Softbank Group Corp. · TSE:9984
Softbank — FY2024 Earnings Presentation
120 slides from Softbank's earnings presentation, May 13, 2025
Slide 1: Earnings Results for the Fiscal Year Ended March 31, 2025
Ver.1.2 Earnings Results for the Fiscal Year Ended March 31, 2025 Investor Briefing May 13, 2025 SoftBank Group Corp.
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 FY2023 FY2024 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 138.11 145.44 147.00 147.87 156.53 150.26 151.32 152.95 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 151.41 149.52 Abbreviations Abbreviations used in Accounting and Fi
Slide 4: Index
Index • Accounting ＆ Sustainability • Finance • SoftBank Vision & LatAm Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results (¥ B) FY23 FY24 Change Change % Net sales 6,756.5 7,243.8 +487.3 +7.2% Income before 57.8 1,704.7 +1,646.9 ー income tax Net income (attributable to owners of the -227.6 1,153.3 +1,381.0 ー parent) (Reference) Gain/loss on investments -559.4 3,701.1 +4,260.5 ー Investment Business
Slide 7: Net Income & SVF + Investment Business of Holding Companies Segment Income
Net Income & SVF + Investment Business of Holding Companies Segment Income 3,440.4 3,033.6 1,179.6 Net income (attributable to 960.1 (¥ B) owners of the parent) 950.0 999.5 517.2 231.1 288.3 SVF segment income + Investment Business of Holding -57.6 Companies segment income (income before income tax)
Slide 8: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment (¥ B) P/L item FY23 FY24 FY24 main items Gain/loss on investments at Investment -459.0 3,413.8 Business of Holding Companies Realized gain/loss at asset management subsidiaries -90.4 -39.3 Unrealized gain/loss on valuation at asset 12.7 -10.9 manageme
Slide 9: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 Events in FY24Q1 $220.73 $206.36 Share price ①Sold 6.7M TMo shares for $670M $176.18 $163.22 following DT’s partial exercise of call options Number of ②DT’s call option for the remaining shares held 92.1 1 85.4 85.4 85.4 85.4 (M) 28.2M TMo shares expired
Slide 10: Deutsche Telekom: Shareholding & Fair Values
Deutsche Telekom: Shareholding & Fair Values Acquired 225.0M Deutsche Telekom shares in Sep 2021 ➢ in return for the sale of TMo shares €34.22 €28.99 €26.39 €22.50 €23.48 Share price Number of Events in FY24Q4 225.0 225.0 225.0 225.0 1 205.5 shares held (M) -19.5 ①Physically settled a portion of col
Slide 11: Alibaba Shares & Derivative Financial Assets/Liabilities
Alibaba Shares & Derivative Financial Assets/Liabilities (Amount Recorded in B/S) Value of Alibaba shares Derivative financial Investment securities (FVTPL)*1 assets/liabilities (net) recorded in B/S considering prepaid $132.23 $132.23 Share price forward contracts: $6,735M ( A + B ) Of valuation ga
Slide 12: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment (¥ B) P/L FY23 FY24 FY24 ｍain items Includes gains and losses associated with investments in the Gain/loss on investments at SoftBank Vision Funds 724.3 434.9 Company’s subsidiaries Gain/loss on investments at SVF1, SVF2, and LatAm 696.3 469.4 ¥1,023.0B gain at SVF1, ¥5
Slide 13: (Reference) Investment Performance of SVF1 and SVF2
(Reference) Investment Performance of SVF1 and SVF2 ($ B) Since Inception FY24*1 Gain/loss Gain/loss Cost*2 Returns*2 Gain/loss Q4 YTD SVF1 89.6 113.0 23.4 1.8 6.7 Exited investments 45.4 67.3 21.9 -0.1 -4.1 Investments before exit 44.2 43.3 -0.9 1.7 5.8 Reversal of previously-recorded valuation gai
Slide 14: Investment Transfers from SBG to SVF2
Investment Transfers from SBG to SVF2 • As part of the portfolio reorganization of SBG and its key investment subsidiaries, 6 private investments were approved for transfer to SVF2.*1 • 5 investments (FY24Q3) and 1 investment (FY24Q4) were transferred at fair value as of their respective transfer da
Slide 15: Centralization of Robotics-related Investments
Centralization of Robotics-related Investments • To enhance value creation by fostering synergies, an intermediate holding company (“Robo HD”) was established to centralize robotics-related investments.*1 • In FY24Q4, 10 investments from the Company and 6 from SVF2 were transferred to Robo HD at fai
Slide 16: Arm Segment: Bridge to Arm's disclosure
Arm Segment in SBG’s Consolidated Financial Report Bridge to Arm’s disclosure (FY24 P/L) Adjustment (1) Adjustment (2) Amortization expenses SBG Consolidated related to intangible Difference in Arm assets recognized in Financial Report accounting Arm segment the purchase price standard disclosure al
Slide 17: Consolidated P/L Summary
Consolidated P/L Summary (¥ B) 1 ・¥1,875.9B investment gain on Alibaba shares ・¥1,352.2B investment gain on TMo shares (including derivative gains and P/L item FY23 FY24 Change losses on investments and effects of foreign exchange translation) Net sales ・¥434.2B investment gain on DT shares 6,756.5
Slide 18: Consolidated B/S Summary – Assets
Consolidated B/S Summary – 1 (¥ B) B/S 1 Investment Business of Holding Companies segment (including SBG and its Main items Mar 2024 Mar 2025 Change wholly owned subsidiaries conducting fund procurement, etc.): ¥1,596.3B item (¥1,763.3B decrease) 11,441.4 9,432.9 -2,008.5 Current assets Cash and cas
Slide 19: Investment Securities in Consolidated B/S
Investment Securities in Consolidated B/S (Main Investments) (¥ B) Mar 2024 Mar 2025 Change Outline Investment securities 9,062.0 8,040.1 -1,021.9 FVTPL 8,321.5 7,124.4 -1,197.1 T-Mobile 2,275.8 3,404.1 +1,128.2 Increased mainly due to higher share price, despite SBG selling 6.7M TMo shares followin
Slide 20: Breakdown of Goodwill/Intangible Assets
Breakdown of Goodwill/Intangible Assets (¥ B) Change B/S Main items Mar 2024 Mar 2025 Amorti- Changes in Outline Item Others zation FX rate 5,709.9 5,781.9 * Arm 3,585.0 3,540.4 ― -44.7 ― Goodwill SBKK 914.9 914.9 ― ― ― LY 478.3 478.3 ― ― ― ZOZO 214.0 214.0 ― ― ― Graphcore ― 85.1 ― -6.6 +91.7 Became
Slide 21: Consolidated B/S Summary – Liabilities
Consolidated B/S Summary – 2 (¥ B) B/S Main items Mar 2024 Mar 2025 Change item 14,020.3 12,601.7 -1,418.6 Interest-bearing debt 8,271.1 1 5,629.6 -2,641.5 1 SBG Borrowings*: ¥1,775.4B (¥1,312.4B increase) Lease liabilities 149.8 165.4 +15.6 Current liabilities Corporate bonds*: ¥6,668.5B (¥520.9B i
Slide 22: Consolidated B/S Summary – Equity
Consolidated B/S Summary – 3 (¥ B) B/S Mar Mar Main items Change Item 2024 2025 13,237.2 13,953.0 +715.9 Common stock 238.8 238.8 ― 1 ¥1,153.3B net income attributable to owners of the parent Capital surplus 3,326.1 3,376.7 +50.6 2 ¥237.0B in share repurchase Other equity instruments 193.2 193.2 ― 3
Slide 23: Impact of the Stronger Yen on P/L & B/S
Impact of the Stronger Yen on P/L & B/S (Illustration) P/L B/S Entities Components Foreign exchange Exchange differences gain (loss) from translation Foreign currency- denominated cash and cash equivalents/ SBG stand-alone + Loans receivable Foreign exchange loss Subsidiaries conducting (excl. inves
Slide 24: Impact of the Stronger Yen in FY24
Impact of the Stronger Yen in FY24 (from ¥151.41/$ to ¥149.52/$) Foreign exchange gain in consolidated P/L for FY24: ¥27.1B At SBG stand-alone: Foreign exchange gains of ¥18.3B related to foreign currency-denominated borrowings from Group companies and ¥17.4B related to foreign currency-denominated
Slide 25: Consolidated C/F Summary
Consolidated C/F Summary (¥ B) C/F FY23 FY24 Primary details for FY24 1 ¥203.6B net inflow, despite the acquisition of corporate bonds, etc. by SB Northstar item ・¥380.0B income tax paid (primarily by SBKK) +601.1 Subtotal of cash flows from operating activities ・¥164.8B income tax refunded (SBG rec
Slide 26: Difference in Tax Rate
Difference in Tax Rate (Minuses show expenses) FY24 Rate (％) Amount (¥ B) Income before income tax 1,704.7 Effective statutory tax rate 31.5％ -536.3 (Main factors of difference) (i) Difference in subsidiaries’ tax rates -19.7% 336.0 (ii) Temporary differences on investments in subsidiaries -16.5% 28
Slide 27: Loss Carryforwards
Loss Carryforwards (as of Mar 31, 2025) (¥ B) Valuation Carrying amounts Income base Tax base allowance in B/S Total of companies 2,104.2 681.5 -612.0 69.5 based in Japan Total of companies 521.1 118.7 -72.3 46.4 based overseas Consolidated total 2,625.3 800.2 -684.3 115.9 Accounting 23
Slide 28: Income Taxes Paid on a Consolidated Basis
Income Taxes Paid on a Consolidated Basis (Net) (¥ B) FY20 FY21 FY22 FY23 FY24 Total Consolidated 324.5 589.3 525.9 816.8 215.2 2,471.7 Japan 189.5 551.2 469.7 717.0 131.6 2,059.0 SBG and intermediate holding companies (wholly owned -85.3 200.0 214.2 443.3 -46.1 726.1 subsidiaries) Operating compani
Slide 29: Co-investment Program to SVF2: Related Party Transactions
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests Masayoshi SBG FY24: $― (¥―) Son* 1 FY23: $― (¥―) Equity interests: 17.25% (B) (A) Distribution: $173M Equity acquisition amount: $2,923M 100% (Return of capital) (i) Acquisition costs: $2,594M (commit
Slide 30: Co-investment Program to LatAm Funds & Management's Investment
Co-investment Program to LatAm Funds & Management’s Investment in Asset Management Subsidiary Co-investment program to LatAm Funds Management’s investment in Equity interests of third-party investors asset management subsidiary FY24: $34M ( ¥5.2B) FY23: $93M (¥14.1B) Masayoshi SBG Masayoshi Son SBG
Slide 31: Sustainability
Sustainability
Slide 32: Material Issues Relating to Sustainability
10 Material Issues Relating to Sustainability In consideration of the current social and business environment, we are continuing to address the material issues identified last year Sustainability 1
Slide 33: Sustainability Disclosures
Initiatives for Integrated Disclosure of Financial and Non-Financial Information With the publication of the SSBJ standards, we have initiated consideration of sustainability disclosures that take into account the linkage between financial and non-financial information Information Revolution – Happi
Slide 34: SoftBank
SoftBank
Slide 35: 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 Funds, etc.
Slide 36: Stargate
Stargate Full-scale launch toward ASI realization Finance 2
Slide 37: Historical NAV
Historical NAV Expanded NAV through portfolio reshuffling at technology inflection points Internet Broadband Mobile AI Generative AI Started investing Launch SVF2 Launch LatAm Mar 31, 2025 SVF1 Acquisition ¥25.7T Arm Acquisition SVF1/SVF2/ LatAm Funds SoftBank Corp. T-Mobile/ Acquisition Deutsche Te
Slide 38: Shifts in Leading Companies in the Equity Market
Shifts in Leading Companies in the Equity Market Market leadership shifts with technological evolution. Embedding technology into social infrastructure is key to capturing growth opportunities. Nasdaq100 (Cloud) 4,311 (Smartphone) (SNS) (Internet) S&P500 1,121 (PC) 1995 1995 2000 2005 2010 2010 2015
Slide 39: Advantage of OpenAI
Advantage of OpenAI Weekly active users (global) (M users) 500 500 Growth accelerating 250 0 Nov Aug Oct Dec Feb Mar 2023 2024 2024 2024 2025 2025 (Source) OpenAI: OpenAI’s announcements Finance 5
Slide 40: Stargate: Toward further NAV expansion
Toward further NAV expansion AI Chip AI Data center AI model Stargate AI Robot Energy Drug discovery/ Application AI Service Autonomous driving Fintech Healthcare Cristal intelligence Finance 6 6 (Note) Cristal intelligence is a provisional name and not the official product name.
Slide 41: FY2024 Summary
FY2024 Summary Executing investments while leveraging a robust financial foundation Investments Financial Indicators FY2023 FY2024 Total investment amount*1 end end $16.1B ¥25.7T (incl. $8.2B installment payments for Arm NAV ¥27.8T (-¥2.1T) shares transaction consideration) ($2.2B) LTV 8.4% 18.0% +
Slide 42: FY2024 Financial Summary
FY2024 Financial Summary Accelerated AI investments by effectively utilizing leverage Executed new financing and upsized refinancing - Increased margin loans +¥1.0T (Arm +$5.0B, SoftBank Corp. +¥0.3T) ‒ Bond issuances ¥1.9T (Domestic bonds ¥1.6T, foreign bonds ¥0.3T equiv.*1) Financials - Large scal
Slide 43: Market Environment
Market Environment Toward end-FY24, stocks declined due to DeepSeek shock and tariff concerns. Post-enactment of reciprocal tariff, volatility increased. Recently, stocks have rebounded and the yen has weakened. Stock Indices*1 FX Rate (USD/JPY) 150 Apr 2nd 170 (JPY) Apr 2nd 140 Enactment of Enactme
Slide 44: Impact of Market Environment and Large-scale Investments since April
Impact of Market Environment and Large-scale Investments since April LTV has risen due to large-scale investments, but will continue to be managed appropriately NAV LTV (¥ T) 35.3 27.8 29.0 29.3 27.4 25.7 35% 25% 25% 20.1% 18.0% Incl. investment in 8.4% 7.8% 12.5% 12.9% OpenAI ($8.5B) 0% ※ ※ Mar Jun
Slide 45: Factors of NAV and LTV Change (YoY)
Factors of NAV and LTV Change (YoY) NAV declined mainly due to fluctuations in Arm share price LTV increased due to investments NAV LTV (¥ T) Share price Investments Others 18.0% Forex *1 Others -1.0 -0.3 -0.3% -0.7 -2.5: Arm +0.2: SoftBank Corp. +1.4: TMUS/DT Share Forex *1 27.8 8.4% price 25.7 +9.
Slide 46: Historical NAV (YoY)
Historical NAV (YoY) Maintaining a high level. (¥ T) Recovery underway due to rise in Arm’s share price 27.4 25.7 FY2000 FY2005 FY2010 FY2015 FY2020 FY2024 Pro forma* Share prices and FX as of May 12, (Note) As of the end of each fiscal year 2025 + $8.5B follow-on OpenAI • NAV (Net Asset Value) = Ad
Slide 47: Historical LTV
Historical LTV Shift from defensive to offensive financial management. Accelerating growth investments within the bounds of financial policy 35% (times of emergency) 25% (normal times) 21.6% *2 20.4% 20.1% 18.7% 18.2% 15.9% 18.0%*1 Incl. investment 14.5% 15.0% in OpenAI ($8.5B) 12.2% 12.5% 12.9% 11.
Slide 48: Historical Equity Value of Holdings
Historical Equity Value of Holdings Equity value of holdings has recently increased due to the rise in Arm’s share price. Telecom equities performing steadily Net of asset-backed 38.3 34.3 finace 33.1 33.7 (¥ T) 30.3 31.4 21.0 15.0 16.5 15.4 12.9 $124.81 14.4 $106.79 Most recent Share price share pr
Slide 49: Historical Invested Amounts
Historical Invested Amounts FY2025 Q1 Accelerating the pace of investment in earnest Follow-on investment Syndication*4 progressing in OpenAI (as of May 9, 2025） First closing: $10B SVF2: $8.5B*3 SVF2: $8.16B (co-investors: $1.5B) (co-investors: $1.84B) ($B) FY2023 FY2024 $3.9B $7.9B 8.5 3.4 1.2 1.8
Slide 50: Large-scale Investment Bridge Loans Arrangement
Large-scale Investment Bridge Loans Arrangement Secured support from global leading banks (Total demand of over $27B) Breakdown of participating financial OpenAI Ampere institutions by region (amount) investment loan acquisition loan UK, EU Facility $8.5B $6.5B (10 banks) Japan amount (drawn) (undra
Slide 51: SBG Credit Spread Reactions
SBG Credit Spread Reactions Spreads, though widened in connection with large-scale investment announcements and market turmoil, are showing signs of stabilization Foreign currency denominated Domestic senior bond 5-year CDS senior bond spreads*1 spreads*2 (bp) 600 SBG 5Y CDS (JPY) EUR 1.6Y EUR 4.1Y
Slide 52: Issuance of Domestic Senior Retail Bonds
Issuance of Domestic Senior Retail Bonds Confirmed robust retail demand even in volatile market conditions. Simultaneously issued whole-sale bond for pricing*1 Retail Bond (#65) (Fukuoka SoftBank HAWKS Bond) Continuously offering Amount ¥600.0B attractive products to investors Pricing Apr 18, 2025 I
Slide 53: Historical Issuance and Redemption of SBG Retail Bonds
Historical Issuance and Redemption of SBG Retail Bonds For 20 years, the Hawks Bond has been continuously issued and redeemed, establishing a stable funding base resilient to external conditions Cumulative issuance amount* (¥ B) 600.0 900.0 9,399.5 Annual issuance amount 772.0 385.0 Cumulative issua
Slide 54: Retail Bonds and Bank Time Deposits
Retail Bonds and Bank Time Deposits SBG retail bonds now on par with major regional banks’ time deposits Outstanding balances of bank time deposits*1 and retail bonds*2 (¥ T) Japan Post Bank 68.4 MUFG 29.6 Mizuho FG 22.8 Sumitomo Mitsui Trust HD 20.1 SMFG 16.6 Resona HD 12.1 Fukuoka FG 4.7 SBI Shins
Slide 55: Cash Position and Future Bond Redemptions
Cash Position and Future Bond Redemptions Maintain ample cash position, over 2-year worth of bond redemptions Cash position Bond redemption schedule (¥ B) ¥3.4 T * Undrawn Arm margin loan ＞ borrowing capacity 747.6 Bond redemptions for the next 2 years (¥2.1T) Refinance 2,623.2 completed 572.4 1,631
Slide 56: Currency Breakdown of Cash Position
Currency Breakdown of Cash Position Manage cash position by capturing higher interest rates Cash position ¥2.6T*1 (+ undrawn borrowing capacity: $5.0B (¥0.7T equiv.)*2) SBG+SB Northstar EUR, etc. ¥0.1T USD expected yield 4.8% *4 JPY 3% USD ¥0.5T 18% ¥1.5T Deposit Bonds 4.3% 5.3% 3％ (Reference*5) 58%
Slide 57: Bond Redemption Schedule
Bond Redemption Schedule Bond issuances to be managed with cash position and market environment in mind Domestic senior bonds (¥ B) 1,631.9 Domestic subordinated bonds Domestic hybrid bonds Foreign currency-denominated senior bonds 380.8 Foreign currency-denominated hybrid bonds 1,170.0 1,186.1 1,09
Slide 58: FY2025 Funding Policy
FY2025 Funding Policy Steadily execute refinancing. Funding for investments will be raised with a focus on financial policy and credit ratings Investments Funding Closely monitor market conditions and Ampere acquisition Bonds actively pursue additional funding $6.5B opportunities OpenAI investment B
Slide 59: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Interest-bearing debt decreased due to settlements of prepaid forward contracts using Alibaba shares, etc. SBG stand-alone interest-bearing debt increased due to the borrowing of commitment lines Main changes from Dec 31, 2024 Interest-bearing debt (¥ B) • Dec
Slide 60: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position While cash position increased due to commitment lines and increase in margin loan using SBKK shares, cash position decreased due to new investments and installments for Arm shares transaction consideration (¥ B) SB Northstar*1 3,956.1 3,831.2 3,307.0 2,986.2 2,623.3 Mai
Slide 61: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Adjusted net debt increased due to the progress in investments (¥ B) 10,363.5 10,515.1 10,275.3 9,662.0 9,516.0 Finance-related adjustments 3,853.4 Asset-backed finance, etc.: ¥3,461.7B 6,144.4 5,332.1 Hybrid finance: ¥391.7B 7,534.1 7,810.2 Adjusted 5,662.6
Slide 62: Historical Credit Ratings
Historical Credit Ratings Acquisition of Acquisition Acquisition Acquisition Listing Listing Japan Telecom of Vodafone KK of Sprint of Arm of SBKK of Arm JCR A A+ 14 A 13 A- 12 (Negative) In April 2025, the rating was BBB+ 11 affirmed at “A”, while the outlook was revised from “Stable” to “Negative.
Slide 63: Share Repurchase
Share Repurchase Maximum ¥500.0B (Until Aug 7, 2025) Repurchased ¥286.2 B 57% Progress (Aug 2024 to Apr 2025) (Note) Maximum ¥500B: Share repurchase program authorized by the Board of Directors on Aug 7, 2024. For details, refer to the press release dated Aug 7, 2024, "Resolution regarding Share Rep
Slide 64: FY2025 External Environment and Investment Policy
FY2025 External Environment and Investment Policy Continue investing in evolution PC Software Internet Broadband Smartphone Global trade AI Recession risk barriers Advances in AI デジタルシフトを牽引 Technology and Policy and 1 Structural Changes regulatory risks across Industries Risk of short- to < Irrevers
Slide 65: Emphasis on Investment Opportunities
Emphasis on Investment Opportunities AI is entering a phase where it is fundamentally transforming industrial structures. AI investment will define the path of future growth Internet Broadband Mobile AI ASI SVF1 Arm SVF1/SVF2/ LatAm Funds SoftBank Corp. T-Mobile/ Deutsche Telekom Alibaba Yahoo Japan
Slide 66: Pursuing Offense While Fortifying Defense: Financial Policy Unchanged
Pursuing Offense While Fortifying Defense: Financial Policy Unchanged Ensuring full readiness to promptly shift to a more defensive financial operation when necessary Maintain LTV below 25% at normal times (upper threshold of 35% even in times of emergency) Maintain at least 2-year worth of bond red
Slide 67: 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 m
Slide 68: Appendix
Appendix
Slide 69: SBG Credit Spread
SBG Credit Spread Spread of foreign currency- denominated senior bonds 5-year CDS bps USD 1.1Y USD 3.1Y USD 4.2Y 450 bps 700 USD 6.2Y USD 6.1Y EUR 1.6Y SBG 5Y CDS (JPY) EUR 4.1Y EUR 3.7Y EUR 7.1Y EUR 7.2Y 400 600 350 500 300 400 250 200 300 150 200 100 100 50 0 0 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 D
Slide 70: Calculation of Equity Value of Holdings
Mar 31, 2025: Calculation of Equity Value of Holdings $1 = ¥149.52 ¥35.7T (unadjusted) Equity value of holdings Adjustment for (¥ T) Equity value of holdings ー ＝ asset-backed finance Prepaid Forward (adjusted) (unadjusted) Contracts, etc. 2.3 Payable 923M Share price ¥12.9T ＝ Margin loans 2.1 amount
Slide 71: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥5.66T SBG stand-alone net debt =18.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥31.38T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm
Slide 72: Details of SBG Stand-alone Equity Value of Holdings (1/2)
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (1/2) (¥ T) Assets Value Calculation method (a) Arm 12.90 Multiplying the number of Arm ADSs equivalent to SBG's holdings by the ADS price (¥14.73T) - Before adjustment 14.16 payable amount of the consideration for Arm shares acqui
Slide 73: Details of SBG Stand-alone Equity Value of Holdings (2/2)
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (2/2) (¥ T) Assets Value Calculation method (g) T-Mobile 3.40 Number of T-Mobile shares held by SBG × share price (h) Deutsche Telekom 0.41 Before adjustment 1.14 Number of DT shares held by SBG × share price Adjustment for asset-b
Slide 74: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥5.66T (V) Adjusted SBG stand-alone ¥31.38T =18.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- Other stand-alone net financing entities, debt = net debt - etc. - adjustments 5.66 14.41 4.
Slide 75: 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) 9.52 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Adj
Slide 76: Adjustment for Asset-backed Finance in LTV and NAV Calculation
Adjustment for Asset-backed Finance in LTV and NAV Calculation Non-recourse asset-backed finance is deducted from debt. Value of assets required for settlement is deducted from assets (¥ T) Forward/Collar 1 2 Margin loan transactions 35.7 Main shares Alibaba, Deutsche Telekom SBKK, Arm 1 2.3 Asset-b
Slide 77: Financial Liabilities from Prepaid Forward Contracts
Alibaba Monetization Related Financial Liabilities from Prepaid Forward Contracts All transactions to be settled by June 2025 Balance of financial liabilities related to Alibaba monetization (quarterly basis) ($B) 33 33 32 31 29 25 17 Completion of settlements* (planned) 7 0 Jun 2023 Sep 2023 Dec 20
Slide 78: Breakdown of Equity Value of Holdings
Breakdown of Equity Value of Holdings Net of asset- 5% backed finance 23% 18% 41% 47% 12% 15% 10% 10% 5% 10% SBKK 10% 17% 18% 12% T-Mobile / Deutsche Telekom 7% 11% 12% SVF1 (57 investments) 21% 22% 15% 15% SVF2 (283 investments) 5% 5% 3% 3% LatAm Funds (88 investments) 8% 8% 6% 7% Others Mar 2022 M
Slide 79: Geographical Portfolio Diversification
Geographical Portfolio Diversification Net of asset-backed finance 7% 8% China 14% 30% 12% 12% Japan 17% 7% 7% APAC (excl. China and Japan) 11% 10% 9% 54% 48% EMEA 31% 21% 24% 23% 16% 22% North America 5% 6% 4% 4% Others Mar 2022 Mar 2023 Mar 2024 Mar 2025 (Note) Classification of regions based on t
Slide 80: Breakdown by Currency
Breakdown by Currency Investment and monetization flows are primarily in USD, while debt refinancing is principally in the same currency Investments and monetization Debt composition Cash position: ¥2.6T*1 Equity value of holdings: ¥31.4T*2 Interest-bearing debt*3: ¥8.6T EUR, etc. JPY EUR, etc. Net
Slide 81: Factors of NAV・LTV Change (QoQ)
Factors of NAV・LTV Change (QoQ) NAV declined mainly due to fluctuations in share prices. LTV increased due to investments NAV LTV (¥ T) Share price Investments Others Forex*1 18.0% Others -1.5 +1.1% -1.6 -0.6 Share Forex *1 -2.4: Arm 12.9% price +4.8% +0.2: SoftBank Corp. +0.8% +0.6: TMUS/DT +0.7% +
Slide 82: Increase/Decrease in Cash Position (YoY)
Increase/Decrease in Cash Position (YoY) While executing debt financing, cash position decreased mainly due to installments for Arm shares transaction consideration and new investments Financing and debt repayment 0.2 Share repurchase (¥ T) 2nd and 3rd installment payments for Arm shares 1.2 2.2 tra
Slide 83: 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 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 SBG stand-alone 14,297.5 14,328.8 13,249.7 12,951.9 12,139.2 Incl. SB Northstar - - - - - SVF1&2 and LatAm Funds 547.9 583.1 508.3 540.4
Slide 84: SoftBank
SoftBank
Slide 85: SoftBank Vision & LatAm Funds Investor Briefing
QUARTER ENDED MARCH 31, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL CFO, SB Investment Advisers & SB Global Advisers
Slide 86: 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 87: 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 88: Significant Volatility in the US; China & India Markets Diverged
PERFORMANCE UPDATE Significant Volatility in the US; China & India Markets Diverged ECONOMIC INDICATORS & EQUITY MARKETS AFFECTED BY MACRO UNCERTAINTY RE-RATING IN CHINA & INDIA CONSUMER SENTIMENT INDEX & PERFORMANCE OF MAGNIFICENT 7 3 KEY INDICES PERFORMANCE3 1 - Y E A R I N F L A T I O N E X P E C
Slide 89: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$1.9B $(0.6B) +$0.1B +$1.3B SVF1 SVF2 LATAM COMBINED PRIVATE +$1.6B +$0.3B +$0.0B +$1.9B Quarterly PUBLIC +$0.2B $(0.9B) +$0.1B $(0.6B) Performance Uplift in ByteDance Uplift in private assets Private gains
Slide 90: $3.4B in FY24 Gross Fair Value Gains
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE VISION & LATAM FUNDS GROSS FAIR VALUE PERFORMANCE 1 +$1.3B $3.4B in FY24 Gross +$3.4B +$2.1B Fair Value Gains As of March 31, 2025 FY24 TOTAL Previous 3 March 2025 Quarters Quarter Footnotes: 1. Gross Fair Value Gain is before tax and expenses and
Slide 91: Performance Snapshot
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total Commitments $98.6B $65.8B $7.8B $172.2B Acquisition Cost1 $87.8B $60.4B $7.5B $155.8B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $25.7B $(23.8B
Slide 92: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of March 31, 2025 Unless Noted JUNE QTD CHANGE5 APR 1–MAY 9 MARCH QTR FV MARCH QTR FV SVF1 SVF2 LATAM INVESTMENT FV ($B)2 COMMENTARY7 STOCK CHANGE ($MM)4 STOCK MOVEMENT6 ($MM)
Slide 93: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of March 31, 2025 SVF1 SVF2 LATAM 393 # CURRENT INVESTMENTS1 Unrealized FV2 $26.5B Unrealized FV2 $29.4B Unrealized FV2 $4.9B Quarterly FV Quarterly FV Quarterly FV Change4 +$1.6B Change4 +$0.3B Change4 +$0.0B $60.8B
Slide 94: ByteDance Growth Remains Robust
SVF1 PERFORMANCE UPDATE PORTFOLIO UPDATE ByteDance Growth Remains Robust As of March 31, 2025 REPORTED ANNUAL REVENUE ($B) 4 Domestic vs. International, 2018-2024 International Revenue Domestic Revenue 155 47% +29% 2020-2024 Revenue CAGR1 120 $33B 85 Reported 2024 Net Profit2 72 33 2B+ 16 Reported M
Slide 95: OpenAI Continues to Expand and Innovate
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Continues to Expand and Innovate RECENTLY LAUNCHED PRODUCTS 3 CHATGPT WEEKLY ACTIVE USERS 3 November 2023 – March 2025 Image Generation Unlocking precise, accurate, and 500mm photorealistic image generation with #1 a natively multimodal model o3 Model
Slide 96: OpenAI Raises New Funding to Build Towards AGI
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Raises New Funding to Build Towards AGI As of March 31, 2025 ROUND DETAILS USE OF PROCEEDS1 We’re excited to be working in Up to $40B Push the frontiers Total Round Size2 of AI research partnership with SoftBank Group— few companies understand how to s
Slide 97: SVF2 OpenAI Investment Totals $10B+
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE SVF2 OpenAI Investment Totals $10B+ As of May 9, 2025 $10.4B Funded To Date1 INVESTMENT September January & March April & May TIMELINE 2024 2025 2025 SVF2 SVF2 SVF2 SOFTBANK INVESTMENT2 $0.5B $1.7B $8.2B Syndication Ongoing TOTAL ROUND SIZE $6.6B Employee Ten
Slide 98: Metsera Listed in January 2025, Raising More Than $300mm
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Metsera Listed in January 2025, Raising More Than $300mm As of March 31, 2025 Key Metrics $36mm $131mm 3.6x Total Cost1 Total Fair Value2 Gross MOIC3 RECENT PERFORMANCE COMPANY Cost5 & Trading Activity6 HIGHLIGHTS4 MAR 31, 2025 20k 11% 20months LISTING – JAN
Slide 99: Late-Stage Portfolio Companies Navigating Market Conditions
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Companies Navigating Market Conditions As of March 31, 2025 $36B 60% Cumulative Public Listings Since Inception1 % of Total Private Fair 55 Unrealized Fair Value2 Value2 54 SELECT COMPANIES: SERIES E AND ONWARDS 3 50 45 SVF1 38
Slide 100: Portfolio Companies Continue to be Well-Capitalized
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE 3% <12 Months 8% 12-24 Months 11% 97% >24 Months Portfolio Companies Portfolio 78% Continue to be Companies FCF+ or Sufficient to Portfolio Cash Runways Achieve Companies with Well-Capitalized By Fair Value1 Profitability2 12+ Months Cash Runway As
Slide 101: Strategic Exits Continue to Drive Liquidity
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Strategic Exits Continue to Drive Liquidity As of March 31, 2025 ANNOUNCED TRANSACTION1 STRATEGIC EXITS OVERVIEW 17 $9.0B # STR ATEGIC EXITS 3 GR OSS PR OCEEDS 4 Wiz and Google Cloud are fully committed to continue supporting and protecting custome
Slide 102: Distributed $4.9B in the March Quarter
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Distributed $4.9B in the March Quarter As of March 31, 2025 CUMULATIVE DISTRIBUTIONS SINCE INCEPTION1 $66.6B $71.5B MAR-25 DISTRIBUTIONS $58.0B $53.4B +$4.9B $44.2B $15.2B $10.6B $5.7B $0.2B 2025 2017 2018 2019 2020 2021 2022 2023 2024 YTD Top Inve
Slide 103: Leading the AI Revolution
Leading the $11.4B AI Revolution FY2024 DISTRIBUTIONS2 SVF1 SVF2 LATAM 97% $10.4B PORTFOLIO COMPANIES WITH 12+ MONTHS CASH RUNWAY3 TOTAL SVF2 INVESTMENT1 $36B Footnotes: 1. Reflects SoftBank Vision Fund 2’s total investment in OpenAI as of May 9, 2025. 2. Distributions include proceeds from Investme
Slide 104: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 105: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to March 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 $31.1B $9.1B $5.2B Equity $58.6B $53.0
Slide 106: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to Mar 31 Fund Net Profit2 $12.6 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (6.2) to SBG, Net of 3rd SBG LP Income: 6.4 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 107: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of March 31, 2025 $23.2B $34.1B Net Asset Value3 Distributions4 $10.9B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 108: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $62.3B to SBG SBG Total Value2 As of March 31, 2025 $28.8B $37.9B 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 Pai
Slide 109: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $5.7B $6.4B Net Asset Value3 As of March 31, 2025 Distributions4 $0.7B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SB
Slide 110: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 26
Slide 111: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Jason Child Executive Vice President and Chief Finance Officer May 2025 1
Slide 112: Nomenclature difference between Arm and SoftBank Group
Nomenclature difference between Arm and SoftBank Group Fiscal year ending March 31, 2025 Fiscal year ending March 31, 2025 FY2024 FYE25 © 2025 Arm 2
Slide 113: Q4 FYE25: From Revenues to Profits
Q4 FYE25: From Revenues to Profits 98% 53% Non-GAAP Non-GAAP Gross Margin Operating $20m $566m Margin License Revenue $634m Royalty Revenue $607m Notes: 1. Depreciation and amortization for Q4 FYE25 was $49m 2. See Arm’s shareholder letter for reconciliation of Non-GAAP metrics to the most directly
Slide 114: 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 • Underlying industry demand driven by AI, automotive, data center and consumer electronic markets. Arm Addressable Semiconductor Market $ (
Slide 115: Armv9 adoption driving royalty growth
Armv9 adoption driving royalty growth • Armv9 commands a higher royalty per chip than prior architectures • Armv9 adoption has started in smartphones and cloud compute * Royalty mix by architecture such as Armv9 is estimated at the system-on-a-chip ("SoC") level based on the architecture of the prim
Slide 116: Arm is now the first choice for top cloud service providers
Arm is now the first choice for top cloud service providers Graviton 4 Axion Cobalt 100 AmpereOne CSP software running on Arm 1000’s of companies now running on Arm in the cloud © 2025 Arm 6
Slide 117: Arm is continuing to gain share in the data center
Arm is continuing to gain share in the data center 1B+ Neoverse Cores Shipped ARM CORES SHIPP ED toINTO Data Centers DATACENTER S © 2025 Arm 7
Slide 118: Arm is gaining share in the data center
Arm is gaining share in the data center ~50% Neoverse Cores Shipped NEOVERSE CORES SHIP P ED toINTO Data Centers DATACENTERS ( ARM FORECAST FOR 2 0 2 5) For details, see press release on Arm’s website dated April 01, 2025, © 2025 Arm 8
Slide 119: Guidance
Guidance Q1 FYE26 Revenue ($m) $1,000m - $1,100m Non-GAAP Operating Expense ($m)1 ~$625m Non-GAAP fully diluted earnings per share ($)1 $0.30 - $0.38 (1) For more information and definitions of the non-GAAP measures see the “Key Financial and Operating Metrics” section of our most recent Shareholde
Slide 120: To be replace d
To be replace d 10