Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2025 Earnings Presentation
43 slides from Softbank's earnings presentation, Feb 12, 2026
Slide 1: Q3 FY2025 Earnings Results Investor Briefing
Ver.1.1 Q3 FY2025 Earnings Results Investor Briefing February 12, 2026 SoftBank Group Corp. Nine-month period ended December 31, 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 156.53 150.26 151.32 152.95 145.19 147.50 154.04 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 156.56 Abbreviations Abbreviations used in Finance section of this
Slide 4: 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 5: Market Environment: Trends from 2025 Onward
Market Environment: Trends from 2025 Onward Equity indices have risen, led by SOX. JPY interest rates increased amid concerns over expansionary fiscal policy. Weaker JPY continues since April Stock Indices*1 Interest Rates FX Rate (USD/JPY) (%) (JPY) 180 6.0 165 10-year U.S. Treasury 米国債（10年） SOX*2
Slide 6: Continued Favorable Markets vs Potential Risks
Market Environment: Continued Favorable Markets vs Potential Risks While equity and credit markets remain steady, multiple uncertainties persist Stock Indices*1 Potential Risks 1,400 SOX*2 1,263 1,200 Volatility of 1,000 International Asset / 800 600 affairs commodity 400 S&P500 345 Prices 200 NIKKE
Slide 7: FY2025 Q3 – Key Indicators
FY2025 Q3 – Key Indicators Maintained financial soundness through steady monetization, etc. in preparation for large-scale investments FY2025 Q2 Q3 Key Drivers of Change Impact of JPY depreciation (+¥1.6T), NAV ¥33.3T ¥30.9T Increase in SVF Value (+¥0.6T), (-¥2.4T) Arm share price decline (-¥4.4T) A
Slide 8: FY2025 Q3 – Financial Summary
FY2025 Q3 – Financial Summary Completed OpenAI investment ($22.5B) and Ampere acquisition ($6.5B). Financed through diversified funding channels Key Activities Debt funding Foreign hybrid bonds $2.9B ¥451.4B Domestic senior retail bonds $3.2B ¥500.0B Ampere bridge loan $6.5B ¥1,022.2B Drawn Arm shar
Slide 9: Historical NAV
Historical NAV NAV remains at approx. ¥30T Dec 31, 2025 ¥30.9T Q3 Pro forma (Feb 11, 2026)* ¥33.1T Sep 2023 Arm IPO Arm SVF Alibaba SBKK T-Mobile Yahoo! Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Internet Broadband Mobile AI (Note) The proportional s
Slide 10: Historical Equity Value of Holdings
Historical Equity Value of Holdings Remained broadly flat, as the expansion of SVF value was offset by declines in listed share prices and monetization, etc. Net of asset-backed finance (¥ T) 39.9 41.2 39.0 39.0 33.7 31.4 12.7 15.0 18.2 19.8 Share Price $109.31 Share price $125.28 15.4 12.9 18.0 18.
Slide 11: Historical LTV
Historical LTV LTV controlled below 25% despite large-scale investments 35% (times of emergency) 25% (normal times) 21.6% * 20.4% 20.6% 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 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec M
Slide 12: 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) ¥3.8 T ($24B) Undrawn commitment lines 945.2 ＞ Bond redemptions for the next 2 years ¥1.8T ($11B) 2,816.0*2
Slide 13: Investment Amounts
Investment Amounts Completed OpenAI 2nd closing and Ampere acquisition 32.3 ($ B) OpenAI Cumulative 23.8 investment amount $34.6B 8.3 2.1 3.4 7.5 3.2 6.5 1.8 0.5 0.4 1.7 1.1 1.9 Other investments Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2024 FY2025 (Note) Investment Amounts: • SBG investment amount: Investment (exclu
Slide 14: Increase/Decrease in Cash Position (Mar - Dec25)
Increase/Decrease in Cash Position (Mar 25 - Dec25) Secured investment capital by combining multiple financing channels (¥ T) SVF Asset distributions Investments monetization 0.6 4.9 5.5 Debt finance 1.0 Others 0.7 Arm shares transaction 3.4 2.8 Listed share sales T-Mobile 3.4 1.9 0.6 consideration
Slide 15: Funding Methods for Investment Capital
Funding Methods for Investment Capital Accessing a broad range of funding markets while maintaining LTV discipline Planned Bridge Loan Investment Further Investment + repayment + $8.5B $12B Opportunities (Announced) ABB Robotics $5.4B DigitalBridge $3.1B Funding executed in a disciplined and planned
Slide 16: Financial Policy
Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2 years’ worth of bond redemptions in cash Finance 13
Slide 17: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt* Increased mainly through bond issuance. Non-recourse debt also increased due to increase in margin loans (¥ B) 16,344.0 Non-recourse to SBG 4,297.0 (¥ B) 12,951.9 12,605.9 Breakdown (Dec 31, 2025) 12,139.2 12,326.1 SBG borrowings QoQ Ampere bridge loan Bank loa
Slide 18: Status of Margin Loans
Status of Margin Loans Strengthening margin loan initiatives by utilizing the substantial value of our equity holdings Outstanding Balance and Equity Value of Holdings 残高と保有株式価値(25年12月末時点) (as of Dec 31, 2025) (¥ T) (¥ T) 15.8 4.1 1.2 3.1 0.4 1.8 Sep 30, 2025 0.8 Sep 30, 2025 1.3 Outstanding Equity
Slide 19: 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 Structure Price Movements • Loans secured by shares, executed through financing su
Slide 20: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Maintained cash position while executing large-scale investments through proactive asset monetization, bond issuance, etc. (¥ B) Main changes from Sep 30, 2025 3,502.4 Increase Decrease 3,307.0 3,285.8 • Loan borrowing (+¥1,485.9B) • Loan repayment (-¥1,204.0B) 17.1 *1
Slide 21: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Executed large-scale investments funded by a combination of debt financing and asset monetization (¥ B) 13,058.1 Finance-related adjustments 9,662.0 5,012.1 Asset-backed finance, etc.: ¥4,297.0B 9,516.0 9,392.2 9,103.5 Hybrid finance: ¥715.1B 2,750.1 2,544.5
Slide 22: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition Acquisition Acquisition Listing of Listing A+ Japan Telecom14 of Vodafone KK of Sprint of Arm SBKK of Arm 800 A 13 700 A- 12 (Negative) 600 BBB+ 11 BBB 500 10 BBB- S&P BB+ 9 400 BB+ 8 300 BB (Stable) 7 200 BB- 6 B+ 100 5 4 0 (CY) '03 '04 '05
Slide 23: Bond Redemption Schedule
Bond Redemption Schedule Completed refinancing for FY2025. Redeemed domestic hybrid bonds in February (at its first call date) (¥ B) Domestic senior bonds 1,637.4 Domestic subordinated bonds 1,463.9 Domestic hybrid bonds 1,440.0 386.3 Foreign currency-denominated senior bonds 93.9 137.6 Foreign curr
Slide 24: Impact of Rising JPY Interest Rates
Impact of Rising JPY Interest Rates Limited impact from rising JPY interest rates. Interest expense managed within the investment and monetization cycle Forecast for 10-year JGB Yield (as of Feb 11, 2026)*1 Breakdown of Interest-Bearing Debt *2 (%) 2.8 Floating-rates (10%) of the total 2.6 2 years l
Slide 25: Retail Bonds: Expansion of the Retail Investor Base
Retail Bonds: Expansion of the Retail Investor Base SBG bondholders continue to expand steadily, driven by retail investors’ preference for higher yields. Looking to attract younger and working-age investors through expanded online sales Number of SBG Retail Bondholders*1 Online Sales Ratio (by Numb
Slide 26: Historical Equity Value of Holdings and Net Debt (FY2022~)
Historical Equity Value of Holdings and Net Interest-bearing Debt (FY2022~) Expanded leverage to capture investment opportunities in a timely manner Investment in OpenAI Total $34.6B* ¥39.0T Equity value of holdings ¥21.7T Arm IPO ¥8.0T SBG Stand-alone ¥3.1T Net Interest-bearing Debt Jun 2022 Sep 20
Slide 27: Historical LTV (FY2022~)
Historical LTV (FY2022~) Growth in value of portfolio companies supports a stable LTV 35% (times of emergency) 25% (normal times) * 20.6% 18.2% 18.0% 17.0% 16.5% 14.5% 15.0% 12.5% 12.9% 10.6% 11.5% 11.0% 8.0% 8.4% 7.8% Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Slide 28: Prioritize NAV Growth and Investment Opportunities
Financial Management of an Investment Holding Company: Prioritize NAV Growth and Investment Opportunities Capture attractive investment opportunities by utilizing leverage to drive mid- to long-term NAV growth Utilizing Debt Market Expand Value Established trust of Investees with credit investors ◼
Slide 29: Direction of Financial Management (Illustrative)
Financial Management of an Investment Holding Company: Direction of Financial Management (Illustrative) Enterprise value (the market value of equity and debt) of an investment holding company is driven by portfolio growth. In defense, LTV is controlled; in offense, investment returns are maximized －
Slide 30: Capital Allocation
Financial Management of an Investment Holding Company: Capital Allocation An optimal balance between investment execution and stakeholder returns supports long-term growth Achieving both shareholder value growth and financial soundness Utilizing Debt Market Expand Value of Investees Shareholder Fina
Slide 31: 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 32: Appendix
Appendix
Slide 33: SBG Foreign-currency Senior Bond Spreads
SBG Foreign-currency Senior Bond Spreads USD-denominated Senior Bond Spreads EUR-denominated Senior Bond Spreads (bps) (bps) USD (Senior) 2.4Y USD (Senior) 5.4Y EUR (Senior) 3.4Y EUR (Senior) 6.4Y 600 600 USD (Senior) 3.4Y USD (Senior) 5.4Y EUR (Senior) 2.9Y EUR (Senior) 6.4Y USD (Senior) 3.2Y USD (
Slide 34: SBG Domestic Bond Spreads and 5-year CDS
SBG Domestic Bond Spreads and 5-year CDS SBG Domestic Bond Spreads 5-year CDS (bps) (bps) Senior #58 (3.8Y) Senior #59 (5.1Y) Senior #60 (1.2Y) Senior #61 (3.2Y) Senior #62 (5.2Y) Senior #63 (5.3Y) 450 450 Senior #64 (5.8Y) Senior #65 (4.2Y) Senior #66 (4.2Y) Senior #67 (6.8Y) Sub #3 (2.6Y) Sub #4 (
Slide 35: Calculation of Equity Value of Holdings
Dec 31, 2025: Calculation of Equity Value of Holdings $1=¥156.56 (¥ T) Equity value of holdings Equity value of holdings Adjustment for ＝ ー ¥43.3T (adjusted) (unadjusted) asset-backed finance (unadjusted) 12.7T ＝ Margin loans 4.3 923M Share price Margin loan ¥ ¥15.8T × ー shares held*1 $109.31*1 ¥3.1
Slide 36: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥8.05T SBG stand-alone net debt =20.6% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥38.98T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm
Slide 37: 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 12.69 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($100.9B; Before adjustment 15.79 ¥15,791.3B) Equivalent amount of outstanding debt for margin loa
Slide 38: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥8.05T (V) Adjusted SBG stand-alone ¥38.98T =20.6% equity value of holdings (¥ T) Adjusted SBG Consolidated Other Net debt at self- stand-alone net debt = net debt - financing entities - adjustments 8.05 18.56 5.51 5.0
Slide 39: 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) 13.06 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Ad
Slide 40: 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% (Dec 31, 2025) APAC 18% (excl. China Others 33% 41% and Japan) 47% China 15% 6%3% 7% SBKK Japan 8%
Slide 41: 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 (Incl. margin loans) Cash position: ¥3.3T*1 Equity value of holdings: ¥39.0T*2 Interest-bearing debt*3: ¥16.3T
Slide 42: Breakdown of NAV・LTV Change
Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Price OpenAI +6.5 FX* Others Ampere +1.8 Share Others +0.5 Price Others -0.2 -3.8 +1.6 Investments -0.2% Asset Arm -4.4 Monetization +2.0% SVF +0.6 Arm +2.3 Others -0.1 SVF -0.3 33.3 30.9 20.6% -6.5% +8.9% 16.5% Listed share sales T-Mobile -1.5 NVIDIA
Slide 43: Consolidated Interest-bearing Debt/Cash Position/Net Debt
Consolidated Interest-bearing Debt/Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 SBG stand-alone 12,951.9 12,139.2 12,326.1 12,605.9 16,344.0 SVF1&2 and LatAm 540.4 501.3 460.9 647.1 834.7 SoftBank Segment 6,215.8 5,9