Softbank Group Corp. · TSE:9984
Softbank — FY2025 Earnings Presentation
55 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: 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: FY2025 Highlights
FY2025 Highlights NAV expanded significantly, driven by the execution of a proactive AI investment strategy; achieving both large-scale investments and disciplined LTV management Investment & Monetization*1 NAV LTV Q4 Pro forma*2 Key Investments All-time high ¥47.7T Improved +¥14.4T in FY25 Mar 31,
Slide 6: External Environment (1/2)
External Environment (1/2) A year in which latent risks crystallized into reality, yet the stock market remained resilient U.S.-Iran armed conflict, Crude oil prices surge 300 Private credit fund redemption restrictions SOX* 274 250 SaaS stocks plunge 200 Private credit anxiety (First Brands bankrup
Slide 7: External Environment (2/2)
External Environment (2/2) Markets declined in March amid Middle East tensions but rebounded sharply, led by semiconductor indices Stock Indices*1 U.S. & Japan Interest Rates USD/JPY Exchange Rate (%) (¥) 300 6.0 米国債（10年） 10-year U.S. Treasury 165 SOX*2 FF金利上限 FF rate upper bound 274 日本国債（10年） 10-Ye
Slide 8: Historical NAV (Quarterly)
Historical NAV (Quarterly) Increases ¥22.0T since Mar 2025 (¥ T) 47.7 An increase of ¥22.0T 40.1 32.4 33.3 23.1 30.9 15.9 25.7 15.2 10.1 16.5 10.6 18.2 Arm 17.9 11.1 14.3 SVF 7.7 8.8 SBKK 2.6 2.9 2.8 2.3 2.4 2.6 2.8 1.3 0.7 T-Mobile 1.8 2.0 2.4 2.9 3.5 3.8 3.9 Others Mar Jun Sep Dec Mar ProPro Q4 fo
Slide 9: Historical NAV
Historical NAV NAV reaches an all-time high Q4 Pro forma (May 12, 2026)* ¥47.7T Mar 31, 2026 ¥40.1T 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 2025 (FY) Internet Broadband Mobile AI (Note) The breakdown of N
Slide 10: Portfolio Evolution
Portfolio Evolution Core assets expand: Arm and OpenAI emerge as drivers of growth March 2025 March 2026 Net of asset-backed finance Others Others Arm and OpenAI T-Mobile 8% SBKK LatAm 10% Approx. 65% 11% 2% 6% Arm Arm 41% SVF1 40% SBKK 10% 7% LatAm 10% 3% SVF2 12% SVF2 (excl. OpenAI) OpenAI* (excl.
Slide 11: Key Metrics
Key Metrics Driven by Arm and OpenAI, NAV grew to over ¥40T Mar 2025 Mar 2026 Key Drivers of Change • Increase in equity value of holdings (+¥13.3T) NAV ¥25.7T ¥40.1T • JPY depreciation against USD (+¥2.7T) (+¥14.4T) • New investments, Arm shares transaction consideration (+14.5 ppt) LTV 18.0% 17.0%
Slide 12: FY2025: Major Investments and Fundings
FY2025: Major Investments and Fundings Major Investments Major Fundings OpenAI $32.4B*1 Bridge $15B ⇒ $12B ⇒ 0 Loan (Facility size) Balance as of (Repaid in April) (FY2025 Investment) Mar 31, 2026 TMUS/DT $20.6B Sales, etc. NVIDIA $5.8B Asset Others $0.7B $27.2B Ampere $6.5B moneti- FY2025 zation Ar
Slide 13: FY2025 Q4 and Beyond: Major Investment and Financing Activities
FY2025 Q4 and Beyond: Major Investment and Financing Activities Executed multi-channel financing ahead of additional OpenAI investments. Utilizing various funding channels for the $40B bridge loan takeout FY2025 Q4: Results Debt funding Bridge loan agreement executed $40.0B ¥6,395.2B Arranged borrow
Slide 14: Historical Equity Value of Holdings
Historical Equity Value of Holdings Driven by appreciation in value of Arm and OpenAI, reaching a new all-time high. Surpassing ¥50T Net of asset-backed finance (¥ T) 55.9 Increased by ¥24.5T 48.3 39.0 39.9 39.0 27.1 19.1 31.4 12.7 Share price $151.28 Share price $207.92 19.8 18.2 12.9 SVF 18.0 21.6
Slide 15: Historical LTV
Historical LTV Balancing large-scale investments and LTV management. Adjusting the balance of funding and the pace of investment in response to changes in the value of held assets 35% (times of emergency) 25% (normal times) 21.6% 20.4% 20.6% 18.7% 18.0% 15.9% 18.2% 17.0% 16.5% 17.0% 15.0% 14.5% 12.9
Slide 16: Annual Investment Track Record and Announced Investment Plan
Annual Investment Track Record and Announced Investment Plan Executed a total of $44.0B in investments, primarily in OpenAI and Ampere Investment Track Record* Announced Investment Projects ($ B) 44.0 38.5 (planned) 5.4 3.1 32.4 20.0 (Jul/Oct) 7.9 6.5 3.9 2.2 10.0 5.7 (Paid in Apr) 3.9 5.0 Others FY
Slide 17: Arrangement of 2026 Bridge Loan
Arrangement of 2026 Bridge Loan Arranged a large-scale bridge loan in a short period, primarily for additional investment in OpenAI; executing takeout financing sequentially Agreement Date Mar 27, 2026 Total Facility $40B (¥6.4T equiv.*) Amount ($20B already drawn; remaining $10B each scheduled for
Slide 18: The Concept of Bridge Loan Takeout
The Concept of Bridge Loan Takeout Execute funding steadily by combining asset monetization and debt financing while maintaining LTV discipline. Expand monetization capacity through increase in equity value of holdings and IPOs Asset Monetization Debt Financing (Margin loans, collar finance, sales,
Slide 19: Growth and Utilization of Equity Value of Holdings
Growth and Utilization of Equity Value of Holdings Financing made possible through our extensive asset base. Actively utilizing each asset for financing in line with its liquidity profile and investment objectives ($ B) Equity value of holdings* FY2025 Use Cases $302B Net of asset-backed finance (¥4
Slide 20: Utilizing Project Finance
Utilizing Project Finance Debt financing through project finance is anticipated in businesses such as power generation and data centers. Pursuing non-recourse financing structures with no impact on SBG's LTV Project Finance Structure (Illustrative) Legend Development cash flow Business Entity Operat
Slide 21: Relationships with Financial Institutions
Relationships with Financial Institutions (Major Relationship Banks) Strong, established relationships with global financial institutions. Broad-based support secured across all key financings Number of participating financial institutions in key financings 2025 Bridge Loan: $15B 21 Commitment Line:
Slide 22: Issuance of Foreign-currency Denominated Senior Bonds
Debt Utilization: Issuance of Foreign-currency Denominated Senior Bonds (April) Completed refinancing of FY26 foreign-currency bonds — the first takeout from the 2026 bridge loan facility. Strong global investor demand reaffirmed Total Issuance Approx. $15B $3.5B (¥560.8B equiv.)*1 Amount Currency U
Slide 23: Issuance of Domestic Hybrid Bonds
Debt Utilization: Issuance of Domestic Hybrid Bonds (April) Refinancing of hybrid bonds completed. Demand from retail investors remains robust. Spreads have improved significantly SBG Hybrid Bonds Spread Trends Issuance Amount ¥418.0B (Since the start of 2025)* (bps) Maturity 35yrs non-call 5yrs 400
Slide 24: Evolution of Household Financial Assets and Investor Mindset
Debt Utilization: Evolution of Household Financial Assets and Investor Mindset Over the past 25 years, retail investors have shifted from delegated management to direct investment. Together with the expansion of NISA, investor mindset has undergone a structural transformation Changes in Attitudes To
Slide 25: 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 position Finance 22
Slide 26: LTV Management Approach
LTV Management Approach Anticipating further growth of the AI portfolio. Maintain backstop options at all times, including asset monetization Growth of LTV enhancement levers • Asset Monetization + • Instruments with equity equity value of characteristics, such as hybrid instruments holdings Control
Slide 27: 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) ¥3.5 T ($22B) Bond redemptions for the ＞ next 2 years ¥1.6T ($10B) 3,528.8 1,640.0 1,098.5 852.1 520.9 Mar 2
Slide 28: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Cash position increased through monetization of T-Mobile shares and commitment line drawdown (¥ B) 4,330.7 801.9*1 3,502.4 3,285.8 2,933.9 469.8 2,623.3 Effective Cash position Main changes from Dec 31, 2025 Increase Decrease 3,502.4 3,528.8 • Loan Borrowings (+¥1,272.7
Slide 29: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Increased mainly through borrowing under commitment line (¥ B) Breakdown (Mar 31, 2026) (¥ B) SBG borrowings QoQ 17,792.0 Bank loan 3,775.5 +970.3 Commitment line borrowing 16,344.0 Non- Hybrid loan 185.2 +0.2 recourse to Subtotal 3,960.7 +970.5 4,624.3 SBG SB
Slide 30: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Adjusted SBG stand-alone net interest-bearing debt remained broadly stable (¥ B) 13,461.3 13,058.1 Finance-related adjustments 5,012.1 5,255.2 Asset-backed finance, etc.: ¥4,624.3B 9,516.0 9,392.2 Hybrid finance: ¥630.9B 9,103.5 2,750.1 2,544.5 3,853.4 Adjus
Slide 31: 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. Domestic senior bonds (¥ B) 1,956.0 Domestic subordinated bonds 137.6 Domestic hybrid bonds Foreign currency
Slide 32: Historical Credit Ratings
Historical Credit Ratings Acquisition of A+ 14 Japan Acquisition Acquisition Acquisition Listing Announced follow-on JCR A Listing of SBKK Telecom of Vodafone KK of Sprint of Arm of Arm investments in OpenAI 800 A 13 700 A- 12 (Outlook: Negative) 600 BBB+ 11 BBB10 500 BBB-9 400 S&P BB+ 8 BB 7 300 BB
Slide 33: Historical Net Interest-bearing Debt
Financial Management of an Investment Holding Company: Historical Net Interest-bearing Debt ¥5T increase by investments leveraging debt over 4 years ¥8.2T ¥3.1T SBG stand-alone net debt Jun 22 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 FY
Slide 34: Historical Equity Value of Holdings and Net Interest-bearing Debt
Financial Management of an Investment Holding Company: Historical Equity Value of Holdings and Net Interest-bearing Debt While net debt increased, the asset value increased by ¥27T. Growth in asset value enables large-scale investments while controlling LTV ¥48.3T ¥27T increase Equity Value of Holdi
Slide 35: Pursuing Optimal Leverage through LTV Management
Financial Management of an Investment Holding Company: Pursuing Optimal Leverage through LTV Management Under our financial policy of LTV below 25%, the equity value of holdings consistently covers net debt at a ratio exceeding 4x. Financial soundness is preserved by scaling leverage in line with po
Slide 36: Cost of Leverage
Financial Management of an Investment Holding Company: Cost of Leverage Debt financing enables capture of promising investment opportunities while maximizing returns. Funding costs are covered by investment returns Cost of Debt Equity IRR*3 Yield of USD- and JPY-senior bonds 57% (5-year)*1 (Secondar
Slide 37: FY2026 Business Environment Surrounding SBG
FY2026 Business Environment Surrounding SBG Anticipating rapid changes in the business environment driven by AI adoption Capital concentration in the AI Full-scale deployment of AI sector through large-scale agents infrastructure investments Disruption of existing Development and deployment business
Slide 38: 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 39: Appendix
Appendix
Slide 40: SBG Foreign Currency Senior Bond Spreads
SBG Foreign Currency Senior Bond Spreads USD-denominated Bonds EUR-denominated Bonds (bps) (bps) 600 USD (Senior) 2.9Y USD (Senior) 4.7Y USD (Senior) 6.2Y 600 EUR (Senior) 3.4Y EUR (Senior) 5.2Y EUR (Senior) 7.2Y USD (Senior) 9.2Y USD (Senior) 3.4Y USD (Senior) 5.4Y EUR (Senior) 3.9Y EUR (Senior) 5.
Slide 41: 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 (4.8Y) Senior #61 (3.0Y) Senior #62 (5.0Y) 450 450 Senior #63 (5.1Y) Senior #64 (5.6Y) Senior #65 (4.0Y) Senior #66 (3.9Y) Senior #67 (6.6Y) 400 400 350 350 300 300 250 250 200 200 150 150 100 100
Slide 42: Calculation of Equity Value of Holdings
Mar 31, 2026: Calculation of Equity Value of Holdings $1=¥159.88 Equity value of holdings Equity value of holdings ¥52.9T (¥ T) Adjustment for ＝ ー (adjusted) (unadjusted) asset-backed finance (unadjusted) Prepaid forward contracts 0.3 Margin loans 4.4 923M Share price ¥ 19.1T ＝ ¥22.3T shares held*1
Slide 43: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥8.21T SBG stand-alone net debt =17.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥48.26T (¥ T) Adjusted SBG stand- Major SBG’s interest in SVF1&2 Other investments in alone equity value of holdings = assets + & LatA
Slide 44: 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 19.15 Before adjustment 22.32 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($139.6B; ¥22,317.8B) Adjustment for asset-backed finance -3.17 Equivalent
Slide 45: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥8.21T (V) Adjusted SBG stand-alone ¥48.26T =17.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- stand-alone net Other adjustments debt = net debt - financing entities - 8.21 18.82 5.36 5.2
Slide 46: 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) 13.46 financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; a
Slide 47: Status of Margin Loans
Status of Margin Loans (as of Mar 31, 2026) 22.3 (¥ T) (¥ T) 4.0 1.2 3.2 Equity value of Equity value of 残高balance Outstanding 保有株式価値 holdings* 残高 Outstanding balance 保有株式価値 holdings* * Before adjustment of asset-backed finance. Finance 44
Slide 48: 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 49: 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 Alibaba 5% (Mar 31, 2026) APAC 18% (excl. China Others 41% 40% and Japan) 47% 15% China 4%2% SBKK 5% T-Mobile
Slide 50: 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 (Incl. margin loans) Cash position: ¥4.3T*1 Equity value of holdings: ¥48.3T*2 Interest-bearing debt*3: ¥17
Slide 51: Bridge Loan Outstanding Balance Track Record
Bridge Loan Outstanding Balance Track Record 2025 Bridge Loan ($15B): Fully repaid in April 2026 Bridge Loan ($40B): $20B drawn, with partial early repayment already executed ($ B) Facility size 40.0 10 $20B drawn; OpenAI partial early repayment already executed 10 Outstanding balance Facility size
Slide 52: FY2025 Q4: Breakdown of NAV・LTV Change
FY2025 Q4: Breakdown of NAV・LTV Change NAV LTV (¥ T) Tax, costs, etc. +0.7ppt Share Price Advance payments, etc. -0.7ppt Fluctuations FX Impact * Others Asset SVF distribution -0.3ppt Monetization Share Price Forex impact -0.3ppt +0.9 -0.6 Fluctuations Others +0.9ppt -1.6% Others +8.9 T-Mobile share
Slide 53: FY2025: Breakdown of LTV Change
FY2025: Breakdown of LTV Change Despite large-scale investments, LTV improved to 17.0%, driven by asset monetization and increases in portfolio value 14.5% -7.1% TMUS/DT -5.4ppt NVIDIA -1.5ppt -4.7% Others -0.2ppt -1.4% 1.4% 3.0% Arm -3.9ppt OpenAI +9.8ppt SBKK -0.8ppt Ampere +2.0ppt Arm shares -6.8
Slide 54: Increase/Decrease in Cash Position
Increase/Decrease in Cash Position (Mar 25 – Mar 26) Secured investment capital by combining multiple financing channels (¥ T) SVF Asset distributions Investments monetization 0.7 4.9 6.3 1.0 Debt finance 0.8 Others 0.6 Arm shares transaction consideration Listed share sales, etc. 4.2 2.3 Undrawn 3.
Slide 55: Consolidated Interest-bearing Debt/ Cash Position/ Net Interest-bearing Debt
Consolidated Interest-bearing Debt/ Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 SBG stand-alone 12,139.2 12,326.1 12,605.9 16,344.0 17,792.0 SVF1&2 and LatAm 501.3 460.9 647.1 834.7 814.3 SoftBank Segment 5,962.2 6,