Softbank Group Corp. · TSE:9984
Softbank — Q2 FY2025 Earnings Presentation
104 slides from Softbank's earnings presentation, Nov 11, 2025
Slide 1: Q2 FY2025 Earnings Results Investor Briefing
Q2 FY2025 Earnings Results Investor Briefing November 11, 2025 SoftBank Group Corp. Six-month period ended September 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: Exchange rates and abbreviations
Exchange rates per JPY used for translation FY2024 FY2025 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 156.53 150.26 151.32 152.95 145.19 147.50 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 148.88 Abbreviations Abbreviations used in Accounting and Finance section
Slide 4: Index
Index • Accounting • Finance • SoftBank Vision & LatAm Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results FY24 FY25 (¥ B) Q1-Q2 Q1-Q2 Change Change % Net sales 3,469.9 3,736.8 +266.9 +7.7% Income before 1,461.1 3,686.4 +2,225.2 +152.3% income tax Net income (attributable to owners of the 1,005.3 2,924.1 +1,918.7 +190.9% parent) (Reference) Gain/loss on investments 2,651.0 3,926.7 +1
Slide 7: Follow-on Investments in OpenAI Committed to in March 2025
Follow-on Investments in OpenAI Committed to in March 2025 • In Mar 2025, SBG entered into a definitive agreement to make follow-on investments in OpenAI Global of up to $40.0B (SBG’s effective investment amount is expected to be $30.0B, after deducting $10.0B to be syndicated to co-investors). • Fi
Slide 8: Investments in OpenAI - 1
Investments in OpenAI - 1 Equity interests Forward contract (convertible interest rights (right to make follow-on and employee vehicle units) investment in OpenAI) 18.5 ($ B) 6.6 Recorded in FY25Q2 (see p9) 1.1 Recorded in FY24 8.0 All the gains Investment gain recorded in FY25Q2 Investment cost 10.
Slide 9: Investments in OpenAI - 2
Investments in OpenAI - 2 Investment Amount and Cumulative Investment Gain Investment amount Fair value Cumulative Type of investment as of Sep 30, investment FY25 FY24 Cumulative 2025 gain Q1-Q2 Equity interests $2.2B $8.6B $10.8B $18.5B $7.7B OpenAI Forward Contract － － － $8.0B $8.0B Total $2.2B $
Slide 10: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment (¥ B) FY24 FY25 P/L item FY25Q1-Q2 main items Q1-Q2 Q1-Q2 Gain/loss on investments at Investment 2,116.8 364.0 Business of Holding Companies Realized gain/loss at asset management subsidiaries 0.4 -36.9 Unrealized gain/loss on valuation at asset 8.0 2
Slide 11: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $239.38 $220.73 Share price $206.36 Number of 85.4 85.4 85.4 63.9 45.2 shares held (M) -21.5 -18.7 (Equiv. to 21.5M shares) 5,734 Sold 40.2M shares for $9.2B*1 in FY25Q1-Q2 (Equiv. to 18.7M shares) 4,452 Recorded ¥465.0B realized gain Granted call
Slide 12: Deutsche Telekom: Shareholding & Fair Values
Deutsche Telekom: Shareholding & Fair Values €34.22 €30.97 €28.99 €28.78 €26.39 Share price Number of 225.0 225.0 205.5 166.5 10.8 shares held (M) -19.5 -39.0 -155.7 Generated $2.4B* proceeds in FY25Q1-Q2 1,445 (Equiv. to from settlement of collar transactions using DT 39.0M shares) Fair value ($ M)
Slide 13: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment (¥ B) FY24 FY25 P/L Q1-Q2 Q1-Q2 FY25Q1-Q2 ｍain items Includes gains and losses associated with investments in the Gain/loss on investments at SoftBank Vision Funds 610.4 3,536.2 Company’s subsidiaries Gain/loss on investments at SVF1, SVF2, and LatAm Funds 639.1 3,491.4
Slide 14: (Reference) Investment Performance of SVF1 and SVF2
(Reference) Investment Performance of SVF1 and SVF2 ($ B) Since Inception FY25*1 Gain/loss Gain/loss Cost*2 Returns*2 Gain/loss Q2 Q1-Q2 SVF1 89.5 122.3 32.8 5.8 9.3 Exited investments 48.9 69.7 20.8 0.6 1.1 Investments before exit 40.6 50.1 9.5 5.7 8.8 Reversal of previously-recorded valuation gain
Slide 15: Consolidated P/L Summary
Consolidated P/L Summary (¥ B) FY24 FY25 P/L item Change Q1-Q2 Q1-Q2 Net sales 3,469.9 3,736.8 +266.9 1 ・¥404.6B investment loss on TMo shares Gross profit 1,851.1 1,960.2 +109.1 ・¥166.6B investment loss on Alibaba shares Gain/loss on investments ・¥354.4B investment gain on NVIDIA shares Investment
Slide 16: Consolidated B/S Summary – Non-current assets
Consolidated B/S Summary – 1 (¥ B) B/S Main items Mar 2025 Sep 2025 Change item 9,432.9 11,928.1 +2,495.2 1 Investment Business of Holding Companies segment (incl. SBG and its wholly Current assets Cash and cash equivalents 3,713.0 1 4,980.8 +1,267.8 owned subsidiaries conducting fund procurement, e
Slide 17: Investment Securities in Consolidated B/S (Main Investments)
Investment Securities in Consolidated B/S (Main Investments) (¥ B) Mar 2025 Sep 2025 Change Outline Investment securities 8,040.1 5,290.0 -2,750.1 FVTPL 7,124.4 4,129.1 -2,995.3 3,404.1 1,610.0 -1,794.1 Decreased due to sale of 40.2M TMo shares and lower T-Mobile $22,767M $10,814M -$11,953M share pr
Slide 18: Breakdown of Goodwill/Intangible Assets
Breakdown of Goodwill/Intangible Assets (¥ B) Change B/S Main items Mar 2025 Sep 2025 Amorti- Changes in Outline Item Others zation FX rate 5,781.9 5,957.9 * Arm 3,540.4 3,525.3 ― -15.1 ― Goodwill SBKK 914.9 914.9 ― ― ― LY 478.3 478.3 ― ― ― ZOZO 214.0 214.0 ― ― ― Graphcore 85.1 84.8 ― -0.3 ― Became
Slide 19: Consolidated B/S Summary – Non-current liabilities
Consolidated B/S Summary – 2 (¥ B) B/S Main items Mar 2025 Sep 2025 Change item 12,601.7 12,999.3 +397.6 Interest-bearing debt 5,629.6 1 6,407.1 +777.4 1 SBG Borrowings*: ¥3,076.2B (¥1,300.7B increase) Lease liabilities 165.4 173.0 +7.7 Current liabilities Corporate bonds*: ¥7,253.0B (¥584.5B increa
Slide 20: Consolidated B/S Summary – Equity
Consolidated B/S Summary – 3 (¥ B) B/S Mar Sep Main items Change Item 2025 2025 13,953.0 16,860.0 +2,907.0 Common stock 238.8 238.8 ― 1 ¥2,924.1B net income attributable to owners of the parent Capital surplus 3,376.7 3,409.9 +33.2 2 ¥93.2B in share repurchase Other equity instruments 193.2 193.2 ―
Slide 21: Impact of the Stronger Yen on P/L & B/S (Illustration)
Impact of the Stronger Yen on P/L & B/S (Illustration) P/L B/S Entities Components Foreign exchange Exchange differences gain (loss) from translation Foreign currency- denominated cash and cash equivalents/ SBG stand-alone + Loans receivable Foreign exchange loss Subsidiaries conducting (excl. inves
Slide 22: Impact of the Stronger Yen in FY25Q1-Q2
Impact of the Stronger Yen in FY25Q1-Q2 (from ¥149.52/$ to ¥148.88/$) Foreign exchange gain in consolidated P/L for FY25Q1-Q2: ¥21.2B At SBG stand-alone: Foreign exchange gain of ¥7.6B related to foreign currency-denominated borrowings from Group companies and loss of ¥59.1B related to foreign curre
Slide 23: Consolidated C/F Summary
Consolidated C/F Summary (¥ B) C/F FY24 FY25 1 ¥119.9B net outflow, mainly due to payment of income taxes Primary details for FY25Q1-Q2 item Q1-Q2 Q1-Q2 2 ・Outlays of ¥408.6B at SBG and 100% subsidiaries (mainly C/F from +588.6 Subtotal of cash flows from operating activities $2.0B investment in Int
Slide 24: Income Taxes Paid on a Consolidated Basis (Net)
Income Taxes Paid on a Consolidated Basis (Net) (¥ B) 5-year FY25 FY20 FY21 FY22 FY23 FY24 Total Q1-Q2 Consolidated 324.5 589.3 525.9 816.8 215.2 2,471.7 463.7 Japan 189.5 551.2 469.7 717.0 131.6 2,059.0 417.7 SBG and intermediate holding companies (wholly -85.3 200.0 214.2 443.3 -46.1 726.1 292.4 o
Slide 25: Co-investment Program to SVF2: Related Party Transactions
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests Masayoshi SBG FY25Q2: $― (¥―) Son* 1 FY24: $― (¥―) Equity interests: 17.25% (B) (A) Distribution: $173M Equity acquisition amount: $2,923M 100% (Return of capital) (i) Acquisition costs: $2,594M (comm
Slide 26: 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 FY25Q2: $58M (¥8.7B) FY24: $34M (¥5.2B) Masayoshi SBG Masayoshi Son SBG
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 SoftBank Corp. (including its subsidiaries), Arm, SVF1, SVF2, LatAm Funds, etc.
Slide 28: Market Environment
Market Environment Equity markets strengthened reflecting growing expectations for AI Our share price, after reaching an all-time high, has since pulled back Stock Indices and SBG*1 Key Portfolio Companies*1 FX Rate (USD/JPY) (JPY) 300 160 160 250 SBG 140 155 JPY 242 154.1 Arm 126 200 120 150 SoftBa
Slide 29: Historical NAV
Historical NAV NAV reached a new record high Q2 Pro forma (Nov 10)* ¥36.2T Sep 30, 2025 ¥33.3T Sep 2023 Arm IPO Arm SVFs Alibaba SoftBank Corp. T-Mobile/ Yahoo! Deutsche Telekom Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Internet Broadband Mobile AI
Slide 30: FY2025 Q2 – Key Indicators
FY2025 Q2– Key Indicators NAV continues to grow, with all key indicators showing improvement FY2025 Q1 Q2 Key Drivers of Change SVF (incl. OpenAI) value increase (+¥2.6T), NAV ¥32.4T ¥33.3T JPY depreciation/USD appreciation (+¥1.0T), Arm share price decline (-¥2.7T) (+¥0.9T) Monetization of T-Mobile
Slide 31: FY2025 Q2 – Financial Summary
FY2025 Q2 – Financial Summary Leveraging diverse funding channels for large-scale investments Key Activities Debt funding Foreign senior bonds issuance $4.2B ¥624.1B Domestic hybrid bonds issuance $1.3B ¥200.0B Of which ¥126.0B allocated to replacement Commitment line $6.0B ¥900.6B Refinanced and in
Slide 32: Historical Equity Value of Holdings
Historical Equity Value of Holdings Hit a record high, expanding to around ¥40T, driven by increase in the values of OpenAI and Arm (¥ T) Net of asset-backed finance 42.8 39.0 39.9 33.1 33.7 31.4 20.7 18.2 19.8 Share price Share price $154.84 16.5 15.4 12.9 $141.49 SVFs 13.3 13.7 9.5 9.4 10.6 8.6 So
Slide 33: Historical LTV
Historical LTV LTV remained stable, supported by increasing equity value of holdings and monetization, while investments progressed 35% (times of emergency) 25% (normal times) 21.6% 20.4% 18.7% 18.0% 18.2% 17.0% 16.5%* 15.9% 14.5% 15.0% 12.5% 12.9% 12.2% 11.5% 11.0% 10.6% 8.0% 8.4% 7.8% Mar Jun Sep
Slide 34: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) Investment in OpenAI progressed ($ B) 8.4 7.5 3.4 3.2 2.0 1.7 1.1 0.5 Other 0.6 1.7 2.1 1.5 Investments 0.6 0.9 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2025 Q1 FY2025 Q2 • SBG investment amount: Investment (excluding bond investments) by SBG, SBG’s primary wholly owned subsidiar
Slide 35: Key Upcoming Investments
Growth Investments and Source of Funds: Key Upcoming Investments Driving investments to achieve ASI Key Investment Amounts (Announced) FY2025 ($ B) Q1 Q2 Q3 Q4 Total 7.5 1.1 24.0 - 32.6 Additional investment 1st Closing completed: $1.45B Bridge loan drawn 2nd Closing: $22.5B* 6.5 6.5 By the end of 2
Slide 36: Funding Methods for Investment Capital
Growth Investments and Source of Funds: Funding Methods for Investment Capital Accessing diverse financing markets while maintaining LTV discipline Utilizing Assets Held Utilizing Debt Cash Position* Equity Value of Holdings Domestic and Foreign Bonds ¥39.9T Loans ¥4.2T ($268B) ($29B) Hybrid funding
Slide 37: Progress in Long-term Financing and Asset Monetization
Growth Investments and Source of Funds: Progress in Long-term Financing and Asset Monetization Financing for growth investments progressing steadily, with consideration to LTV Utilizing Assets Held Hybrid Funding Utilizing Debt (50% treated as equity capital) LTV Improvement - Total Funding Amount $
Slide 38: Upsize of Margin Loan Using Arm Shares
Growth Investments and Source of Funds: Utilizing Assets Held Upsize of Margin Loan Using Arm Shares Implemented upsize of $6.5B, bringing the total to $20B Confirmed strong commitments from financial institutions, backed by solid share price performance since IPO Margin Loan Using Arm Shares Compar
Slide 39: Utilization of Bonds and Loans
Growth Investments and Source of Funds: Utilizing Hybrid Debt Funding Utilization of Bonds and Loans Executed financing across diverse markets supported by a wide range of investors and financial institutions Past Initiatives FY2025 Achievements Bridge loan $15.0B (of which $1B repaid) Long term rel
Slide 40: Hybrid Funding
Growth Investments and Source of Funds: Hybrid Funding Hybrid Funding Actively executed hybrid financing with equity treatment, leveraging favorable market conditions amid continued investment activity First foreign currency-denominated hybrid bond issuance in seven years Hybrid Bonds Issuance (Sep–
Slide 41: Bond Redemption Schedule
Bond Redemption Schedule Completed refinancing for FY2025 Domestic senior bonds Domestic subordinated bonds (¥ B) Domestic hybrid bonds 1,631.4 Foreign currency-denominated senior bonds 1,459.3 1,424.2 Foreign currency-denominated hybrid bonds 380.3 89.3 134.0 200.0 1,097.4 222.0 370.2 999.0 164.5 8
Slide 42: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Increased mainly due to bond issuance Main changes from Jun 30, 2025 (¥ B) Subsidiaries’ debt 13,249.7 12,951.9 Settlement of collar transactions using Deutsche Telekom shares 12,326.1 12,605.9 • -¥341.4B 12,139.2 Non-recourse SBG stand-alone interest-bearing
Slide 43: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Cash position increased amid ongoing investments, supported by asset monetization, distribution received, and bond issuances (¥ B) 3,502.4 SB Northstar*1 3,307.0 2,986.2 2,933.9 2,623.3 3,502.4 Main changes from Jun 30, 2025 3,289.9 2,974.4 2,933.9 Increase Decrease 2,6
Slide 44: Cash Position and Future Bond Redemptions
Cash Position and Future Bond Redemptions Maintain ample cash position, well over 2 year's worth of bond redemptions Cash Position Bond Redemption Schedule (Incl. the first call of hybrid bonds) ¥ 4.2 T ($29B) (¥ B) Undrawn Arm margin loan 744.4 borrowing capacity ＞ Bond redemptions for the next 2 y
Slide 45: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Slightly decreased due to asset monetization and receipts from distributions, despite ongoing investment activity (¥ B) 10,275.3 9,662.0 9,516.0 9,392.2 9,103.5 Finance-related adjustments 2,750.1 2,544.5 Asset-backed finance, etc.: ¥2,053.3B 3,853.4 6,144.4
Slide 46: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition Acquisition Acquisition Listing of Listing A+ 14 Japan Telecom of Vodafone KK of Sprint of Arm SoftBank Corp. of Arm 800 A 13 700 A- 12 600 (Negative) BBB+ 11 BBB10 500 S&P BB+ BBB-9 400 BB+ 8 300 BB 7 (Stable) 200 BB- 6 B+ 5 100 4 0 (CY) '0
Slide 47: SBG Share Price (Since IPO)
SBG Share Price (Since IPO) Oct 29, 2025 Closing price: ¥27,315 Intraday high: ¥27,695 (record high) Latest closing price Sep 30, 2025 Nov 10, 2025 ¥18,685 ¥22,255 Q1 Earnings Aug 7, 2025 Feb 18, 2000 ¥12,560 ¥10,111 Jul 22, 1994 IPO Jul 1994 Jul 1999 Jul 2004 Jul 2009 Jul 2014 Jul 2019 Jul 2024 Fin
Slide 48: Share Split
Share Split Share split ratio １:４ (Effective date: Jan 1, 2026) Minimum investment amount: from ¥2.23M to ¥0.56M after the share split (one unit = 100 shares) (Based on closing price as of Nov 10, 2025) (Note) See “Share Split and Subsequent Partial Amendment to Articles of Incorporation, and Divide
Slide 49: 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 ma
Slide 50: Appendix
Appendix
Slide 51: SBG Credit Spreads
SBG Credit Spreads Foreign currency-denominated senior bonds spreads 5-year CDS bps USD 2.7Y USD 3.4Y USD 3.7Y USD 5.2Y 450 bps 700 USD 5.7Y USD 5.7Y USD 6.7Y USD 9.7Y SBG 5Y CDS (JPY) EUR 1.2Y EUR 3.7Y EUR 3.2Y EUR 3.9Y EUR 5.7Y EUR 6.7Y EUR 6.7Y EUR 7.7Y 400 600 350 500 300 400 250 200 300 150 200
Slide 52: Calculation of Equity Value of Holdings
Sep 30, 2025: Calculation of Equity Value of Holdings $1=¥148.88 ¥41.9T Equity value of holdings (¥ T) Equity value of holdings Adjustment for (unadjusted) ＝ ー (adjusted) (unadjusted) asset-backed finance Margin loans 2.1 ¥18.2T＝ 923M Share price Margin loan ¥19.4T shares held*1 × $141.49*1 ー ¥1.3T
Slide 53: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥6.56T SBG stand-alone net debt =16.5% (V) Adjusted SBG stand-alone equity value of holdings*1 39.87T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm F
Slide 54: 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 18.18 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($130.6B; Before adjustment 19.44 ¥19,437.4B) Equivalent amount of outstanding debt for margin loa
Slide 55: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥6.56T (V) Adjusted SBG stand-alone ¥39.87T =16.5% equity value of holdings (¥ T) Adjusted SBG Consolidated Other Net debt at self- stand-alone net debt = net debt - financing entities - adjustments 6.56 14.41 5.31 2.5
Slide 56: 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 (before adjustment) 9.10 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Adj
Slide 57: Breakdown of Equity Value of Holdings and Geographical Diversification
Breakdown of Equity Value of Holdings and Geographical Portfolio Diversification Net of asset-backed finance Geographical Portfolio Breakdown of Equity Value of Holdings*1 Diversification*3 Alibaba 5% (Sep 30, 2025) 18% APAC (excl. China Others 41% and Japan) 47% 46% 15% China 6%3% 6% 10% SoftBank 1
Slide 58: Market Environment: Currency Composition
Market Environment 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: ¥3.5T*1 Equity value of holdings: ¥39.9T*2 Interest-bearing debt*3: ¥10.5T EUR, etc. JPY EUR, e
Slide 59: Breakdown of NAV・LTV Change
Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Sales of Others FX* Price 17.0% Assets Others 16.5% SVF +1.0 +0.2 -0.2 distribution +0.05% -2.7: Arm -1.9% +2.6: SVF -0.8% +2.1% +0.2: Others Investments, etc. 32.4 33.3 -1.3%: T-Mobile -0.6%: Deutsche -1.0%: New investment -1.1%: Installments for Tele
Slide 60: Increase/Decrease in Cash Position (FY2025Q1-Q2)
Increase/Decrease in Cash Position (FY2025Q1-Q2 ) (¥ T) +4.1 0.1 Share repurchase 0.6 4th installment payment for Arm Financing and shares transaction consideration 2.0 debt repayment 1.7 SVF+SBG investments 4.2 3.4 -2.3 Arm margin loan 0.9 0.7 2.1 undrawn capacity Arm margin loan undrawn capacity 0
Slide 61: Consolidated Interest-bearing Debt/Cash Position/Net Debt
Consolidated Interest-bearing Debt/Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 SBG stand-alone 13,249.7 12,951.9 12,139.2 12,326.1 12,605.9 SVF1&2 and LatAm Funds 508.3 540.4 501.3 460.9 647.1 SoftBank Segment 6,263
Slide 62: SoftBank
SoftBank
Slide 63: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED SEPTEMBER 30, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL Executive Managing Partner & CFO, SB Investment Advisers & SB Global Advisers
Slide 64: 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 65: 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 66: AI Momentum Continues as IPO Activity Rebounds to Multi-Year High
PERFORMANCE UPDATE PORTFOLIO UPDATE AI Momentum Continues as IPO Activity Rebounds to Multi-Year High As of September 30, 2025 AI Revenues Reached New Highs US IPO Activity at Highest Levels Since 2021 Annualized Revenue1 US IPO Activity2 SELECT IPOs3 Based on 22 AI-Native Companies # of Listings &
Slide 67: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$5.9B +$13.1B +$0.1B +$19.0B SVF1 SVF2 LATAM COMBINED PRIVATE +$3.0B +$12.4B +$0.1B +$15.5B Quarterly PUBLIC +$2.8B +$0.6B +$0.1B +$3.5B Performance Private investment gains Private investment gains Private
Slide 68: Quarterly Performance Brings Gross Cumulative Gains to $24B+
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Quarterly Performance Brings Gross Cumulative Gains to $24B+ As of September 30, 2025 CUMULATIVE GROSS INVESTMENT GAIN/(LOSS) BY YEAR 1 2017 –2025 YTD 2025 YTD PERFORMANCE Acceleration of AI Momentum Sustained AI Momentum Digital Shift Grows Drove
Slide 69: 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 $67.8B $7.8B $174.2B Acquisition Cost1 $87.8B $72.2B $7.6B $167.6B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $35.1B $(9.
Slide 70: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of September 30, 2025 KEY METRICS & FAIR VALUE DRIVERS Other FV Drivers 382 Current and upcoming investment marked in line Current Investments1 with recent employee tender, Executive Order signed September Closed Ser
Slide 71: OpenAI Completed Its Recapitalization, Beginning a New Era
PERFORMANCE UPDATE PORTFOLIO UPDATE SELECT COMPANY UPDATES 1 2 3 SVF2 The OpenAI SoftBank Vision Stockholders participate Foundation continues Fund 2, Microsoft, proportionally in any OpenAI to control OpenAI Group, holding a 26% OpenAI employees, & other investors hold a increase in value of OpenAI
Slide 72: OpenAI Revenue Continues to Scale Significantly
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Revenue Continues to Scale Significantly As of September 30, 2025 ARR EXCEEDS $13B JUST ~2.5 YEARS OPENAI HIT $10B REVENUE MILESTONE SIGNIFICANTLY AFTER CHATGPT LAUNCH FASTER THAN INCUMBENT HYPERSCALERS OPENAI ANNUAL RECURRING REVENUE ($B) 1 # OF YEARS
Slide 73: OpenAI Expands Reach with Strong Partnership & Product Momentum
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Expands Reach with Strong Partnership & Product Momentum As of October 31, 2025 RECENT DEVELOPMENTS1 AI DEMAND CONTINUTES TO REACH NEW HEIGHTS CHATGPT WEEKLY ACTIVE USERS 2 Stargate & Compute Apps in ChatGPT January 2023 – October 2025 Partnerships 800
Slide 74: Our OpenAI Investment is Expected to Total $34B+
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Our OpenAI Investment is Expected to Total $34B+ As of October 31, 2025 SVF2 OPENAI INVESTMENT AMOUNT BY DATE $12.2B SVF2 Investment Amount1 +$22.5B $34.7B $22.5B Upcoming SVF2 Second Close Investment Amount +$2.5B $12.2B $9.7B $34.7B Total SVF2 Investment Am
Slide 75: OpenAI's $12B+ Fair Value Uplift Reflects Continued Growth
PERFORMANCE UPDATE PORTFOLIO UPDATE OPENAI QUARTER-OVER-QUARTER FAIR VALUE CHANGE1 June 2025 to September 2025 SVF2 +$6.2B OpenAI’s $12B+ $12.8B Fair Value Uplift Reflects Continued +$6.6B Growth FV Uplift on FV Uplift on Total As of September 30, 2025 Current Investment Upcoming Investment Quarterl
Slide 76: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of September 30, 2025 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$1,278 $6.0 +27% Reported record high EBIT in Q2 ’2
Slide 77: DiDi Profits Reached All-Time High, Stock Rises 27%
SVF1 PERFORMANCE UPDATE PORTFOLIO UPDATE DiDi Profits Reached All-Time High, Stock Rises 27% During The Quarter As of September 30, 2025 Total Cost1 Total FV2 RECENT STOCK PERFORMANCE6 $12.1B $6.0B OTCPK: DIDIY Sell-Side Coverage Reinitiated $7.00 C OM P ANY HIGHL IGHT S $6.50 $7.8B 70% $440mm $6.00
Slide 78: FinTech Klarna Raised $1.4B in September IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE FinTech Klarna Raised $1.4B in September IPO As of September 30, 2025 Key Metrics $1.7B $0.6B $13.8B Total Cost1 Total Fair Value2 Market Cap3 COMPANY HIGHLIGHTS4 RECENT PERFORMANCE Average Cost5 & Trading Activity6 790k NYSE: KLAR Total Number of Merchants U
Slide 79: Late-Stage Portfolio Valued at $56B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Valued at $56B As of September 30, 2025 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 $56B Late-Stage Portfolio 64% % of Total Private 58 Fair Value3 Unrealized Fair Value3 SELECT COMPANIES2 SVF1 SVF1 Cumulati
Slide 80: Public Exits Overview
SSVVFF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Exits Overview As of September 30, 2025 Gross Realized Proceeds1 $9.2B KE Y M E TR ICS Investment Partial Exits Gross MOIC3 1.2x $11.9B Gross Realized Proceeds1 $46.6B Top 5 Largest Full Exits Total Acquisition Cost2 $32.9B by Gross $7.9B
Slide 81: Distributions Reach $77B+ as Final Arm Payment Received
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Distributions Reach $77B+ as Final Arm Payment Received As of September 30, 2025 SEP 2025 QUARTER CUMULATIVE DISTRIBUTIONS SINCE INCEPTION2 $77.6B +$5.1B CY 2025 DISTRIBUTIONS3 $66.6B Distributions1 +$11.0B $58.0B $53.4B $44.2B SOURCES OF PROCEEDS
Slide 82: SoftBank Continues to Drive the AI Revolution
SVF1 SVF2 LATAM AI ERA SoftBank Continues to Drive AI Era the AI Revolution GDP Per Capita1 1700 to Today INTERNET ERA MOBILE ERA $22T+ Projected Economic Impact of AI by 20302 PC ERA $25.2B SECOND INDUSTRIAL REVOLUTION FIRST YTD Fair Value Gain3 INDUSTRIAL REVOLUTION For Illustrative Purposes Footn
Slide 83: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 84: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to September 30, 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 $31.8B $9.4B $4.5B Equity $58.6B $
Slide 85: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to Sep 30 Fund Net Profit2 $22.0 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (10.7) to SBG, Net of 3rd SBG LP Income: 11.3 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to
Slide 86: SVF1 Contribution to SBG $27.7B
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of September 30, 2025 $25.4B $39.0B Net Asset Value3 Distributions4 $13.6B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2.
Slide 87: SVF2 Contribution to SBG $64.2B
SVF2 SBG Paid-In Capital1 SVF2 Contribution $64.2B to SBG SBG Total Value2 As of September 30, 2025 $42.8B $51.9B 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
Slide 88: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $6.2B $6.9B Net Asset Value3 As of September 30, 2025 Distributions4 $0.7B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions
Slide 89: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 27
Slide 90: SoftBank
SoftBank
Slide 91: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Jason Child Chief Financial Officer November 2025 1
Slide 92: Nomenclature difference between Arm and SoftBank Group
Nomenclature difference between Arm and SoftBank Group Fiscal year ending March 31, 2026 Fiscal year ending March 31, 2026 FY2025 FYE26 2
Slide 93: Q2 FYE26: From Revenues to Profits
Q2 FYE26: From Revenues to Profits 98% 41% Non-GAAP Non-GAAP Gross Margin Operating $20m Margin $648m License Revenue $515m Royalty Revenue $620m Notes: 1. Depreciation and amortization for Q2 FYE26 was $55m 2. See Arm’s shareholder letter for reconciliation of Non-GAAP metrics to the most directly
Slide 94: License revenue up 55% Y/Y due to multiple high-value deals
License revenue up 55% Y/Y due to multiple high-value deals ATA and CSS grow licensing today; foundation for future royalty growth Arm Total Access 48 44 • Arm Total Access (ATA) provides major technology company with broad range of Arm CPUs and GPUs for multiple years 31 18 • Enables rapid adoption
Slide 95: 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 • Current industry demand driven by AI, data center, networking, and consumer electronic markets. Arm Addressable Semiconductor Market $ (B)
Slide 96: Near-Term Guidance
Near-Term Guidance Q3 FYE26 Revenue ($m) $1.225bn ± $50m Non-GAAP Operating Expense ($m)1 ~$720m Non-GAAP fully diluted earnings per share ($)1 $0.41 ± $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 Sha
Slide 97: Introducing Arm Lumex
arm SME2 enabled Ci-DSU Mali Gi-Ultra MMU L1 sili System interconnect Introducing arm |umex MCN SLC NoC [Reta irpiementation © 2025 Arm 7
Slide 98: Next generation CSS for AI-enabled smartphones
arm SME2 enabled Ci-DSU Mali Gi-Ultra MMU L1 sili System interconnect Next generation CSS for Al-enabled smartphones and mobile computers MCN SLC NoC [Reta irpiementation ©2025 Arm 8
Slide 99: Highest performance Armv9 CPUs
arm SME2 enabled Ci-DSU Mali Gi-Ultra MMU L1 sili System interconnect Highest performance Armv9 CPUs 5x Al acceleration MCN SLC NoC [Reta irpiementation ©2025 Arm 9
Slide 100: Mobile-First GPU
arm SME2 enabled Ci-DSU Mali Gi-Ultra MMU L1 sili System interconnect Mobile-First GPU 2x Ray Tracing Performance MCN SLC NoC [Reta irpiementation ©2025 Arm 10
Slide 101: Higher performance, greater capability
arm SME2 enabled Ci-DSU Mali Gi-Ultra MMU L1 sili System interconnect Higher performance Much greater capability Delivering higher value MCN SLC NoC [Reta irpiementation ©2025 Arm 11
Slide 102: Arm and Meta Announce Strategic Partnership
Arm and Meta Announce Strategic Partnership • Broad strategic partnership from data centers to edge devices • Meta deploying Arm-based compute for general purpose and AI-accelerated workloads • Arm and Meta will optimize open-source software for training and inference applications 12
Slide 103: To be replace d
To be replace d 13
Slide 104: SoftBank
SoftBank