FYE26 was $63m 2. See Arm’s website for reconciliation of Non-GAAP metrics to the most directly comparable
Slide 96: Semiconductor industry is highly cyclical while growing over long term
Semiconductor industry is highly cyclical while growing over long term • Semiconductor industry has grown at a ~5% CAGR (2018 to 2024) and has seen many cycles • Current industry demand driven by AI, data center, networking, and consumer electronic markets. Arm Addressable Semiconductor Market $ (Bs
Slide 97: Near-Term Guidance
Near-Term Guidance Q4 FYE26 Revenue ($m) $1.470bn ± $50m Non-GAAP Operating Expense ($m)1 ~$745m Non-GAAP fully diluted earnings per share ($)1 $0.58 ± $0.04 (1) For more information and definitions of the non-GAAP measures see the “Key Financial and Operating Metrics” section of our most recent Sha
Slide 98: Cloud AI – Arm servers continue to gain share in data centers
Cloud AI – Arm servers continue to gain share in data centers Graviton5 Google Axion N4A Microsoft Cobalt 200 Amazon announced Graviton5 Google announced 2nd generation Microsoft announced Cobalt 200 Based on Arm Neoverse-V3 cores of their Axion chip for Azure. 98% of AWS’ top 1,000 customers Based
Slide 99: Arm-based chips continue to outperform x86
Arm-based chips continue to outperform x86 7
Slide 100: Edge AI – Armv9 and CSS powering into new devices
Edge AI – Armv9 and CSS powering into new devices Samsung deploying Armv9 & CSS MediaTek expanding their Arm-based to accelerate AI in smartphones technology across more products 8
Slide 101: Physical AI – Driving autonomous vehicles
Physical AI – Driving autonomous vehicles Rivian’s autonomous driving Tesla’s Arm-based AI5 chip will power platform built on Arm technology next generation technology 9
Slide 102: To be replaced
To be replace d 10