Softbank Group Corp. · TSE:9984
Softbank — Q2 FY2025 Earnings Presentation
25 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 section of this pres
Slide 4: Accounting
Accounting
Slide 5: 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 6: 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 $10.0B to be syndicated to co-investors). • Fi
Slide 7: Investments in OpenAI - 1
Investments in OpenAI - 1 Equity interests Forward contract (convertible interest rights (right to make follow-on and employee vehicle units) investment in OpenAI) 18.5 ($ 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: (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 14: 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 15: 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 16: 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 -$11,953M share pr
Slide 17: Breakdown of Goodwill/Intangible Assets
Breakdown of Goodwill/Intangible Assets (¥ B) Change B/S Main items Mar 2025 Sep 2025 Amorti- Changes in Outline Item Others zation FX rate 5,781.9 5,957.9 * Arm 3,540.4 3,525.3 ― -15.1 ― Goodwill SBKK 914.9 914.9 ― ― ― LY 478.3 478.3 ― ― ― ZOZO 214.0 214.0 ― ― ― Graphcore 85.1 84.8 ― -0.3 ― Became
Slide 18: Consolidated B/S Summary – Non-current liabilities
Consolidated B/S Summary – 2 (¥ B) B/S Main items Mar 2025 Sep 2025 Change item 12,601.7 12,999.3 +397.6 Interest-bearing debt 5,629.6 1 6,407.1 +777.4 1 SBG Borrowings*: ¥3,076.2B (¥1,300.7B increase) Lease liabilities 165.4 173.0 +7.7 Current liabilities Corporate bonds*: ¥7,253.0B (¥584.5B increa
Slide 19: Consolidated B/S Summary – Equity
Consolidated B/S Summary – 3 (¥ B) B/S Mar Sep Main items Change Item 2025 2025 13,953.0 16,860.0 +2,907.0 Common stock 238.8 238.8 ― 1 ¥2,924.1B net income attributable to owners of the parent Capital surplus 3,376.7 3,409.9 +33.2 2 ¥93.2B in share repurchase Other equity instruments 193.2 193.2 ―
Slide 20: Impact of the Stronger Yen on P/L & B/S (Illustration)
Impact of the Stronger Yen on P/L & B/S (Illustration) P/L B/S Entities Components Foreign exchange Exchange differences gain (loss) from translation Foreign currency- denominated cash and cash equivalents/ SBG stand-alone + Loans receivable Foreign exchange loss Subsidiaries conducting (excl. inves
Slide 21: Impact of the Stronger Yen in FY25Q1-Q2
Impact of the Stronger Yen in FY25Q1-Q2 (from ¥149.52/$ 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 22: 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 23: 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 24: 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 25: 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