Softbank Group Corp. · TSE:9984
Softbank — Q4 FY2025 Earnings Presentation
27 slides from Softbank's earnings presentation, May 2026
Slide 1: Investor Briefing: SoftBank Vision Funds
QUARTER ENDED MARCH 31, 2026 Investor Briefing SoftBank Vision 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 Acceleration Amid Market Volatility
PERFORMANCE UPDATE PORTFOLIO UPDATE AI Acceleration Amid Market Volatility As of March 31, 2026 CONFLICT IN THE MIDDLE EAST & AI USAGE CONTINUED TO RAPIDLY EXPAND AI DISRUPTION IMPACTED EQUITY MARKETS NASDAQ COMPOSITE, SOFTWARE, & OIL OPENROUTER AI TOKEN CONSUMPTION4 January 1, 2026 – March 31, 2026
Slide 5: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 $(4.5B) +$24.4B $(0.2B) +$19.8B SVF1 SVF2 LATAM COMBINED PRIVATE $(0.7B) +$25.0B $(0.1B) +$24.1B Quarterly PUBLIC $(3.7B) $(0.6B) $(0.0B) $(4.4B) Performance Private investments Private investment gains Priv
Slide 6: $46B in Fair Value Gains in FY2025
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE1 +$19.8B +$46.0B $46B in Fair Value Gains +$2.4B +$19.0B in FY2025 Twelve-Months Ending March 31, 2026 +$4.8B Jun 2025 Sep 2025 Dec 2025 Mar 2026 FY2025 Total Gain Footnotes: 1. Quarterly Gross Fair Value Perf
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 $139.2B $7.8B $245.6B Acquisition Cost1 $87.8B $97.7B $7.6B $193.0B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $26.6B $21
Slide 8: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of March 31, 2026 KEY METRICS & FAIR VALUE DRIVERS 373 $135.5B 85% +$24.1B Current Private Investments1 Unrealized FV – Private2 of Total Unrealized FV3 Quarterly FV Change4 Continued strong growth, Closed Series D r
Slide 9: OpenAI: Accelerating the Next Phase of AI
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Accelerating the Next Phase of AI As of March 31, 2026 KEY INVESTORS1 + Others $122B $30B $730B Total Round Size1 SoftBank Commitment2 Pre-Money Valuation2 “ SoftBank, NVIDIA, and Amazon are long-term partners who share our ambition to turn real scien
Slide 10: OpenAI: Our Investment to Total $64B+ by 2026YE
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Our Investment to Total $64B+ by 2026YE As of March 31, 2026 SVF2 INVESTMENT KEY METRICS VALUATION HISTORY ($B)3 OVERVIEW $730B P R E - M O NE Y $35B I NV E S T M E NT VALUATION Unrealized Cost1 $0.5B $150B Primary $500B $30B $260B $80B Primary Unreal
Slide 11: OpenAI: Leadership in Scale, Engagement, and Retention
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Leadership in Scale, Engagement, and Retention As of March 31, 2026 Weekly Active Users 900mm+ ChatGPT Retention Rate Approach 1B1 Is Industry Leading2 75% Average User Retention Rate in Month 122 4x Time Spent in ChatGPT 75% vs. Next Largest AI App1
Slide 12: OpenAI: Continued Consumer Leadership, Strong Enterprise Momentum
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Continued Consumer Leadership, Strong Enterprise Momentum As of April 30, 2026 R E C E NT RELEASES ChatGPT for Excel ChatGPT-5.5 Codex Security OpenAI Frontier Codex Images 2.0 ChatGPT-Rosalind CHAT GPT-5.5 HIGHLIGHTS1 CODEX USERS3 Feb 2026 – Apr 2026
Slide 13: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of March 31, 2026 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$602 $4.1 +33% FY25 revenue up 27% to ¥381B, while prof
Slide 14: PayPay: Japan's Largest U.S. Listing in a Decade
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE PayPay: Japan’s Largest U.S. Listing in a Decade Raises $800mm+ As of March 31, 2026 K E Y M E T RI C S $2.1B $4.5B 2.1x $369mm 28% Total Cost1 Total Fair Value2 Gross MOIC3 SVF2 Proceeds SVF2 Ownership%4 Average Cost5 & Trading Activity6 NASDAQ: PAYP MAR 31,
Slide 15: PayPay: Driving Japan's Cashless Transition
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE PayPay: Driving Japan’s Cashless Transition As of May 7, 2026 NUMBER OF REGISTERED USERS1 ADJ. EBITDA & TOTAL REVENUE1 FY 2019 – FY 2025 | In Millions FY 2024 – FY 2025 | JPY B 111.1 380.7 73 $120B+ 64 68 299.1 FY25 Gross Merchandise Value1 89% 55 Growth 45 2
Slide 16: Late-Stage Portfolio Valued at $118B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Valued at $118B As of March 31, 2026 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 $118B 87% CU M U L ATIVE L IS TIN GS Late-Stage Portfolio % of Total Private S IN CE IN CE PTION 1 62 Fair Value2 Unrealized F
Slide 17: Continued Focus on Monetization
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE FY2025 Gross Proceeds1 $7.3B Continued Focus on Monetization MARCH 2026 QUARTER GROSS PROCEEDS2 with $7B+ in Exits $2.5B in FY2025 Largest Exits by Gross Proceeds3 As of March 31, 2026 SVF1 SVF2 SVF2 SVF2 Full Exit IPO Monetization Full Exit Full E
Slide 18: Sōzō AI: Accelerating AI Across the SoftBank Ecosystem
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Sōzō AI: Accelerating AI Across the SoftBank Ecosystem As of March 31, 2026 April 8 – 9, 2026 San Francisco, USA Convened 100+ portfolio company Founders & CEOs to shape the next era of AI — mobilizing SoftBank’s network and OpenAI’s category leade
Slide 19: Vision Funds: Advancing SoftBank's Mission to Realize ASI
SVF1 SVF2 LATAM Vision Funds: Advancing SoftBank’s Mission to Realize ASI AI Adoption Outpacing the PC & Internet Revolutions $91B in Our ASI-Ready Portfolio Technology Adoption (%)1 Internet Years Since Launch PCs ASI-Ready AI-Enabled Portfolio2 Portfolio ASI-Ready AI AI Platforms Unrealized Fair V
Slide 20: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 21: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to March 31, 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 $32.5B $9.4B $3.8B Equity $58.6B $53.0
Slide 22: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2026 Inception to Mar 31 Fund Net Profit2 $13.2 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (6.5) to SBG, Net of 3rd SBG LP Income: 6.7 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 23: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of March 31, 2026 $20.0B $34.4B Net Asset Value3 Distributions4 $14.4B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 24: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $98.0B to SBG SBG Total Value2 As of March 31, 2026 $105.1B $114.2B 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 P
Slide 25: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $5.7B $6.7B Net Asset Value3 As of March 31, 2026 Distributions4 $1.0B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SB
Slide 26: Ethos: Insurtech Leader Raised $200mm in IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Total Cost1 Total Fair Value2 Gross MOIC3 $138mm $35mm 0.3x Ethos: Insurtech Average Cost4 & Trading Activity5 NASDAQ: LIFE Leader Raised $200mm in IPO INVESTMENT – JUL 2021 $44.18 As of March 31, 2026 LISTING – JAN 2026 MAR 31, 2026 $19.00 $11.17 Footnotes:
Slide 27: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 27