Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2025 Earnings Presentation
25 slides from Softbank's earnings presentation, Feb 12, 2026
Slide 1: Q3 FY2025 Earnings Results Investor Briefing
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 Accounting section of th
Slide 4: Accounting
Accounting
Slide 5: Consolidated Results
Consolidated Results FY 2024 FY 2025 (¥ B) Q1-Q3 Q1-Q3 Change Change % Net Sales 5,302.6 5,719.2 +416.7 +7.9% Income before income tax 1,270.9 4,169.2 +2,898.2 +228.0% Net income (attributable to owners of the parent) 636.2 3,172.7 +2,536.5 +398.7% (Reference) Gain on investments 2,170.0 4,220.3 +2,
Slide 6: Follow-on Investments in OpenAI (Committed Mar 2025; Completed Dec 2025)
Follow-on Investments in OpenAI (Committed Mar 2025; Completed Dec 2025) Mar 2025: SBG entered into a definitive agreement with OpenAI for follow-on investments of up to $40B*¹ (SBG’s effective investment amount: $30B). Apr 2025: 1st closing of $10B was completed, with $7.5B invested by SVF2. Oct 20
Slide 7: Investments in OpenAI
Investments in OpenAI ($ B) 54.4 4.2 Recorded in FY2025 Q3 Valuation gain: $19.8B 14.6 Recorded in FY2025 Q2 34.6 1.0 Recorded in FY2024 Investment in 32.4 FY2025 Q1-Q3 34.6 2.2 Investment in FY2024 FY2025 Q3 FY2025 Q3 Cumulative investment cost*1 Fair value *1 Net of disposals Accounting 4
Slide 8: New Reportable Segment
New Reportable Segment New “AI Computing Segment” established, consolidating semiconductor-related subsidiaries including Arm, Graphcore, and Ampere (acquired in FY2025 Q3). FY2025 Q2 Reportable Segments Investment Business Arm SoftBank Vision Funds SoftBank Other of Holding Companies FY2025 Q3 Repo
Slide 9: Implications of New Reportable Segment
Implications of New Reportable Segment ■ Previous Segment Structure (FY2025 Q1-Q3, Pro forma (Reference)) Reportable segments Other and Consolidated Investment Business SoftBank Reconciliations (total) (¥ B) of Holding Companies SoftBank Arm Vision Funds (¥ B) Net sales - - 5,196.1 511.6 11.5 5,719.
Slide 10: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment FY2024 FY2025 Change (¥ B) Q1-Q3 Q1-Q3 Gain on investments 2,008.5 1 163.4 - 1,845.1 1 Gain on investments*1 • NVIDIA: ¥339.1B • OpenAI Forward Contract: ¥264.9B SG&A - 93.7 - 82.2 +11.6 • Intel: ¥180.2B • Deutsche Telekom: - ¥31.9B Finance cost - 402
Slide 11: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $239.38 $220.73 Share Price $206.36 $203.04 -21.5 -18.7 -16.7 Number of 85.4 85.4 85.4 63.9 45.2 28.5 FY2025 Q1-Q3 shares held (M) (Equiv. to Sold 56.9M shares 21.5M shares) 5,734 for $12.7B (Equiv. to 18.7M shares) FY2025 Q4 4,452 (Equiv. to (Equ
Slide 12: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment FY2024 FY2025 Change (¥ B) Q1-Q3 Q1-Q3 Gain on investments 257.6 3,911.2 + 3,653.5 1 Gain on investments at SVF1 • Public: SVF1 740.3 1 746.0 +5.7 Share price appreciation (e.g., Coupang, DiDi) • Private: SVF2 - 453.4 2 3,042.2 +3,495.6 Fair value increases, mainly driv
Slide 13: Investment Performance of SVF1 and SVF2
Investment Performance of SVF1 and SVF2 Since Inception*1 FY2025*2 Gain/loss Gain/loss ($ B) Cost Returns Gain/loss Apr - Dec Oct - Dec SVF1 85.7 114.4 28.7 Exited investments 45.6 68.6 23.0 1.3 0.2 Investments before exit 40.1 45.2 5.1 4.5 - 4.2 Interests/Dividends － 0.6 0.6 0.0 0.0 SVF2 95.2 92.7
Slide 14: Consolidated P/L
Consolidated P/L FY2024 FY2025 1 Investment Business of Holding Companies (¥ B) Change (¥ B) Q1-Q3 Q1-Q3 • NVIDIA: ¥339.1B Net sales 5,302.6 5,719.2 +416.7 • OpenAI Forward Contract: ¥264.9B • Intel: ¥180.2B Gross profit 2,785.0 2,985.1 +200.1 • Alibaba: - ¥168.4B Gain on investments • T-Mobile: - ¥
Slide 15: Consolidated B/S – Assets
Consolidated B/S – Assets Mar Dec (¥ B) Change 2025 2025 1 Other financial assets Current assets 9,432.9 11,027.1 +1,594.2 • SB Northstar: +¥592.0B Cash and cash equivalents 3,713.0 4,406.7 +693.6 (Acquisition of corporate bonds, partially offset by sale of NVIDIA shares) Derivative financial assets
Slide 16: Investment Securities in Consolidated B/S (Main Investments)
Investment Securities in Consolidated B/S (Main Investments) Mar Dec Change (¥ B) 2025 2025 Investment securities 8,040.1 4,641.6 - 3,398.5 FVTPL 7,124.4 3,312.4 - 3,812.0 1 T-Mobile 3,404.1 906.1 - 2,498.0 • Sale of 56.9M TMo shares and lower share price T-Mobile １ $22,767M $5,787M - $16,979M 2 Int
Slide 17: Consolidated B/S – Goodwill / Intangible assets
Consolidated B/S – Goodwill / Intangible assets Change Mar Dec Main items Amorti- Changes Outline (¥ B) 2025 2025 zation In FX rate Goodwill *1 5,781.9 7,203.3 Arm 3,540.4 3,707.2 ― +166.8 Ampere ― 1,073.9 ― - 2.1 Provisionally recorded since purchase price allocation has not yet been completed Grap
Slide 18: Consolidated B/S – Liabilities
Consolidated B/S – Liabilities Mar Dec 1 Interest-bearing debt (total of current and non-current) (¥ B) Change 2025 2025 • SBG Current liabilities 12,601.7 13,247.0 +645.3 Borrowings: ¥2,990.2B (+¥1,214.8B) Interest-bearing debt 5,629.6 1 5,664.7 +35.1 Corporate bonds: ¥8,315.2B (+¥1,646.8B) Lease l
Slide 19: Consolidated B/S Summary – Equity
Consolidated B/S Summary – Equity Mar Dec Change (¥ B) 2025 2025 1 Retained earnings Equity 13,953.0 18,311.2 +4,358.1 Net income attributable to owners of the parent: +¥3,172.7B Common stock 238.8 238.8 ― Capital surplus 3,376.7 3,414.6 +37.9 2 Treasury stock • Based on a Board resolution dated Aug
Slide 20: Impact of the Weaker Yen on P/L & B/S (Illustration)
Impact of the Weaker Yen on P/L & B/S (Illustration) P/L B/S Entities Components Exchange differences from Foreign exchange gain (loss) translation Foreign currency- denominated cash and cash equivalents/ Loans receivable SBG stand-alone+ Foreign exchange gain (excl. investments) (See p18) Subsidiar
Slide 21: Impact of the Weaker Yen in FY2025 Q1-Q3
Impact of the Weaker Yen in FY2025 Q1-Q3 (from ¥149.52/$ to ¥156.56/$) Foreign exchange loss in consolidated P/L for FY2025 Q1-Q3: ¥94.6B At SBG stand-alone: Foreign exchange loss of ¥250.8B related to foreign currency-denominated borrowings from Group companies and loss of ¥178.8B related to foreig
Slide 22: Consolidated C/F Summary
Consolidated C/F Summary FY2024 FY2025 1 Investments (¥ B) Q1-Q3 Q1-Q3 Primary details for FY2025 Q1-Q3 • By SBG (mainly $2.0B in Intel): - ¥0.6T +1,037.1 Subtotal of C/F from operating activities • By PayPay Bank (in asset management products): - ¥0.5T C/F from operating activities +149.2 - 119.0 -
Slide 23: Income Taxes Paid on a Consolidated Basis (Net)
Income Taxes Paid on a Consolidated Basis (Net) 5-year FY2025 FY2020 FY2021 FY2022 FY2023 FY2024 (¥ B) Total Q1-Q3 Consolidated 324.5 589.3 525.9 816.8 215.2 2,471.7 749.3 Japan 189.5 551.2 469.7 717.0 131.6 2,059.0 689.9 SBG and intermediate holding companies - 85.3 200.0 214.2 443.3 - 46.1 726.1 4
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 FY2025 Q3: $― (¥―) Son*1 FY2024: $― (¥―) Equity interests: 17.25% (B) (A) Distribution: $173M Equity acquisition amount: $2,923M (Return of capital) (i) Acquisition costs: $2,594M (commi
Slide 25: Co-investment Program to LatAm & Management's Investment in Asset Management Subsidiary
Co-investment Program to LatAm & Management’s Investment in Asset Management Subsidiary Management’s investment in Co-investment program to LatAm asset management subsidiary Masayoshi Masayoshi SBG SBG Son Son Loans entrusted Equity interests: 17.25% 66.7% 33.3% (B) Distribution: $2M Equity interest