Softbank Group Corp. · TSE:9984
Softbank — FY2024 Earnings Presentation
90 slides from Softbank's earnings presentation, May 13, 2025
Slide 1: Earnings Results for the Fiscal Year ended March 31, 2025
Ver 1.1 Earnings Results for the Fiscal Year ended March 31, 2025 May 13, 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: Uncertainty continues to grow
Uncertainty continues to grow Ongoing conflicts across Changes in leadership and Escalating US-China tensions regions policy direction Ongoing conflicts across regions: Source - English Wikipedia 3
Slide 4: Information Revolution — Happiness for everyone
Information Revolution —Happiness for everyone AI PC software Internet Broadband Smartphone ASI Artificial Super Intelligence 4
Slide 5: Mobilizing the full strength of the Group to realize ASI
AI AI Chip Data Center ASI Artificial Super Intelligence AI Robot Energy Mobilizing the full strength of the Group to realize ASI 5
Slide 6: A year of green shoots
oN yearof. gi ree 1 shoots: “ ag a ~.< ey
Slide 7: Stargate, Cristal intelligence, OpenAI and Ampere announcements
Announced the Stargate Project in partnership with OpenAI and Oracle Announced Cristal intelligence a partnership with OpenAI Committed follow-on investment in OpenAI of up to $30B upon full syndication Decided to acquire Ampere for $6.5B (closing expected in H2 2025) Cristal intelligence is a provi
Slide 8: FY2024 Results Summary
FY2024 Results Summary 8
Slide 9: FY2024 Highlights
FY2024 Highlights NAV at ¥25.7T, down ¥2.1T YoY due to weaker 1 performance of tech stocks Maintain financial policy on LTV and cash on hand 2 No change in FY2025 Net income of ¥1.15T, up ¥1.38T YoY: First profit in 3 4 years Progress toward realizing ASI: Stargate announced; 4 follow-on investment
Slide 10: Key Indicators
Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. 10
Slide 11: Key Indicators (vs Mar 31, 2024)
Key Indicators (vs Mar 31, 2024) Mar 31, 2024 Mar 31, 2025 NAV (Net Asset Value) ¥27.8 T ¥25.7T LTV 8.4 % 18.0 % (Net liability / Equity value of holdings) Cash position ¥4.7 T ¥3.4 T For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2024
Slide 12: Key Indicators (latest pro forma)
Key Indicators (latest pro forma) Pro forma Financial policy unchanged despite LTV rise Share prices and FX as of May 12, 2025, reflects the $8.5B follow-on OpenAI investment and corresponding debt in Apr 2025 Mar 31, 2024 Mar 31, 2025 Mar 31, 2025 NAV (Net Asset Value) ¥27.8 T ¥25.7T ¥27.4 T LTV 8.
Slide 13: Historical NAV (Since FY1998)
Historical NAV (Since FY1998) Arm SVF1/SVF2/ LatAm Funds Pro forma SoftBank Corp. ¥27.4T T-Mobile/ Deutsche Telekom Alibaba (Mar 31, 2025) Yahoo Japan Other ¥25.7T ($172B) 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 (FY) The breakdown apportions NAV based on the proportiona
Slide 14: Cash Position
Cash Position (¥ T) 6.0 5.1 5.8 5.1 Ample 5.0 5.0 4.6 4.3 4.4 4.7 4.6 financial 4.0 3.8 3.8 3.4 3.3 resources 3.0 2.0 1.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Pro forma FY2022 FY2023 FY2024 As of the end of each quarter Cash position: Cash and cash equivalents + short term investments recorded as
Slide 15: LTV
LTV Net of asset-backed finance 40% 35% 30% 25% Maintaining 20% 14.5% 15.0% 18.2% 18.0% 20.1% financial 12.9% 12.5% 10% 11.0% 8.0% 10.6% 11.5% 8.4% 7.8% policy 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ProPro forma FY2022 FY2023 forma FY2024 As of the end of each quarter For details of the LTV calculat
Slide 16: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 16
Slide 17: Consolidated Results
Consolidated Results (¥ B) FY2023 FY2024 Change Net sales 6,756.5 7,243.8 +487.3 Gain/loss on -559.4 3,701.1 +4,260.5 investments Income before 57.8 1,704.7 +1,646.9 income tax Net income -227.6 1,153.3 +1,381.0 Net income: Net income attributable to owners of the parent 17
Slide 18: First Profit in 4 years
Net Income (FY) (¥ B) First Profit 4,988.0 in 4 years 1,153.3 -961.6 -970.1 -227.6 -1,708.0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Net income: Net income attributable to owners of the parent 18
Slide 19: Gain/Loss on Investments and Net Income (quarterly)
Gain/Loss on Investments and Net Income (quarterly) Alibaba shares: +¥973.0B (¥ B) T-Mobile shares: +¥600.3B 2,091.3 DT shares: +¥243.4B Gain/loss on investments Net income 1,531.1 1,179.6 950.0 559.7 517.2 424.6 231.1 -481.0 -20.4 -477.6 -264.6 -174.3 -369.2 -699.0 -931.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY
Slide 20: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) 2,091.3 Investment Business of Holding Companies • Already monetized via prepaid forward and collar SVF 567.4 1,531.1 contracts Others 126.8 • Gains/losses from share Consolidated price fluctuations are offset between physical shares 559.7 1,548.8 Derivativ
Slide 21: Impact of Forex (FY2024)
Impact of Forex (FY2024) Stronger yen had a negative impact on NAV and Equity (Mar 31, 2024) (Mar 31, 2025) (May 12, 2025) $1= ¥151.41 → ¥149.52 → ¥145.96 On NAV On accounting Equity -¥0.3T -¥0.5T Consolidated net income +¥27.1B For details of NAV, see Appendix “Definition and Calculation Method of
Slide 22: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 22
Slide 23: SVF: Gain/Loss on Investments (quarterly)
USD basis SVF: Gain/Loss on Investments (quarterly) (SVF Segment) ($ M) 4,087 4,049 FY22 FY22 FY22 FY22 1,157 147 FY23 12 FY24 1,159 Q1 Q2 Q3 Q4 Q4 Q3 FY23 FY23 FY23 -389 FY24 FY24 FY24 -1,777 Q1 Q2 Q3 Q1 Q2 -2,331 Q4 -5,174 -9,940 SVF1: +$1,848M SVF2: -$708M LatAm/others: +$19M -22,736 The informat
Slide 24: SVF: Breakdown of Gain/Loss on Investments (FY2024Q4)
SVF: Breakdown of Gain/Loss on Investments (FY2024Q4) USD basis ($ M) (SVF Segment) SVF1 +$1,848M SVF2 -$708M Derivatives/Dividends 1 Total Primarily Market factors 1,449 1 Other 53 Derivatives/Dividends Primarily Recent transactions 130 992 Recent transactions Public portfolio companies 155 Exited
Slide 25: SVF: Gain/Loss on Investments (cumulative)
USD basis SVF: Gain/Loss on Investments (cumulative) (SVF Segment) ($ M) 8,526 SVF1: +$23.4B SVF2: -$22.9B LatAm/others: -$1.0B FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24 698 FY24 FY24 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 FY22 FY24 Q1 -1,414 Q2 -475 -1,634 -2,975 -3,364 -3,352 -6,588 -7,208 -7,061 -8,365 The
Slide 26: SVF: Cumulative Investment Return (as of Mar 31, 2025)
SVF: Cumulative Investment Return (as of Mar 31, 2025) ($ B) SVF1 SVF2 113.0 89.6 67.3 Exited 45.4 60.8 9.7 6.1 Public companies 37.9 20.5 18.7 5.4 (investments before exit) 3.3 Private companies 44.7 (investments before exit) 23.7 24.6 29.0 Derivatives/Dividends -0.0 2.4 0.3 0.2 Investment cost Cum
Slide 27: Public Listings and Pipeline
Public Listings and Pipeline A strong pipeline for future public listings Public listings (since inception) Total fair value of late-stage portfolio $36B 55 listings Select late-stage portfolio companies 5 listings in FY2024 (Jan 2025) (Apr - Dec 2024) As of Mar 31, 2025. Source: SBGA/SBIA Analysis
Slide 28: SVF2: Major New Investments in FY2024
SVF2: Major New Investments in FY2024 Continuing to focus on investments in companies driving the AI revolution (Q2) (Q2 & 4) (Q２、4) (Q3) (Q３) Provides best-in-class search Engages in the research, Develops next-generation fusion functionality and highly user- development, and deployment of technolo
Slide 29: Arm
Some figures in this presentation are rounded and may not add up to the figures presented as the total. 29
Slide 30: Revenue (annual) (US-GAAP)
Revenue (annual) (US-GAAP) ($ M) License and other revenue 4,007 Royalty revenue 3,233 2,679 1,839 Record-high 1,431 annual revenue 1,004 license & other revenue royalty revenue 2,168 1,675 1,802 FY2022 FY2023 FY2024 (Source) Arm See Arm Investor Relations website (https://investors.arm.com/) for de
Slide 31: Non-GAAP Operating Income (annual)
Non-GAAP Operating Income (annual) (US-GAAP) ($ M) 1,871 1,408 YoY 783 33% increase FY2022 FY2023 FY2024 (Source) Arm See the end of Arm’s FYE25-Q4 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. See Arm Investor Relations website (ht
Slide 32: Growth Driver of Royalty Revenue: Compute Subsystems
Growth Driver of Royalty Revenue Expanding Compute Subsystems (CSS) across diverse markets Signed first automotive CSS license agreement with a major EV car OEM New Data center Mobile PC Automotive Microsoft, MediaTek, NVIDIA, Major others others other EV car OEM (Source) Arm See Arm Investor Relati
Slide 33: Accelerate Further Penetration of Armv9
Accelerate Further Penetration of Armv9 Delivering Armv9 across key markets New Cortex-X925 Neoverse family Cortex-A320 Armv9-based CPU for Armv9-based CPU for Smallest Armv9-based mobile and PC data center and automotive CPU implementation for IoT and edge devices (Source) Arm 33
Slide 34: Expansion of Edge AI Accelerates Arm's Growth
Expansion of Edge AI Accelerates Arm’s Growth Arm's CPUs are optimized for edge devices Compared to previous generation Compared to previous generation Arm technology Arm technology 50% 10x Energy efficiency Performance improvement improvement “AI is everywhere” “You can’t run AI without Arm” Rene H
Slide 35: Guidance (US-GAAP)
Guidance (US-GAAP) FY2025 Q1 Revenue $1,000M - $1,100M YoY (+6.5% - +17.1%) Non-GAAP operating expense ~$625M Non-GAAP fully diluted earnings per share $0.30 - $0.38 (Source) Arm See Arm Investor Relations website (https://investors.arm.com/) for details. 35
Slide 36: OpenAI Follow-on Investments and Collaboration
OpenAI Follow-on Investments and Collaboration 36
Slide 37: Committed Follow-on Investments in Mar 2025
Committed Follow-on Investments in Mar 2025 Commitment of up to $40B Co-investors (syndication) Up to $10B (expected) $30B (expected) The first closing was completed on Apr 15, 2025, with a total investment of $10B, consisting of $8.5B from SVF2 and $1.5B from co-investors. For a period of 90 days f
Slide 38: Advantage of OpenAI: Technological Evolution
Advantage of OpenAI: 1 Excels in areas such as programming, business, generating ideas, and reasoning Relentless Improved natural conversation through multi-modal models Apr 2025 o3, o4-mini technological evolution Optimized for high-efficiency, large-scale text-based inference Jan 2025 o3-mini Dec
Slide 39: Advantage of OpenAI: Growth accelerating
Advantage of OpenAI: 2 (M) Weekly active users (global) 500 500 Growth accelerating 250 0 Nov Aug Oct Dec Feb Mar 2023 2024 2024 2024 2025 2025 (Source) OpenAI’s announcements 39
Slide 40: Stargate: Foundation for AI Evolution and Value Creation
Stargate: Foundation for AI Evolution and Value Creation Potential to transform society (Illustrative synergy examples) Robotics / Autonomous Vehicles Stargate Application AI AI Service Cristal intelligence Data Center New Energy Resources to develop and enhance AI Drug Discovery AI Chip Energy Cris
Slide 41: Progress of Stargate
Progress of Stargate Multiple projects in Texas are now being prepared for launch Received >100 proposals nationwide; conducting due diligence on multiple candidate sites 41
Slide 42: Overview of Cristal Intelligence
Overview of Cristal Intelligence • Partnership between OpenAI and the SoftBank Group to develop and market advanced Enterprise AI agent • Tailored to individual enterprise needs through secure integration of systems and data • Establish JV with OpenAI with exclusive rights to market Cristal intellig
Slide 43: Cristal Intelligence for Corporate Management
Cristal Intelligence for Corporate Management Aim for management transformation through overall optimization and business creation Phase 1: present Phase 2: New Phase 3: Corporate AI Utilized in select Business process Cristal intelligence business areas transformation Individual optimization Overal
Slide 44: Transforming management through AI-to-AI collaboration
Cristal Intelligence for Corporate Management Transforming management through AI-to-AI collaboration ―shifting from individual to overall optimization Conventional AI implementation Cristal intelligence President Gen AI President service A Business Business Business Business Business Business Unit A
Slide 45: Acquisition of Ampere
Acquisition of Ampere 45
Slide 46: Agreed to acquire all equity interest for $6.5B
Mar 19, 2025 Agreed to acquire all the equity interest for $6.5B Closing expected in 2025 H2 See “Acquisition of Ampere Computing Holdings LLC” dated Mar 20, 2025, for details. 46
Slide 47: Company Overview
Company Overview A cloud-and AI-focused semiconductor designer company with a team of ~1,000 engineers Founded 2018 HQ California, U.S. Business Designs Arm-based server chips overview for cloud and AI ~1,400 Employees (incl. ~1,000 engineers) (Source) Ampere 47
Slide 48: Rationale behind Acquisition
Rationale behind Acquisition Secure highly Expertise in Complement skilled taping out Arm’s design engineers chips strength Strengthening the Group’s semiconductor business to realize ASI 48
Slide 49: Vision for the Group's AI Strategy
Vision for the Group’s AI Strategy Cristal intelligence AI Application + broad range of services AI Model AI Data center Stargate AI Compute Cristal intelligence is a provisional name and not the official product name. 49
Slide 50: Strengthen Groupwide AI Compute Capabilities
Strengthen Groupwide AI Compute Capabilities ~8,400 semiconductor engineers across the Group ~7,000 ~400 ~1,000 Engineer headcounts for each company: as of Mar 31, 2025 50
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Slide 52: Preparations started for IPO
Preparations started for IPO 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 of 193
Slide 53: Harnessing the Power of the Group
Harnessing the Power of the Group Equity Investment Equity Investment SVF Strategic Investment & SVF2 SVF1 Technical Equity Equity Support Investment Investment Equity Investment & Business Collaboration Equity Investment & Service Collaboration Startup-stage Technical Support Service Collaboration
Slide 54: Number of Registered Users
Number of Registered Users In just 6.5 years since launch: 68.38M Used by ~1 in 2 people in Japan users Adopted by ~2 in 3 smartphone users nationwide Service launched in Oct 2018 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Source: PayPay Corporation Used by ~1 in 2 people in Japan: Estimated b
Slide 55: Key Consolidated Indicators
Key Consolidated Indicators GMV (¥ T) EBITDA (¥ B) YoY 23% increase Profitable for 2 consecutive years 15.4 45.6 12.5 10.2 9.8 -11.9 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 (Source) PayPay Corporation The use of the “Send/Receive” function of “PayPay Balance” between users is not included. (Source
Slide 56: Completed Reorganization of Financial Business
Completed Reorganization of Financial Business (Apr 2025) From payment app to digital financial platform 100% 75% 75% Now a subsidiary Now a subsidiary Credit card transaction volume Number of bank accounts Number of accounts opened Converted into a subsidiary by PayPay ¥6.3T 8.94M 1.37M (Oct 2022)
Slide 57: Financial Strategy
Financial Strategy 57
Slide 58: Financial Policy
Financial Policy Ensuring full readiness to promptly shift to a more defensive financial operation when necessary 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 58
Slide 59: 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 mana
Slide 60: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) ($ B) FY2025 Q1 Follow-on investment Syndication in OpenAI progressing (as of May 9, 2025） First closing: $10B SVF2: $8.5B SVF2： $8.16B (co-investors: $1.5B) (co-investors： $1.84B) 7.9 3.9 FY2023 FY2024 As of Apr 15, 2025 SBG investment amount: Investment by SBG and its
Slide 61: Bridge Loan
Bridge Loan Loan agreement signed in Apr 2025 21 Participating financial institutions Acquisition of $6.5B Ampere committed １ $8.5B Follow-on investment borrowing in OpenAI (First closing) drawn down 61
Slide 62: Share Repurchase
Share Repurchase Maximum ¥500B (Until Aug 7, 2025) Repurchased ¥286.2B 57% Progress (Aug 2024 to Apr 2025) Maximum ¥500B: Share repurchase program authorized by the Board of Directors on Aug 7, 2024 See "Resolution regarding Share Repurchase” dated Aug 7, 2024, for details. 62
Slide 63: Dividend
Dividend Dividend per share maintained FY2024 FY2025 (planned) (forecast) Interim ¥22 ¥22 Year-end ¥22 ¥22 Annual ¥44 ¥44 Total cash dividend ¥63.5B ― The year-end divided for FY2024 (¥22 per share): Subject to the approval at the Annual General Meeting of Shareholders scheduled on Jun 27, 2025, fol
Slide 64: FY2024 Highlights
FY2024 Highlights NAV at ¥25.7T, down ¥2.1T YoY due to weaker 1 performance of tech stocks Maintain financial policy on LTV and cash on hand 2 No change in FY2025 Net income of ¥1.15T, up ¥1.38T YoY: First profit in 3 4 years Progress toward realizing ASI: Stargate announced; 4 follow-on investment
Slide 65: Realizing ASI for Human Evolution
Realizing ASI for Human Evolution 65
Slide 66: Transition of the Core of Information Revolution
Transition of the Core of Information Revolution PC Internet Broadband Smartphone AI AI Chip AI Robot AI Data Center Energy 66
Slide 67: Mobilizing the full strength of the Group to realize ASI
AI AI Chip Data Center ASI Artificial Super Intelligence AI Robot Energy Mobilizing the full strength of the Group to realize ASI 67
Slide 68: AI Group Positioning (As of Mar 31, 2024)
As of Mar 31, 2024 AI Chip (1 year ago) AI Data Center AI Model AI Robot Energy Drug Discovery / Autonomous Application Healthcare AI Service Driving Fintech 68
Slide 69: Stargate
Current AI Chip AI Data Center AI Model Stargate AI Robot Energy Drug Discovery / Autonomous Application Healthcare AI Service Driving Fintech Cristal intelligence Cristal intelligence is a provisional name and not the official product name. 69
Slide 70: 18 Years Ago
18 Years Ago Earnings Results Briefing Material for FY2006 (May 8, 2007) 70
Slide 71: Current
Current Drug Discovery / Application Healthcare AI Service Autonomous Driving Fintech Cristal intelligence AI Model Others Others AI Chip AI Robot AI Infrastructure AI Data Center Energy Stargate Others Cristal intelligence is a provisional name and not the official product name. 71
Slide 72: The Group united to realize ASI
The Group united to realize ASI 72
Slide 73: Information Revolution — Happiness for Everyone
Information Revolution —Happiness for Everyone 73 73
Slide 74: SoftBank
SoftBank
Slide 75: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 75
Slide 76: 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 77: 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 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 hel
Slide 78: Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by
Slide 79: Monetization and Capital Allocation (FY2024)
Monetization and Capital Allocation (FY2024) Financing and (¥ T) debt repayment 0.2 Share repurchase 2nd and 3rd installment payments 1.2 2.2 for Arm shares transaction 4.7 0.5 Cash settlement of collar transactions using T-Mobile shares Undrawn commitment line 0.7 0.6 Monetization, etc. 1.8 SVF+SBG
Slide 80: SVF1: Gain/Loss on Investments
SVF1: Gain/Loss on Investments USD basis (SVF1) FY2024Q3 (Total -$1,032M) FY2024Q4 (Total +$1,848M) Realized Realized gain/loss Unrealized gain/loss Others gain/loss Unrealized gain/loss Others Markup +$401M +$1,028M (17 co) +$21M +$214M +$3,077M (20 co) +$1M +$812M +$11M +$13M +$33M +$118M +$42M +$
Slide 81: SVF2: Gain/Loss on Investments
SVF2: Gain/Loss on Investments USD basis (SVF2) FY2024Q3 (Total -$1,169M) FY2024Q4 (Total -$708M) Realized Realized gain/loss Unrealized gain/loss Others gain/loss Unrealized gain/loss Others Markup +$37M +$1,458M (72 co) +$38M +$47M +$2,280M (66 co) +$75M +$149M +$340M +$235M +$193M +$11M +$530M +$
Slide 82: SVF1 Public Portfolio Companies (as of Mar 31, 2025)
SVF1 Public Portfolio Companies (as of Mar 31, 2025) (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 *3 Gross return Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF1 to S
Slide 83: SVF2 Public Portfolio Companies (as of Mar 31, 2025)
SVF2 Public Portfolio Companies (as of Mar 31, 2025) (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 *3 Gross return Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF2 to S
Slide 84: SVF1 (Inception to Mar 31, 2025)
SVF1 (Inception to Mar 31, 2025) (Entire Fund) LP Net Equity LP Net Preferred LP Net Blended IRR Equity IRR IRR 4% 7% 5% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued
Slide 85: SVF1 (Inception to Mar 31, 2025)
SVF1 (Inception to Mar 31, 2025) (SBG (LP) + Manager’s performance fee) Net Equity IRR 4% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio
Slide 86: SVF2 (Inception to Mar 31, 2025)
SVF2 (Inception to Mar 31, 2025) (SBG (LP)) Net Blended IRR -15% <Valuation Process> SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in SVF2 on a quarterly basis in line with the requirements of IFRS. The SBIA Portfolio Valuations team i
Slide 87: SVF1+2 (Inception to Mar 31, 2025)
SVF1+2 (Inception to Mar 31, 2025) (SBG (LP) + Manager’s performance fee) Net Blended IRR -6% <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the “Funds”) on a quarterly basis in line with the requirements of the AIFM Directive (as i
Slide 88: LatAm Funds (Inception to Mar 31, 2025)
LatAm Funds (Inception to Mar 31, 2025) (SBG (LP) + Manager’s performance fee) Net Blended IRR -3% <Valuation Process> SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in the LatAm Funds on a quarterly basis in line with the requirements
Slide 89: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Mar 31, 2021 Mar 31, 2025 Alibaba Others Others T-Mobile/ 0.03% T-Mobile/ Deutsche Telekom 11% Deutsche Telekom 7% Alibaba Arm 5% 12% 42% 41% SoftBank Corp. SoftBank 7% Corp. 10% 26% SVF 30% 9% SVF Arm Co
Slide 90: Equity Value of Holdings: Listed Share Ratio
Equity Value of Holdings: Listed Share Ratio Equity value of holdings basis (¥ T) *() shows the proportion of the total Net of asset-backed finance 31.4 30.3 8.0 6.4 Unlisted (21%) (25%) 23.2 11.1 23.9 (79%) 23.4 Listed Listed share ratio (48%) (75%) 15.9 12.1 9.4 (59%) 75% (52%) 6.5 (41%) Mar 31 Ma