Softbank Group Corp. · TSE:9984
Softbank — Q2 FY2025 Earnings Presentation
27 slides from Softbank's earnings presentation, November 2025
Slide 1: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED SEPTEMBER 30, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL Executive Managing Partner & 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: AI Momentum Continues as IPO Activity Rebounds to Multi-Year High
PERFORMANCE UPDATE PORTFOLIO UPDATE AI Momentum Continues as IPO Activity Rebounds to Multi-Year High As of September 30, 2025 AI Revenues Reached New Highs US IPO Activity at Highest Levels Since 2021 Annualized Revenue1 US IPO Activity2 SELECT IPOs3 Based on 22 AI-Native Companies # of Listings &
Slide 5: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$5.9B +$13.1B +$0.1B +$19.0B SVF1 SVF2 LATAM COMBINED PRIVATE +$3.0B +$12.4B +$0.1B +$15.5B Quarterly PUBLIC +$2.8B +$0.6B +$0.1B +$3.5B Performance Private investment gains Private investment gains Private
Slide 6: Quarterly Performance Brings Gross Cumulative Gains to $24B+
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Quarterly Performance Brings Gross Cumulative Gains to $24B+ As of September 30, 2025 CUMULATIVE GROSS INVESTMENT GAIN/(LOSS) BY YEAR 1 2017 –2025 YTD 2025 YTD PERFORMANCE Acceleration of AI Momentum Sustained AI Momentum Digital Shift Grows Drove
Slide 7: Performance Snapshot
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total LP Commitments $98.6B $67.8B $7.8B $174.2B Acquisition Cost1 $87.8B $72.2B $7.6B $167.6B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $35.1B $(9.
Slide 8: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of September 30, 2025 KEY METRICS & FAIR VALUE DRIVERS Other FV Drivers 382 Current and upcoming investment marked in line Current Investments1 with recent employee tender, Executive Order signed September Closed Ser
Slide 9: OpenAI Completed Its Recapitalization, Beginning a New Era
PERFORMANCE UPDATE PORTFOLIO UPDATE SELECT COMPANY UPDATES 1 2 3 SVF2 The OpenAI SoftBank Vision Stockholders participate Foundation continues Fund 2, Microsoft, proportionally in any OpenAI to control OpenAI Group, holding a 26% OpenAI employees, & other investors hold a increase in value of OpenAI
Slide 10: OpenAI Revenue Continues to Scale Significantly
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Revenue Continues to Scale Significantly As of September 30, 2025 ARR EXCEEDS $13B JUST ~2.5 YEARS OPENAI HIT $10B REVENUE MILESTONE SIGNIFICANTLY AFTER CHATGPT LAUNCH FASTER THAN INCUMBENT HYPERSCALERS OPENAI ANNUAL RECURRING REVENUE ($B) 1 # OF YEARS
Slide 11: OpenAI Expands Reach with Strong Partnership & Product Momentum
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Expands Reach with Strong Partnership & Product Momentum As of October 31, 2025 RECENT DEVELOPMENTS1 AI DEMAND CONTINUTES TO REACH NEW HEIGHTS CHATGPT WEEKLY ACTIVE USERS 2 Stargate & Compute Apps in ChatGPT January 2023 – October 2025 Partnerships 800
Slide 12: Our OpenAI Investment is Expected to Total $34B+
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Our OpenAI Investment is Expected to Total $34B+ As of October 31, 2025 SVF2 OPENAI INVESTMENT AMOUNT BY DATE $12.2B SVF2 Investment Amount1 +$22.5B $34.7B $22.5B Upcoming SVF2 Second Close Investment Amount +$2.5B $12.2B $9.7B $34.7B Total SVF2 Investment Am
Slide 13: OpenAI's $12B+ Fair Value Uplift Reflects Continued Growth
PERFORMANCE UPDATE PORTFOLIO UPDATE OPENAI QUARTER-OVER-QUARTER FAIR VALUE CHANGE1 June 2025 to September 2025 SVF2 +$6.2B OpenAI’s $12B+ $12.8B Fair Value Uplift Reflects Continued +$6.6B Growth FV Uplift on FV Uplift on Total As of September 30, 2025 Current Investment Upcoming Investment Quarterl
Slide 14: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of September 30, 2025 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$1,278 $6.0 +27% Reported record high EBIT in Q2 ’2
Slide 15: DiDi Profits Reached All-Time High, Stock Rises 27% During The Quarter
SVF1 PERFORMANCE UPDATE PORTFOLIO UPDATE DiDi Profits Reached All-Time High, Stock Rises 27% During The Quarter As of September 30, 2025 Total Cost1 Total FV2 RECENT STOCK PERFORMANCE6 $12.1B $6.0B OTCPK: DIDIY Sell-Side Coverage Reinitiated $7.00 C OM P ANY HIGHL IGHT S $6.50 $7.8B 70% $440mm $6.00
Slide 16: FinTech Klarna Raised $1.4B in September IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE FinTech Klarna Raised $1.4B in September IPO As of September 30, 2025 Key Metrics $1.7B $0.6B $13.8B Total Cost1 Total Fair Value2 Market Cap3 COMPANY HIGHLIGHTS4 RECENT PERFORMANCE Average Cost5 & Trading Activity6 790k NYSE: KLAR Total Number of Merchants U
Slide 17: Late-Stage Portfolio Valued at $56B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Valued at $56B As of September 30, 2025 L AT E - S T AGE P O R T F O L I O 2 VIS IO N & L ATAM FU N D S $56B Late-Stage Portfolio 64% % of Total Private 58 Fair Value3 Unrealized Fair Value3 SELECT COMPANIES2 SVF1 SVF1 Cumulati
Slide 18: Public Exits Overview
SSVVFF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Exits Overview As of September 30, 2025 Gross Realized Proceeds1 $9.2B KE Y M E TR ICS Investment Partial Exits Gross MOIC3 1.2x $11.9B Gross Realized Proceeds1 $46.6B Top 5 Largest Full Exits Total Acquisition Cost2 $32.9B by Gross $7.9B
Slide 19: Distributions Reach $77B+ as Final Arm Payment Received
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Distributions Reach $77B+ as Final Arm Payment Received As of September 30, 2025 SEP 2025 QUARTER CUMULATIVE DISTRIBUTIONS SINCE INCEPTION2 $77.6B +$5.1B CY 2025 DISTRIBUTIONS3 $66.6B Distributions1 +$11.0B $58.0B $53.4B $44.2B SOURCES OF PROCEEDS
Slide 20: SoftBank Continues to Drive the AI Revolution
SVF1 SVF2 LATAM AI ERA SoftBank Continues to Drive AI Era the AI Revolution GDP Per Capita1 1700 to Today INTERNET ERA MOBILE ERA $22T+ Projected Economic Impact of AI by 20302 PC ERA $25.2B SECOND INDUSTRIAL REVOLUTION FIRST YTD Fair Value Gain3 INDUSTRIAL REVOLUTION For Illustrative Purposes Footn
Slide 21: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 22: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to September 30, 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 $31.8B $9.4B $4.5B Equity $58.6B $
Slide 23: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to Sep 30 Fund Net Profit2 $22.0 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (10.7) to SBG, Net of 3rd SBG LP Income: 11.3 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to
Slide 24: SVF1 Contribution to SBG $27.7B
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of September 30, 2025 $25.4B $39.0B Net Asset Value3 Distributions4 $13.6B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2.
Slide 25: SVF2 Contribution to SBG $64.2B
SVF2 SBG Paid-In Capital1 SVF2 Contribution $64.2B to SBG SBG Total Value2 As of September 30, 2025 $42.8B $51.9B 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
Slide 26: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $6.2B $6.9B Net Asset Value3 As of September 30, 2025 Distributions4 $0.7B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions
Slide 27: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 27