Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2026 Earnings Presentation
106 slides from Softbank's earnings presentation, Aug 6, 2026
Slide 1: Q1 FY2026 Earnings Results Investor Briefing
Ver. 1.1 Q1 FY2026 Earnings Results Investor Briefing August 6, 2026 SoftBank Group Corp. Three-month period ended June 30, 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 FY2025 FY2026 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 145.19 147.50 154.04 156.48 160.51 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 159.88 162.39 Abbreviations Abbreviations utilized within this presentation are outlined
Slide 4: Index
Index • Accounting • Finance • SoftBank Vision Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results FY2025 FY2026 Change Change % (¥ B) Q1 Q1 Net Sales 1,820.3 2,019.6 199.3 10.9% Income before income tax 689.9 589.2 (100.8) (14.6%) Net income 421.8 347.3 (74.5) (17.7%) (attributable to owners of the parent) (Reference) Total gain on investments 486.9 1,859.4 1,372.4 281.8% In
Slide 7: Net Income and Investment Gain (Loss) by Segment
Net Income and Investment Gain (Loss) by Segment Investment gain/loss at Investment Investment Business of OpenAI Business of Holding Companies (Valuation gain) Holding Companies SVF Investment gain at SVF ¥2,156.3B*1 OpenAI (Valuation gain) Other Gain on other investments 3,439.7 ¥3,934.0B Net inco
Slide 8: FY2026 Q1-end Investments in OpenAI
FY2026 Q1-end Investments in OpenAI ($ B) 89.6 Cumulative Investment Gains: 43.9 $45.0B Recorded in FY2025 (No gain/loss recorded 44.6 in FY2026 Q1) 1.1 Recorded in FY2024 10.0 Investment in FY2026 Q1 32.4 Investment in FY2025 44.6 2.2 Investment in FY2024 Cumulative investment cost Fair value as of
Slide 9: Future Investment Plans for OpenAI
Future Investment Plans for OpenAI Committed to follow-on investments totaling $30B in February 2026 ($ B) 64.6 Third Tranche 10.0 Investment planned for Upon the completion of the third tranche, October 2026 scheduled for October, Second Tranche 10.0 Investment in July 2026 cumulative investment is
Slide 10: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment FY2025 FY2026 Change (¥ B) Q1 Q1 Gain on investments (256.5) 1 1,382.2 1,638.8 1 Gain on investments*1 • Intel: ¥1,332.9B (for details, see p7) SG&A (19.1) (27.1) (7.9) Finance cost (146.6) (281.9) 2 (135.3) 2 Finance cost • Interest expenses of SBG*2
Slide 11: Intel: Shareholding & Fair Value
Intel： Shareholding & Fair Value $139.63 Share price $36.90 $44.13 $23.00 $33.55 Purchase price (Agreement signed in Aug 2025) Fair value 12,142 (=¥1,971.7B) ($ M) 2,917 3,209 3,837 2,000 Investment Sep 30 Dec 31 Mar 31 Jun 30 Number of amount 2025 2026 shares held (M) 87.0 87.0 87.0 87.0 87.0 Accou
Slide 12: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment FY2025 FY2026 Change (¥ B) Q1 Q1 1 Gain on investments at SVF1 Gain on investments 726.8 255.8 (471.1) • Private: SVF1 517.4 1 384.3 (133.1) Strong business performance of ByteDance SVF2 114.5 2 (80.1) (194.6) 2 Gain on investments at SVF2 LatAm 70.4 (45.9) (116.3) • Pu
Slide 13: Investment Performance of SVF1 and SVF2
Investment Performance of SVF1 and SVF2 Since Inception FY2026*1 Gain/loss ($ B) Investment cost Returns Gain/loss Apr - Jun SVF1 87.2 113.8 26.6 Exited investments 48.8 73.0 24.2 0.9 Investments before exit 38.4 40.2 1.8 2.3 Interest/Dividends － 0.6 0.6 0.0 SVF2 109.8 131.1 21.3 Exited investments
Slide 14: Consolidated P/L
Consolidated P/L FY2025 FY2026 (¥ B) (¥ B) Change Q1 Q1 1 Investment Business of Holding Companies Net sales 1,820.3 2,019.6 199.3 • Intel: ¥1,332.9B Gross profit 954.7 1,053.6 99.0 2 SoftBank Vision Funds Total gain on investments 486.9 1,859.4 1,372.4 • SVF1: ¥385.0B (incl. ByteDance ¥358.4B) Inve
Slide 15: Consolidated B/S – Assets
Consolidated B/S – Assets Mar Jun (¥ B) Change 2026 2026 Current assets (1,123.4) 1 PP&E 11,815.6 10,692.2 • Acquisition of assets related to power generation and Cash and cash equivalents 5,362.2 3,927.1 (1,435.1) data centers in the U.S.: +¥725.9B Derivative financial assets 44.2 81.2 37.0 2 Goodw
Slide 16: Investment Securities in Consolidated B/S (Main Investments)
Investment Securities in Consolidated B/S (Main Investments) Mar Jun (¥ B) Change 2026 2026 Investment securities 4,264.6 5,644.6 1,380.0 FVTPL 2,815.7 4,162.8 1,347.1 613.5 1,971.7 1,358.2 1 Intel Intel １ $3,837M $12,142M $8,304M • Higher share price 335.8 272.4 (63.4) T-Mobile $2,100M $1,677M $(42
Slide 17: Consolidated B/S – Goodwill / Intangible assets
Consolidated B/S – Goodwill / Intangible assets Major change Mar Jun Main items Amorti- Changes Outline 2026 2026 (¥ B) zation In FX rate Goodwill *1 7,314.5 7,384.7 Arm 3,785.8 3,845.2 ― 59.4 Provisionally recorded since purchase price allocation (PPA) has not yet been completed. Ampere 1,099.3 1,0
Slide 18: Consolidated B/S – Liabilities
Consolidated B/S – Liabilities Mar Jun 1 Interest-bearing debt (¥ B) Change 2026 2026 (total of current and non-current) Current liabilities 14,833.5 15,670.1 836.6 • SBG Interest-bearing debt 7,251.6 1 7,559.2 1 307.5 Borrowings: ¥3,100.9B / ¥(859.8)B 212.5 27.8 Corporate bonds: ¥8,897.3B / +¥726.9
Slide 19: Consolidated B/S – Equity
Consolidated B/S – Equity Mar Jun Change (¥ B) 2026 2026 1 Retained earnings Equity 20,468.4 21,352.9 884.4 Net income attributable to owners of the parent: +¥347.3B Common stock 238.8 238.8 ― Capital surplus 3,510.7 3,545.6 34.9 2 Accumulated other comprehensive income ¥421.3B increase in exchange
Slide 20: Impact of the Weaker Yen on P/L & B/S (Illustration)
Impact of the Weaker Yen on P/L & B/S (Illustration) P/L B/S Entities Components Exchange differences from Foreign exchange gain (loss) translation Foreign currency- denominated cash and cash equivalents/ Loans receivable Foreign exchange gain SBG stand-alone + (excl. investments) (See p17) Domestic
Slide 21: Impact of the Weaker Yen in FY2026 Q1
Impact of the Weaker Yen in FY2026 Q1 (from ¥159.88/$ to ¥162.39/$) Foreign exchange loss in consolidated P/L for FY2026 Q1: ¥(146.1)B At SBG stand-alone: Foreign exchange loss of ¥(150.5)B related to foreign currency borrowings from Group companies and loss of ¥(54.0)B related to foreign currency b
Slide 22: Consolidated C/F
Consolidated C/F FY2025 FY2026 1 Acquisition of Investments by SVF (¥ B) Q1 Q1 Primary details for FY2025 • A follow-on investment in OpenAI: $(10)B / ¥(1.6)T 52.3 Subtotal of C/F from operating activities C/F from 2 Purchase of PP&E (270.6) (439.9) (339.0) Interest paid operating activities • Acqui
Slide 23: Income Taxes Paid on a Consolidated Basis (Net)
Income Taxes Paid on a Consolidated Basis (Net) 5-year FY2026 FY2021 FY2022 FY2023 FY2024 FY2025 (¥ B) Total Q1 Consolidated 589.3 525.9 816.8 215.2 784.3 2,931.5 189.8 Japan 551.2 469.7 717.0 131.6 699.5 2,569.0 158.0 SBG and intermediate holding companies 200.0 214.2 443.3 (46.1) 463.4 1,274.8 8.3
Slide 24: Co-investment Program to SVF2: Related Party Transactions
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests MgmtCo *1 SBG FY2026 Q1: $3,150M (¥511.6B) (Masayoshi Son) FY2025: $3,130M (¥500.4B) Equity interests: 17.25% (A) Equity acquisition amount: $2,750M (i) Acquisition costs: $2,594M (committed capital:
Slide 25: Co-investment Program to LatAm & Management's Investment
Co-investment Program to LatAm & Management’s Investment in Asset Management Subsidiary Management’s investment in Co-investment program to LatAm asset management subsidiary MgmtCo Masayoshi SBG SBG (Masayoshi Son) Son Loans entrusted Equity interests: 17.25% 66.7% 33.3% Equity interests of third-pa
Slide 26: SoftBank
SoftBank
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: FY2026Q1 Highlights
FY2026Q1 Highlights NAV reaches an all-time high amid rise in Arm’s share price. LTV remains at a sufficiently prudent level NAV LTV (¥ T) (%) 72.3 2x in one year 58.3 20.6 17.0 16.5 17.0 40.1 32.4 33.3 30.9 13.0 Well positioned for future investments Arm SVF and market volatility SBKK T-Mobile Othe
Slide 29: External Environment
External Environment Stock indices rose, led by SOX, but entered a correction phase from Jun. Interest rates rose gradually, while the yen appreciated following FX intervention Stock Indices*1 U.S. & Japan Interest Rates USD/JPY Exchange Rate 250 6.0 (%) (¥) 10-year 米国債（10年）U.S. Treasury 170 FF金利上限
Slide 30: Arm and Intel Share Price Performance
Arm and Intel Share Price Performance Arm and Intel shares surged through Jun on rising CPU demand expectations; gains narrowed but remain above 2x their year-start levels (Dec 31, 2025 = 100) Arm Intel SOX S&P500 400 300 Intel 274 Arm 251 200 SOX 170 S&P500 113 100 0 Dec 2025 Mar 2026 Jun 2026 Aug
Slide 31: Key Metrics
Key Metrics Driven by Arm, NAV expanded significantly to over ¥70T Mar 2026 Jun 2026 Key Drivers of Change • Increase in equity value of holdings (+¥31.4T) NAV ¥40.1T ¥72.3T • Forex impact (+¥1.2T) (+¥32.2T) • New investments, etc. (+4.2 ppt) LTV 17.0% 13.0% • Increase in equity value of holdings (-
Slide 32: FY2026: Major Financial and Investment Activities
FY2026: Major Financial and Investment Activities Fully repaid the $12B bridge loan arranged in 2025. Sequentially drawing down the new bridge loan for the follow-on investment in OpenAI. Takeout financing underway FY2026 Q1 (Results) 2026 bridge loan (partial drawdown) $20.0B ¥3,247.8B Debt financi
Slide 33: Historical Equity Value of Holdings
Historical Equity Value of Holdings Doubled in one year, primarily due to the increase in Arm and OpenAI's value Net of asset-backed finance (¥ T) 83.1 Increased by ¥44.1T 69.0 49.9 48.3 Share price 36.8 39.9 $354.57 39.0 39.0 Share price 19.1 $274.58 18.2 12.7 19.8 SVF 23.9 23.2 18.0 21.6 10.6 13.3
Slide 34: Historical Arm Share Price and Market Evaluation
Historical Arm Share Price and Market Evaluation Arm's share price rose. Despite the recent correction, fundamentals remain exceptionally solid Arm Share Price and Analysts’ Target Price*1 Guidance (FY2026Q2)*2 500 ($) 450 Revenue $1.33B ~ $1.43B Analyst consensus 400 (average) 350 YoY (+17.2% ~ +26
Slide 35: Historical NAV
Historical NAV Continued NAV growth through portfolio reshuffling, reaching a record high Jun 30, 2026 ¥72.3T Q1 Pro forma (Aug 5, 2026) * ¥58.3T 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 2026 (FY) Internet
Slide 36: Historical LTV
Historical LTV Track record of flexible LTV management through market fluctuations. Current LTV retains sufficient headroom despite large-scale investments 35% Extraordinary circumstances 25% Normal circumstances 21.6% 20.4% 20.6% 18.7% 18.0% 18.2% 17.0% 16.5% 17.0% 15.9% 15.0% 14.5% 13.0% 12.9% 11.
Slide 37: Debt Coverage by Equity Value of Holdings
Debt Coverage by Equity Value of Holdings Net debt covered by equity value of holdings of over 7x Net of asset-backed finance (¥ T) 83.1 LTV13.0% SVF 23.9 Sufficient 7x Arm headroom 49.9 LTV25% 4x SBKK 2.8 10.8 Others 6.5 Net Interest-bearing Debt Equity Value of Holdings Jun 30, 2026 Jun 30, 2026 F
Slide 38: Approach to Bridge Loan Repayment
Approach to Bridge Loan Repayment Pursuing orderly repayment through a combination of asset monetization and debt financing SBG Stand-Alone Interest-bearing Debt + Bridge Facility ¥14T (Interest-bearing debt as of Jun 30, 2026) (¥ T) Others Bonds and CP Bank loans, etc. Outstanding July Undrawn Repa
Slide 39: Currency Composition of Assets and Debt
Currency Composition of Assets and Debt USD funding expanded as investments became increasingly USD-denominated and larger in scale Mar 2019 Started financial management Jun 2026 as an investment holding company 18% USD 50% 50% Interest-bearing Debt*1 Yen, others 82% ¥6.7T ¥18.7T (¥ T) 87.8 4.0 Equi
Slide 40: Globalization of funding: Key relationship banks
Globalization of funding: Key relationship banks Expanded globally. 30+ financial institutions participated in 2026 bridge loan Overseas Domestic Number of participating financial institutions in key financings 2026 Bridge loan 30+ Commitment line 25 Arm share 41 SBKK share 26 $40B institutions $6.0
Slide 41: Globalization of Funding: Key Financings Since July
Globalization of Funding: Key Financings Since July Entered into a financing agreement Arranged LBO financing ahead of the using OpenAI shares* acquisition of ABB’s robotics business (Aug 2026) (Aug 2026) $ 10B $ 1.8B * For details of the financing using OpenAI shares, see “(3) Financing at SVF2” un
Slide 42: Track Record of Our Retail Bond Issuance and Redemption
Track Record of Our Retail Bond Issuance and Redemption More than two decades of sustained efforts have established a cycle of issuance and redemption Cumulative issuance* ¥10.6T (¥ B) 678.0 1,100.0 900.0 772.0 Annual issuance 385.0 Cumulative issuance 1,405.0 900.0 410.0 Beginning of 800.0 Hawks Bo
Slide 43: Expansion of the Retail Bond Market
Expansion of the Retail Bond Market Approx. half of household financial assets remain in cash and deposits, while rising interest rates are driving stronger retail investor demand for bonds Household Financial Assets Retail JGB Issuance Amount and 10-year JGB Yield* (As of Mar 2026) (¥ T) Total ¥2,3
Slide 44: Investment Track Record and Announced Deals
Investment Track Record and Announced Deals Executed the follow-on investments in OpenAI of $10B each in Apr and Jul ($ B) 32.3 23.8 18.5 10.0 10.3 10.0 Oct (Plan) 8.3 Ampere 7.5 3.2 6.5 10.0 10.0 5.4 1.1 Funded in Apr Funded in Jul Others 0.8 2.1 1.9 0.1 3.1 0.3 Committed Q1 Q2 Q3 Q4 Q1 Q21, 2026)
Slide 45: 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) ¥2.3 T ($14B) Undrawn commitment line 489.5 Bond redemptions for the ＞ next 2 years ¥1.5T ($9B) 1,824.3 *2 1
Slide 46: SBG Stand-Alone Cash Position
SBG Stand-Alone Cash Position Decreased due to debt repayment (¥ B) 4,330.7 801.9 3,502.4 3,285.8 2,933.9 469.8 Main changes from Mar 31, 2026 2,509.2 Increase Decrease • 2026 bridge loan +$20.0B • Follow-on investment in OpenAI -$10.0B 684.9*1 • Bond issuance & redemption • Loan repayment (-$18.6B)
Slide 47: SBG Stand-Alone Interest-Bearing Debt and Net Debt
SBG Stand-Alone Interest-Bearing Debt and Net Interest-Bearing Debt SBG Stand-Alone Interest-Bearing Debt*1 SBG Stand-Alone Net Interest-Bearing Debt*2 Increased primarily due to bond issuance Increased due to investment execution (¥ B) 18,769.8 (¥ B) 17,792.0 16,344.0 Non-recourse 16,260.5 4,683.7
Slide 48: 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. (¥ B) 2,227.8 Domestic senior bonds 137.6 Domestic subordinated bonds Domestic hybrid bonds 482.2 Foreign cu
Slide 49: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition A+ 14 Japan Telecom of Vodafone KK Acquisition of Sprint Acquisition of Arm Listing of SBKK Listing of Arm Announced follow-on investments in OpenAI A 13 A- 12 (Outlook: Negative) BBB+ 11 BBB10 S&P BB+ BBB-9 BB+ 8 Outlook BB 7 BB- 6 Negative
Slide 50: Adherence to Financial Policy
Adherence to Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal circumstances (upper threshold of 35% even in extraordinary circumstances) Maintain at least 2 years’ worth of bond redemptions in cash position Finance 24
Slide 51: 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 52: Appendix
Appendix
Slide 53: SBG Foreign Currency Senior Bond Spreads
SBG Foreign Currency Senior Bond Spreads USD-Denominated Bonds EUR-Denominated Bonds (bps) (bps) 600 USD (Senior) 2.7Y USD (Senior) 4.4Y USD (Senior) 5.9Y 600 EUR (Senior) 3.2Y EUR (Senior) 4.9Y EUR (Senior) 6.9Y USD (Senior) 8.9Y USD (Senior) 3.2Y USD (Senior) 5.2Y EUR (Senior) 3.7Y EUR (Senior) 5.
Slide 54: 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 (4.6Y) Senior #61 (2.7Y) Senior #62 (4.7Y) 450 450 Senior #63 (4.9Y) Senior #64 (5.3Y) Senior #65 (3.7Y) Senior #66 (3.7Y) Senior #67 (6.3Y) 400 400 350 350 300 300 250 250 200 200 150 150 100 100
Slide 55: Calculation of Equity Value of Holdings
Jun 30, 2026: Calculation of Equity Value of Holdings $1=¥162.39 ¥87.8T (¥ T) Equity value of holdings Equity value of holdings Adjustment for ＝ ー (adjusted) (unadjusted) asset-backed finance (unadjusted) Prepaid forward contracts 0.3 Margin loans 4.4 ¥ 49.9T ＝ ¥53.1T 923M shares held*1 × Share pric
Slide 56: LTV Calculation: SBG Stand-Alone Equity Value of Holdings
LTV Calculation: SBG Stand-Alone Equity Value of Holdings (L) Adjusted ¥10.81T SBG stand-alone net debt =13.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥83.11T (¥ T) Adjusted SBG stand- Major SBG’s interest in SVF1&2 Other investments in = + + alone equity value of holdings assets & L
Slide 57: 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 49.91 Before adjustment 53.13 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($327.2B; ¥53,129.8B) Adjustment for asset-backed finance -3.22 Equivalent
Slide 58: LTV Calculation: SBG Stand-Alone Net Debt
LTV Calculation: SBG Stand-Alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥10.81T (V) Adjusted SBG stand-alone ¥83.11T =13.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- stand-alone net Other adjustments debt = net debt - financing entities - 10.81 22.29 6.03 5
Slide 59: 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) 16.26 financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; a
Slide 60: SBG Stand-Alone Interest-Bearing Debt
SBG Stand-Alone Interest-Bearing Debt*1 (¥ B) 18,769.8 17,792.0 Breakdown (Jun 30, 2026) (¥ B) Non-recourse SBG borrowings QoQ 4,683.7 to SBG Bank loan 2,915.4 -860.1 Bridge loan borrowing, repayment 4,624.3 2026 bridge loan 1 1,452.6 +1,452.6 Commitment line partial repayment Hybrid loan 185.5 +0.2
Slide 61: Status of Margin Loans
Status of Margin Loans (as of Jun 30, 2026) (¥ T) (¥ T) 53.1 4.0 1.2 3.2 Outstanding balance Equity value of Outstanding balance Equity value of holdings* holdings* * Before adjustment of asset-backed finance. Finance 35
Slide 62: 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 63: 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 (Jun 30, 2026) 22% APAC (excl. China and Japan) Others 51% 2% 1% 14% 55% China 3% 60% Japan T-Mobile 7% 4% Nor
Slide 64: 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 Cash position: ¥2.5T*1 Equity value of holdings: ¥83.1T*2 Interest-bearing debt*3: ¥18.7T EUR, etc. JPY Net
Slide 65: FY2026 Q1: Breakdown of NAV・LTV Change
FY2026 Q1: Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Price Fluctuations FX Impact * Others Share Price Investments Fluctuations +1.2 -0.3 Payments of interest +0.4ppt Hybrid adjustment -0.3ppt Monetization, -0.7ppt distributions Others +0.3ppt +4.2% Others OpenAI +2.6ppt -8.0% power +1.6ppt -0
Slide 66: Increase/Decrease in Cash Position
Increase/Decrease in Cash Position (Mar 26 – Jun 26) SVF Asset distributions Investments (¥ T) monetization Debt finance 0.3 0.1 0.9 1.6 Expenditures to acquire assets related to power generation and data centers in the U.S. 2025 bridge loan repayment -1.9 0.1 Others 2026 bridge loan drawdown +3.2 1
Slide 67: Consolidated Interest-bearing Debt / Cash Position / Net Debt
Consolidated Interest-bearing Debt/ Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 SBG stand-alone 12,326.1 12,605.9 16,344.0 17,792.0 18,769.8 SVF1&2 and LatAm 460.9 647.1 834.7 814.3 806.7 SoftBank Segment 6,510.4 6,
Slide 68: SoftBank
SoftBank
Slide 69: Investor Briefing: SoftBank Vision Funds
QUARTER ENDED JUNE 30, 2026 Investor Briefing SoftBank Vision Funds MARK AGNE Executive Managing Partner, SB Investment Advisers & SB Global Advisers
Slide 70: 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 71: 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 72: AI Buildout Continued While Markets Remained Volatile
PERFORMANCE UPDATE AI Buildout Continued While Markets Remained Volatile As of June 30, 2026 Market Volatility Remained Elevated Capex Estimated to Reach $725B Data Center Capacity Continued to Ramp # DAYS WITH +/-1.5% MOVE1 HYPERSCALER CAPEX2 GLOBAL DATA CENTER SUPPLY3 USA Momentum Index | 2006 – 2
Slide 73: Quarterly Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$2.4B $(0.5B) $(0.3B) +$1.7B SVF1 SVF2 LATAM COMBINED PRIVATE +$2.8B +$0.4B $(0.1B) +$3.1B Quarterly PUBLIC $(0.4B) $(0.9B) $(0.2B) $(1.4B) Performance Private investment gains Private investment gains Priv
Slide 74: 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 $143.2B $7.8B $249.6B Acquisition Cost1 $87.8B $110.7B $7.5B $206.1B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $29.1B $2
Slide 75: Our ASI-Ready Portfolio is Valued at $123B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Our ASI-Ready Portfolio is Valued at $123B As of June 30, 2026 Physical AI SoftBank ASI AI Platforms AI Compute Framework AI Infrastructure The graphic is provided solely for illustrative purposes and reflects the current belief of the Manager. The
Slide 76: SoftBank ASI Framework: AI Platforms
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE SoftBank ASI Framework: AI Platforms As of June 30, 2026 Category-wide Momentum as SELECT VISION FUNDS INVESTMENTS4 AI Usage Surges, Costs Fall Physical AI KEY INDUSTRY METRICS SoftBank $80B+ Total AI Startup Revenue1 ASI AI Platforms AI Compute Fr
Slide 77: OpenAI: Continued Momentum Amid GPT-5.6 Release, Codex Growth
SVF2 PORTFOLIO UPDATE OpenAI: Continued Momentum Amid GPT-5.6 Release, Codex Growth As of July 31, 2026 RECENT DEVELOPMENTS CONFIDENTIAL S-1 NEW MODELS & FEATURES2 CODEX GROWTH SUBMITTED1 COMPOUNDED Released Powerful GPT-5.6 Model Series >10mm Announced confidential submission of Codex Weekly Draft
Slide 78: OpenAI: $55B Funded Out of Planned $65B Total
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: $55B Funded Out of Planned $65B Total As of July 31, 2026 SVF2 OPENAI INVESTMENT OVERVIEW4 $55B $20B FUNDED SINCE APRIL 2026 +$10B $65B UNREALIZED COST1 +$10B $100B +$10B UNREALIZED FAIR VALUE1 $35B Flat QoQ FAIR VALUE CHANGE2 TOTAL ~13% SVF2 OWNERSHI
Slide 79: SoftBank ASI Framework: Physical AI
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE SoftBank ASI Framework: Physical AI As of June 30, 2026 Vision Funds Physical AI SELECT VISION FUNDS INVESTMENTS & Portfolio Overview RECENT ROUNDS2 Physical AI KEY INVESTMENT THEMES Autonomous Systems SoftBank ASI Intelligent Infrastructure AI Pla
Slide 80: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of June 30, 2026 TOP FAIR VALUE DRIVERS5 KEY METRICS $2.2B FV uplift enabled by strong FY25 performance & FY26 outlook, supported by core 373 CURRENT PRIVATE INVESTMENTS1 platform growth and a leading AI position in
Slide 81: Vision Funds Portfolio Companies Continue to Attract Capital
SVF2 PORTFOLIO UPDATE Vision Funds Portfolio Companies Continue to Attract Capital As of July 31, 2026 Recent Funding Rounds1 Late-Stage Series C Series G Series F Series E Series F COMPANY UPDATES $600mm+ 12mm+ 1st Company 5x Faster $200mm 4,500+ Annual Recurring Apps Built on To Achieve 150mm °C S
Slide 82: Late-Stage Portfolio Valued at $133B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Valued at $133B As of June 30, 2026 L AT E - S T AGE P O R T F O L I O 2 $133B 89% VIS IO N & L ATAM FU N D S Late-Stage Portfolio % of Total Private Fair Value2 Unrealized FV2 62 SELECT COMPANIES3 Cumulative Listings Since Inc
Slide 83: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of June 30, 2026 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$273 $0.8 +53% Reported 20% increase in units sold in Q2
Slide 84: PayPay and DiDi: Largest Quarterly Fair Value Movers
SVF1 SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE PayPay and DiDi: Largest Quarterly Fair Value Movers Three-Month Period Ended June 30, 2026 Total Cost1 Total FV2 Total Cost1 Total FV2 $2.1B $3.1B $12.1B $3.2B Despite strong profitability growth, 201% YoY, and expanding China mobility business reached
Slide 85: Continued Focus on Monetization as Total Distributions Reach $82B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Continued Focus on Monetization as Total Distributions Reach $82B As of June 30, 2026 TOP PUBLIC EXITS YTD3 CUMULATIVE DISTRIBUTIONS SINCE INCEPTION1 $82.0B SVF1 JUNE 2026 QUARTER $78.5B DISTRIBUTIONS2 +$1.7B $58.0B $66.6B $0.4B 1.6x $53.4B YTD Gro
Slide 86: Vision Funds: Advancing the Next Stage of the AI Revolution
SVF1 SVF2 LATAM Vision Funds: Advancing the Next Stage of the AI Revolution JUNE 2026 QUARTER IN REVIEW VISION FUNDS PORTFOLIO OVERVIEW Invested across the full ASI stack, with an ASI-ready portfolio valued at $123B1 ASI-Ready AI-Enabled Recorded a $2.2B QoQ FV gain in ByteDance – enabled Portfolio
Slide 87: Appendix
Appendix m= OOftBank 1 Investment Advisers
Slide 88: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to June 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 $9.5B $3.1B Equity $58.6B $53.0B
Slide 89: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2026 Inception to Jun 30 Fund Net Profit2 $15.6 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (7.7) to SBG, Net of 3rd SBG LP Income: 7.9 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.4 Management & Performance Fees3 Contribution to SB
Slide 90: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of June 30, 2026 $21.0B $35.6B Net Asset Value3 Distributions4 $14.6B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 91: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $103.7B to SBG SBG Total Value2 As of June 30, 2026 $109.5B $119.2B Net Asset Value3 Distributions4 $9.7B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG P
Slide 92: 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 June 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. SBG
Slide 93: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 25
Slide 94: SoftBank
SoftBank
Slide 95: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Jason Child Chief Financial Officer August 2026 1
Slide 96: Nomenclature difference between Arm and SoftBank Group
Nomenclature difference between Arm and SoftBank Group Fiscal year ending March 31, 2027 Fiscal year ending March 31, 2027 FY2026 FYE27 2
Slide 97: Q1 FYE27: From Revenues to Profits
Q1 FYE27: From Revenues to Profits 98% 41% Non-GAAP Non-GAAP Gross Margin Operating Margin $25m $733m License Revenue $574m Royalty Revenue $715m Notes: 1. Depreciation and amortization for Q1 FYE27 was $75m 2. See Arm’s website for reconciliation of Non-GAAP metrics to the most directly comparable
Slide 98: Near-Term Guidance
Near-Term Guidance Q2 FYE27 Revenue ($m) $1,380m +/- $50m Non-GAAP Operating Expense ($m)1 ~$780m Non-GAAP fully diluted earnings per share ($)1 $0.47 +/- $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
Slide 99: Management quotes on Arm AGI CPU
“Our confidence in achieving upside to our “Initial product has been $1 billion opportunity has increased.” delivered to multiple customers” 5
Slide 100: Arm AGI CPU: Demand for FYE27 & FYE28 is exceeding supply
Arm AGI CPU: Demand for FYE27 & FYE28 is exceeding supply Wafers & many more Manufacturing Substrates $1bn +$2bn Packaging Testing • We have secured supply to support initial revenue forecast of $1bn for FYE27 & FYE28. • We are making progress on expanding capacity, and optimizing customer mix and c
Slide 101: Arm is the CPU of choice for AI in the data center
Arm is the CPU of choice for AI in the data center NVIDIA Vera AWS Graviton5 Azure Cobalt 200 Google Axion C4A NVIDIA Vera in full AWS Graviton5 is being Microsoft Cobalt 200 is Google has created low- production used by Meta, Uber and fully optimized for agentic latency infrastructure for $20bn ord
Slide 102: Arm is the CPU of choice for AI beyond the data center
Arm is the CPU of choice for AI beyond the data center NVIDIA RTX Spark Li Auto Mach M100 Lineshine HPC Arm Neural Dawn Arm-based PC chip for AI- Li Auto developed their Exascale supercomputer Mobile game developed enabled Windows laptops own Mach M100 chip. using 14m Armv9 cores by Arm to demonstra
Slide 103: More than 50% of all CPUs are now Arm-based
More than 50% of all CPUs are now Arm-based Notes: Based on Arm internal estimates. Other includes legacy and niche architectures such as: • Proprietary architectures (68000, 80x51, AVR, Coldfire, PIC, PowerPC, RH850, etc.) • Licensable and open-source architectures (Arc, Andes, Leon, MIPS, OpenPowe
Slide 104: Gaining share in a massive CPU market
Gaining share in a massive CPU market Market share1 Market value1 FYE22 to FYE26 FYE22 FYE26 MOBILE APPLICATIONS >99% >99% $29bn $43bn OTHER MOBILE 70% 70% $18bn $19bn Edge AI CONSUMER ELECTRONICS 30% 36% $72bn $67bn IoT & EMBEDDED 50% 56% $49bn $51bn CLOUD COMPUTE 3 9% 23% $16bn $50bn Cloud AI NETW
Slide 105: To be replace d
To be replace d 11
Slide 106: SoftBank
SoftBank