Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2025 Earnings Presentation
70 slides from Softbank's earnings presentation, Aug 7, 2025
Slide 1: Q1 FY2025 Earnings Results
Q1 FY2025 Earnings Results SoftBank Group Corp. August 7, 2025 Group 1 Three-month period ended June 30, 2025
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: In 2016, AlphaGo defeated the World's top Go player
In 2016, AlphaGo defeated the World’s top Go player 3
Slide 4: Deep Learning and Generative AI timeline
2012 2018 2023 2025 Google Bard and AlexNet won at Google announced DeepSeek-R1 Meta Llama ImageNet BERT launched launched 2016 2020 2022 2024 2025 AlphaGo OpenAI ChatGPT GPT-4o launched Defeated a Go GPT-3 launched AI agent launched (Omni model) player launched 3rd AI boom 4th AI boom Deep Learning
Slide 5: Earnings Presentation on Nov 9, 2020
Earnings Presentation on Nov 9, 2020 5
Slide 6: Return on AI Investments
NAV Jun 30, 2025 Return on AI Investments ¥32.4T Arm ($224B) SVF1/SVF2/ Pro forma LatAm Funds SoftBank Corp. T-Mobile/ ¥29.6TAug 6, 2025 Deutsche Telekom Alibaba Yahoo Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Apportioned based on the proportionated
Slide 7: The Dot-Com Bubble and Its Collapse
SBG Share Price Jul 25, 2025 Close: ¥12,205 (Record high) Jul 11, 2024 Intraday: ¥12,485 (Record high) Close: ¥11,920 (prev. record high) Intraday: ¥12,180 (prev. record high) Feb 18, 2000 Mar 16, 2021 ¥10,111 Close: ¥10,620 The Dot-Com Bubble and Its Collapse Jul 22, 1994 Nov 18, 2002 IPO ¥138 Jul
Slide 8: SBG Share Price
SBG Share Price Aug 7, 2025 ¥12,560 (Record high) Jul 11, 2024 Feb 18, 2000 ¥11,920 ¥10,111 Mar 12, 2021 ¥10,635 Jul 22, 1994 IPO Jul 1994 Jul 1999 Jul 2004 Jul 2009 Jul 2014 Jul 2019 Jul 2024 Closing prices 8
Slide 9: SBG's NAV and Market Capitalization
SBG’s NAV and Market Capitalization (Pro forma as of Aug 6, 2025) NAV ¥29.6T Discount 40％ Market cap ¥17.7T 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Apportioned based on the proportionated value of each equity holding at the end of each quarter For details of N
Slide 10: Q1 FY2025 Highlights
Q1 FY2025 Highlights 1 Net income of ¥421.8B (+¥596.1B YoY) NAV climbed to ¥32.4T (+¥6.7T QoQ) driven by strong 2 performance of Arm shares LTV improved to 17.0% (-1.0ppt QoQ) and cash position 3 rose to ¥3.7T (+¥0.3T QoQ), despite large investments Pursuing NAV growth with Arm and OpenAI as twin 4
Slide 11: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 11
Slide 12: Consolidated Results
Consolidated Results (¥ B) FY2024 FY2025 Change Q1 Q1 Net sales 1,701.7 1,820.3 +118.6 Gain/loss on 559.7 486.9 -72.8 investments Income before 225.7 689.9 +464.2 income tax Net income -174.3 421.8 +596.1 Net income: Net income attributable to owners of the parent 12
Slide 13: Gain/Loss on Investments and Net Income (quarterly)
Gain/Loss on Investments and Net Income (quarterly) (¥ B) 2,091.3 Gain/loss on investments Net income 1,531.1 1,179.6 SVF profit growth 559.7 517.2 486.9 421.8 -174.3 -369.2 -481.0 Q1 Q2 Q3 Q4 Q1 FY2024 FY2025 Net income: Net income attributable to owners of the parent 13
Slide 14: Impact of Forex Gain/Loss on Net Income (quarterly)
Impact of Forex Gain/Loss on Net Income (quarterly) Quarter-end forex rates (¥/$) 161.07 158.18 151.41 149.52 147.63 142.73 144.81 (Q4 FY2023) Aug 6, 2025 1,179.6 (¥ B) Forex gain/loss Net income 517.2 421.8 733.0 143.3 278.9 -174.3 -369.2 -443.9 -540.9 Q1 Q2 Q3 Q4 Q1 FY2024 FY2025 Net income: Net i
Slide 15: Key Indicators
Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. 15
Slide 16: Key Indicators: NAV, LTV, Cash position
Key Indicators Mar 31, 2025 Jun 30, 2025 NAV ¥25.7T ¥32.4T (Net Asset Value) LTV (Net debt / Equity value of holdings) 18.0% 17.0 % Cash position ¥3.4T ¥3.7T For details of NAV and LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2025)" and "Definition and Cal
Slide 17: NAV
NAV (¥ T) 35.3 32.4 29.0 29.3 29.6 27.8 25.7 19.4 16.5 13.4 13.7 13.2 14.4 19.2 10.6 16.4 15.5 6.1 3.9 3.4 Arm 8.5 8.3 7.7 8.8 8.9 8.1 7.6 SVF1/SVF2/ 7.3 7.3 LatAm Funds 7.3 2.9 2.6 SoftBank Corp. 2.9 2.7 2.9 2.9 2.5 2.9 T-Mobile/ 2.2 2.4 1.9 2.6 2.5 2.9 3.1 2.1 2.1 Deutsche Telekom 1.3 1.3 1.7 1.3
Slide 18: LTV
LTV Net of asset-backed finance 40% 35％ (upper limit during emergencies) 30% 25％ (in normal times) Improved despite large- 18.4% 20% 18.0% 17.0% scale 12.9% 10.6% 11.5% 12.5% investments 10% 8.0% 8.4% 7.8% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Pro forma FY2023 FY2024 FY2025 Aug 6, 2025 As of the end of each
Slide 19: Cash Position
Cash Position (¥ T) 6.0 5.8 Maintained abundant level even after large- 5.1 5.0 4.7 4.6 5.0 scale investments 4.4 4.0 3.8 3.7 3.7 3.4 3.0 2.0 1.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Pro forma FY2023 FY2024 FY2025 Aug 6, 2025 As of the end of each quarter Cash position: Cash and cash equivalents + short t
Slide 20: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 20
Slide 21: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) USD basis (SVF Segment) SVF ($ M) Significant profit growth SVF1: +$3,563M 5,006 SVF2: +$788M 4,049 LatAm/others: +$654M 12 1,159 -2,331 Q1 Q2 Q3 Q4 Q1 FY2024 FY2025 The information contained herein is provided solely for illustrative purposes on an SBG basis and
Slide 22: Breakdown of Gain/Loss on Investments (Q1 FY2025)
Breakdown of Gain/Loss on Investments (Q1 FY2025) USD basis SVF (SVF Segment) ($ M) SVF1 SVF2 + LatAm + others +$3,563M +$1,443M Total Exited 244 Market factors 324 Primarily Coupang 210 Other Total Public portfolio companies 2,930 Market factors 909 Primarily Symbotic 949 Public portfolio companies
Slide 23: Gain/Loss on Investments (cumulative)
Gain/Loss on Investments (cumulative) USD basis (SVF Segment) SVF $12.9B recovery from the Q4 FY2022 low 4,532 SVF1: +$27.0B ($ M) SVF2: -$22.1B LatAm+others: -$0.3B 698 -475 Recovering -1,634 steadily -2,975 -3,364 -3,352 -7,061 -7,208 -8,365 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY2022 FY2023 FY2024 FY202
Slide 24: Cumulative Investment Return (as of Jun 30, 2025)
Cumulative Investment Return (as of Jun 30, 2025) SVF SVF1 SVF2 + LatAm + others ($ B) +$3.6B QoQ Investment period Exited ended in 2019 116.6 +$10.1B QoQ Public companies (investments before exit) 89.6 +$11.5B QoQ Private companies 68.5 78.2 (investments before exit) 14.6 48.3 4.8 55.8 Derivatives/
Slide 25: Public Listings and Pipeline
Public Listings and Pipeline SVF A robust pipeline for future public listings Public listings (since inception) Total fair value of late-stage portfolio $45B (+$9B QoQ) 57listings 株式公開実績 （活動開始来累計） Select late-stage portfolio companies Listings in Q1 FY2025 2 listings Publicly filed (May 2025) (Jun 2
Slide 26: IPO in Q1 FY2025
IPO in Q1 FY2025 SVF A leading US neobank providing A personal investing platform customers with low-cost, opening the world’s markets ($) mobile-first banking services ($) to everyone 40 37.1 80 34.5 33.5 70 67.0 66.6 30 27.0 60 IPO price 52.0 56.3 IPO price 20 50 Jun 12 Jun 30 Aug 6 May 14 Jun 30
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Slide 28: IPO preparations progressing well
IPO preparations progressing well This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations of offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act o
Slide 29: Number of Registered Users
Number of Registered Users More than 1 in 2 people in Japan ~2 out of 3 smartphone users in Japan 69.81 70 (M users) 60 Achieved 70M users on Jul 15, 2025 30 Oct 2018 Launch 0 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Jul 15 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 2025 (Source) PayPay Corporation More
Slide 30: Key Consolidated Indicators
Key Consolidated Indicators GMV EBITDA Up 24% YoY Up 87% YoY 4.5 21.9 (¥ T) (¥ B) 4 3.6 18 3.0 11.7 3.6 0 0 Q1 Q1 Q1 Q1 Q1 Q1 FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 (Source) PayPay Corporation (Source) PayPay Corporation Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, PayPay Credi
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Slide 32: Revenue (quarterly) (US-GAAP)
Revenue (quarterly) (US-GAAP) ($ M) License and other revenue Royalty revenue 1,053 939 468 675 472 Royalty revenue 25% YoY 275 Up 585 467 400 Q1 Q1 Q1 FY2023 FY2024 FY2025 (Source) Arm See Arm Investor Relations website (https://investors.arm.com/) for details. License and other revenue refers to r
Slide 33: Non-GAAP Operating Income (quarterly)
Non-GAAP Operating Income (quarterly) (US-GAAP) ($ M) $142M YoY increase in non-GAAP R&D expense Increased R&D 448 412 investment to accelerate 272 sustainable growth Q1 Q1 Q1 FY2023 FY2024 FY2025 (Source) Arm See the end of Arm’s FYE26-Q1 Shareholder Letter for a reconciliation of Non-GAAP Operatin
Slide 34: Continued Penetration of Compute Subsystems (CSS)
Continued Penetration of Compute Subsystems (CSS) Enables shorter development time while delivering best in class Enables higher royalty rates by utilizing multiple Arm technologies Number of cumulative licenses Automotive 16 PC 1 Mobile 13 2 5 are shipped as chips 12 1 Data center 11 1 1 1 5 Contri
Slide 35: Expanding Shares in the Cloud Market
Expanding Shares in the Cloud Market Expect ~50% of all new server chips Estimate that more than 70,000 shipped to top hyperscalers in 2025 to companies are running cloud workloads be Arm-based on Arm-based chips >14x increase 2021 2025 (Source) Arm 35
Slide 36: Guidance (US-GAAP)
Guidance (US-GAAP) In the long term, both revenue and profit are expected to grow strongly Q2 FY2025 Revenue $1.01B - $1.11B YoY (+19.7% - +31.5%) Non-GAAP operating expense ~$655M Non-GAAP fully diluted earnings per share $0.29 - $0.37 (Source) Arm Visit Arm Investor Relations website (https://inve
Slide 37: OpenAI
OpenAl
Slide 38: Follow-on Investment Commitment (Mar 2025)
Follow-on Investment Commitment (Mar 2025) Co-investors (syndication) Investment commitment $30B Up to Up to $40B $10B (expected) 1st Closing $10B $7.5B $2.5B (completed) (from SVF2) 2nd Closing Up to $30B $22.5B $7.5B (シンジケーション) (expected) (expected) The first closing of $10 billion was completed o
Slide 39: Progress on Syndication
Progress on Syndication ($ B) 3.2 Excess 10 $5.7B from 2.5 2.5 Co-investors 20+ co-investors +others 7.5 7.5 SVF2 Investment from SVF2: $7.5B Upon completion of Jul 31 syndication for the 2025 1st closing Syndication: For 90 days from the first closing, SVF2 can syndicate an additional $1 billion to
Slide 40: Weekly Active Users (Global)
Weekly Active Users (Global) ~700M (M users) Growth 500 accelerating 250 0 Nov Aug Oct Dec Feb Mar Aug 2023 2024 2024 2024 2025 2025 2025 (Source) OpenAI 40
Slide 41: Annual Recurring Revenue (ARR)
Annual Recurring Revenue (ARR) ($ B) Achieved $12B ARR 12.0 in just ~2.5 yrs after ChatGPT launch 5.5 As of Dec 2024 As of Jun 2025 Reference: ARR as of Dec 2024 ($5.5B): Article from CNBC dated Jun 9, 2025, titled “OpenAI hits $10 billion in annual recurring revenue fueled by ChatGPT growth” ARR as
Slide 42: Release of ChatGPT agent
Release of ChatGPT agent Unified agentic system that brings together web browsing, website interaction, information synthesis, and conversational capabilities, designed to think and act on its own Use cases Shopping Presentation creation Productivity tasks Other ・・・ Automates the process Creates pre
Slide 43: Driving the AI Revolution Forward
Driving the AI Revolution Forward × 43
Slide 44: Full-scale Deployment of AI agents across the Group
Full-scale Deployment of AI agents across the Group 100M customers 50K employees 2,500 systems AI agent Cristal This slide represents current plans and is not a guarantee of the future. Cristal intelligence is a provisional name and not the official product name. 44
Slide 45: Toward 1 Billion AI agents by 2025
Toward 1 Billion AI agents by 2025 AI Operators (call centers) Commerce Agent (shopping) Swift and tailored responses enabled by Personalized product recommendations understanding both new campaigns and past powered by purchase history and balance issues insights 45
Slide 46: Stargate: Infrastructure Project Powering AI Compute
Infrastructure Project Powering AI Compute Stargate Energy Data Center Semiconductor / System 46
Slide 47: Financial Strategy
Financial Strategy 47
Slide 48: Financial policy unchanged
Financial Policy Financial policy unchanged Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2-year worth of bond redemptions in cash 48
Slide 49: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) ($ B) 8.4 SVF2’s $7.5B Investment in OpenAI 3.4 1.9 2.0 XX%で終了 0.6 0.9 Q1 Q2 Q3 Q4 Q1 FY2024 FY2025 SBG investment amount: Investment (excluding investments in U.S. Treasury Bonds) by SBG, SBG’s primary wholly owned subsidiaries, and Robo HD, plus the amount paid to thir
Slide 50: Sale of T-Mobile Shares
Sale of T-Mobile Shares Sold 21.5M shares in Jun 2025 and 13.0M shares in Aug 2025 85.4 (M shares) 21.5 Sold in Jun 34.5M shares sold for 13.0 Sold in Aug $7.8B in total Remaining shares 50.8 at fair value: $12.2B Fair value of the remaining holdings is calculated based on the closing price on Aug 5
Slide 51: Early Unwind of Derivatives Using DT Shares
Early Unwind of Derivatives Using DT Shares The derivatives using Deutsche Telekom shares, through which €2.6 billion was raised in Oct 2021, were unwound early in Aug 2025 (M shares) 225 ~€1.2B cash received 133.5 Subject to in lump sum through early unwind early unwind Underlying shares 73.5 Physi
Slide 52: Completion of Share Repurchase Program
Completion of Share Repurchase Program ¥500B 42.03M shares (3.0% of shares outstanding) repurchased by the completion of the program on Aug 7, 2025 Acquisition Amount Repurchased Completed at ¥XXXB Average purchase price: ¥7,857 ¥330.3B (XX% of cap) (66% of the authorized limit) ¥500B: Share repurch
Slide 53: SBG Share Price Trend (Sep 2023 - Aug 2025)
SBG Share Price Trend (Sep 1, 2023 - Aug 7, 2025) Aug 7, 2025 Jul 11, 2024 ¥12,560 (Record high） (¥) ¥11,920 Jul 25, 2025 ¥12,205 12,000 10,000 Aug 7, 2025 8,000 Hit a record high 6,000 since IPO 4,000 Sep 13, 2023 (Arm listing) Apr 7, 2025 ¥6,631 ¥5,835 (recent low) 2,000 0 Sep 1 Mar 31 Jun 30 Sep
Slide 54: NAV Discount
NAV Discount 57% 58% 58% 55% 54% NAV discount A gradual 45％ 40 40 40％ reduction (¥ T) 35.3 35 32.4 35 29.0 29.4 29.6 30 NAV 30 25.7 25 25 20 20 17.7 15.2 15.0 15 12.2 13.2 15 10.8 Market cap 10 10 5 5 0 0 1Q 2Q 3Q 4Q 1Q Pro Forma FY2024 FY2025 Aug 6, 2025 At the end of each quarter For details on NA
Slide 55: Q1 FY2025 Highlights
Q1 FY2025 Highlights 1 Net income of ¥421.8B (+¥596.1B YoY) NAV climbed to ¥32.4T (+¥6.7T QoQ) driven by strong 2 performance of Arm shares LTV improved to 17.0% (-1.0ppt QoQ) and cash position 3 rose to ¥3.7T (+¥0.3T QoQ), despite large investments Pursuing NAV growth with Arm and OpenAI as twin 4
Slide 56: To be the No.1 ASI Platform Provider
To be the No.1 ASI Platform Provider after 10 years at annual general meeting of shareholders Jun 27, 2025 56
Slide 57: (Semiconduc (Semiconductor design)
(Semiconduc (Semiconductor (AI model) design) tor Design) 57
Slide 58: Information Revolution—Happiness for Everyone
Information Revolution —Happiness for Everyone 58 58
Slide 59: SoftBank
SoftBank
Slide 60: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 60
Slide 61: Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2025) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 62: Definition and Calculation Method of SBG's NAV and LTV (Pro forma)
Definition and Calculation Method of SBG’s NAV and LTV (Pro forma based on Jun 30, 2025) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares hel
Slide 63: Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2025)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2025) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 64: Monetization and Capital Allocation (Q1 FY2025)
Monetization and Capital Allocation (Q1 FY2025) （¥ T） +2.1 0.1 Financing and Share repurchase 3.7 debt repayment 1.4 1.2 SVF+SBG investments 3.4 Arm margin loan 0.7 Arm margin loan undrawn capacity 0.7 0.8 -1.3 0.5 undrawn capacity Monetization, etc. Corporate income tax: -0.3 2.6 2.9 Cash position
Slide 65: SVF1: Gain/Loss on Investments
SVF1: Gain/Loss on Investments USD basis (SVF Segment) SVF Q4 FY2024 Q1 FY2025 +$1,848M +$3,563M Realized Realized gain/loss Unrealized gain/loss Others gain/loss Unrealized gain/loss Others Markup +$214M +$3,077M (20 co) +$1M +$951M +$4,239M (21 co) +$17M +$864M +$130M +$147M +$1,565M – +$370M +$3,
Slide 66: SVF2: Gain/Loss on Investments
SVF2: Gain/Loss on Investments USD basis (SVF Segment) SVF Q4 FY2024 Q1 FY2025 -$708M +$788M Realized Realized gain/loss Unrealized gain/loss Others gain/loss Unrealized gain/loss Others Markup +$47M +$2,280M (66 co) +$75M +$85M +$4,098M (95 co) +$79M +$114M +$1,220M +$438M +$49M +$110M +$349M +$641
Slide 67: SVF1 Public Portfolio Companies (as of Jun 30, 2025)
SVF1 Public Portfolio Companies (as of Jun 30, 2025) SVF (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF1
Slide 68: SVF2 Public Portfolio Companies (as of Jun 30, 2025)
SVF2 Public Portfolio Companies (as of Jun 30, 2025) SVF (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF2
Slide 69: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Mar 31, 2025 Jun 30, 2025 Others Others T-Mobile/ T-Mobile/ Deutsche Telekom 7% Deutsche Telekom 6% 7% 12% Arm SoftBank Arm Corp. 51% 41% 9% SoftBank Corp. 10% 27% 30% SVF SVF Apportioned based on the pro
Slide 70: Equity Value of Holdings: Listed Share Ratio
Equity Value of Holdings: Listed Share Ratio Equity value of holdings basis (¥ T) *Parenthesis represents the proportion of the total Net of asset-backed finance 6.8 9.4 (18%) (24%) Unlisted 31.5 Listed share ratio (82%) 29.7 76％ (76%) Listed 11.2 (51%) 10.8 (64%) 10.5 (49%) 6.1 (36%) 2022年1月末 Jun 3