SoftBank Group Corp. · TSE:9984
SoftBank — Q2 FY2026 Earnings Presentation
25 slides from SoftBank's earnings presentation, November 2026
Slide 1: Investor Briefing: SoftBank Vision Funds
QUARTER ENDED SEPTEMBER 30, 2026 Investor Briefing SoftBank Vision Funds MARK AGNE Executive Managing Partner, 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: AI Adoption Continued to Accelerate Amid Macro Pressures
AI Adoption Continued to Accelerate Amid Macro Pressures Agentic AI Demand Rising Oil Decades-High Hypergrowth Prices Interest Rates AI TOKEN USAGE1 WTI CRUDE OIL — PRICE PER BARREL ($)2 US 10-YEAR TREASURY RATES (%) 3 7-Day Average Token Usage on OpenRouter $100.75 AGENTIC HUMAN 5.29% AGENTS 5T 5x
Slide 5: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 $(0.1B) +$0.6B +$0.0B +$0.6B SVF1 SVF2 LATAM COMBINED PRIVATE +$1.4B +$0.0B +$0.0B +$1.4B Quarterly PUBLIC $(1.5B) +$0.6B $(0.0B) $(0.9B) Performance Private investment gain largely attributable to Recent transactions supported multiple uplift
Slide 6: Performance Snapshot
SVF1 SVF2 LATAM SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total LP Commitments $98.6B $152.3B $7.8B $258.7B Acquisition Cost1 $87.8B $123.5B $7.5B $218.9B Performance Cumulative Gross Snapshot Investment Gains/(Losses)1 $29.0B $21.1B $(1.0B) $49.1B As of September
Slide 7: Strong Performance as Final $10B Follow-On Funded
SVF2 Strong Performance as Final $10B Follow-On Funded As of October 1, 2026 OpenAI’s Growth Accelerated in Recent Months ANNUALIZED REVENUE4 KEY INVESTMENT METRICS $65B Unrealized Cost1 70%+ ARR Growth July – Sept. 20265 ~$50B $110B Unrealized Fair Value1 1.7x Gross MOIC2 $20B $6B Unchanged Sep-26
Slide 8: Compounding Progress Across the AI Stack
SVF2 Compounding Progress Across the AI Stack One Integrated System, with Each Layer Strengthening the Next1 Consumer & Enterprise Products 1.2B Weekly Active Users2 Frontier Models 52% GPT-6 Astra’s Cost Advantage vs. Fable 5.13 Lower Cost PORTS-Pike Announced August 2026 Compute Campus 8GW-IT Secu
Slide 9: Consumer & Enterprise: Strong Platform Growth as Agentic AI Accelerates
SVF2 CONSUMER & ENTERPRISE Consumer & Enterprise: Strong Platform Growth as Agentic AI Accelerates As of September 30, 2026, Unless Otherwise Noted FASTEST-EVER PLATFORM ADS ARR HIT $1B CODEX AND CHATGPT WORK ARE TO HIT 1B USERS1 MILESTONE IN <200 DAYS SCALING RAPIDLY CHATGP T WEEKLY AC TIVE USER S
Slide 10: Frontier Models: Advanced Intelligence at Lower Costs
SVF2 FRONTIER MODELS Frontier Models: Advanced Intelligence at Lower Costs As of October 31, 2026 Cost per Task by Model1 $13.04 More effectively captures the outcome-based economics of AI 52% Lower Cost $10.02 $10.04 vs. Fable >90% >4x Lower Cost $6.24 Intelligence vs. Fable vs. Glimmer $3.68 $1.27
Slide 11: Private Investments Overview
SVF1 SVF2 LATAM Private Investments Overview As of September 30, 2026 KEY METRICS 370 $163.7B 89% +$1.4B # CURRENT INVESTMENTS1 UNREALIZED FV – PRIVATE2 OF TOTAL UNREALIZED FV3 QUARTERLY FV CHANGE4 SVF1 SVF2 LATAM Unrealized # Current Unrealized # Current Fair Value5 $30.7B Investments1 37 Fair Valu
Slide 12: Vision Funds: Recent Funding Rounds
SVF2 Vision Funds: Recent Funding Rounds1 As of November 4, 2026 NEW SVF2 INVESTMENT LATE STAGE SERIES G SERIES M SERIES E SERIES C ROUND SIZE Secondary $1.2B $5.0B $100mm+ $125mm PRE-MONEY VALUATION $115B Undisclosed $190B $1.25B Undisclosed Reported $6B revenue and $2B+ Membership up 2.5x YTD, Cro
Slide 13: Public Investments Overview
SVF1 SVF2 LATAM Public Investments Overview Top 10 Public Investments by Fair Value | As of September 30, 2026 QUARTERLY FV QUARTERLY STOCK SVF1 SVF2 LATAM INVESTMENT FV ($B)2 RECENT COMMENTARY6 CHANGE ($MM)4 MOVEMENT5 +$273 $0.9 +31% Q1 revenue grew 34% YoY, EBITDA rose 95%, and profit after tax ro
Slide 14: Coupang and Lenskart: Largest Quarterly Fair Value Movers
SVF1 SVF2 Coupang and Lenskart: Largest Quarterly Fair Value Movers Three-Month Period Ended September 30, 2026 QoQ FV Change1 Gross MOIC2 QoQ FV Change1 Gross MOIC2 ($1.0B) 3.8x +$0.3B 6.1x Active Members and Subscription Membership (WOW) recovering, with Strong growth and improving profitability,
Slide 15: Physical AI: Continued Focus on Commercializing Frontier Technology
SVF1 SVF2 LATAM Physical AI: Continued Focus on Commercializing Frontier Technology As of September 30, 2026 KEY INVESTMEN T THEMES KEY METRICS $8.5B Intelligent Infrastructure Autonomous Systems Robotics Unrealized Fair Value1 R ECENT DEVELOPMENT S Top 5 Assets by FV2 Announced strategic Launched f
Slide 16: The AI Revolution Continues to Accelerate
The AI Revolution Continues to Accelerate $150B KEY METRICS: SEPTEMBER 2026 QUARTER Frontier AI: Combined Annualized Revenue3 Includes OpenAI, Anthropic, Cursor / xAI, & Gemini Enterprise >400% $0.6B Quarterly Fair Value Gain1 YoY Growth3 AI use $49B+ Cumulative Investment Gains1 continues to scale
Slide 17: Appendix
Appendix w= OOftBank 1 Investment Advisers
Slide 18: Late-Stage Portfolio Valued at $147B
SVF1 SVF2 LATAM Late-Stage Portfolio Valued at $147B As of September 30, 2026 SELECT LATE-STAGE COMPANIES3 KEY METRICS $147B Late-Stage Portfolio Fair Value1 90% % of Total Private Unrealized FV2 Footnotes: 1. Source: SBIA Analysis, as of September 30, 2026. “Late-Stage Portfolio” is defined as port
Slide 19: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to September 30, 2026 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 $33.2B $9.6B $3.1B Equity $58.6B $
Slide 20: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2026 Inception to Sep 30 Fund Net Profit2 $15.5 Less: Change in 3rd Party (7.6) SVF1 Contribution Interests in Fund to SBG, Net of 3rd SBG LP Income: Share of Fund Net Profit 7.9 Party Interests1,3 SBG GP Income: Amounts in USD Billions Management & Performance Fees3 1.4 Contribution to SB
Slide 21: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of September 30, 2026 $20.8B $35.6B Net Asset Value3 Distributions4 $14.8B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2.
Slide 22: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $124.1B to SBG SBG Total Value2 As of September 30, 2026 $115.3B $138.8B Net Asset Value3 Distributions4 $23.5B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions.
Slide 23: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $5.4B $6.4B Net Asset Value3 As of September 30, 2026 Distributions4 $1.0B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions
Slide 24: Shein: eCommerce Platform Trading Activity
SVF2 Total Cost1 Total Fair Value2 Gross MOIC3 $350mm $373mm 1.1x Shein: eCommerce Trading Activity4 HK: 0625 Platform Raises SEP 1, 2026 $1.7B in IPO HK $48.50 As of September 30, 2026 SEP 30, 2026 HK $30.84 Footnotes: 1. Total Cost is the Total Acquisition Cost of the Investment as of September 30
Slide 25: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 25