Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2025 Earnings Presentation
104 slides from Softbank's earnings presentation, Aug 7, 2025
Slide 1: Q1 FY2025 Earnings Results Investor Briefing
Ver.1.2 Q1 FY2025 Earnings Results Investor Briefing August 7, 2025 SoftBank Group Corp. Three-month period ended June 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 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 144.81 Abbreviations Abbreviations used in Accounting and Finance section of this
Slide 4: Index
Index • Accounting • Finance • SoftBank Vision & LatAm Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results (¥ B) FY24Q1 FY25Q1 Change Change % Net sales 1,701.7 1,820.3 +118.6 +7.0% Income before 225.7 689.9 +464.2 +205.7% income tax Net income (attributable to owners of the -174.3 421.8 +596.1 ー parent) (Reference) Gain/loss on investments 559.7 486.9 -72.8 -13.0% Investment Busines
Slide 7: Segment Income
Net Income & SVF + Investment Business of Holding Companies Segment Income Net income (attributable to 960.1 950.0 1,179.6 (¥ B) owners of the parent) 999.5 517.2 421.8 SVF segment income + 231.1 Investment Business of Holding 430.5 Companies segment income 288.3 (income before income tax) -188.4 -1
Slide 8: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment (¥ B) P/L item FY24Q1 FY25Q1 FY25Q1 main items Gain/loss on investments at Investment 567.9 -256.5 Business of Holding Companies Realized gain/loss at asset management subsidiaries 0.2 -48.7 Unrealized gain/loss on valuation at asset -1.0 174.9 manage
Slide 9: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $220.73 $206.36 Share price $176.18 Number of 85.4 85.4 85.4 85.4 63.9 shares held (M) -21.5 5,734 Sold 21.5M shares for (Equiv. to Fair value 21.5M shares) ($ M) $4.8B in FY25Q1 Recorded ¥198.6 realized gain 18,842 17,032 15,216 17,615 (Equiv. to
Slide 10: Deutsche Telekom: Shareholding & Fair Values
Deutsche Telekom: Shareholding & Fair Values €34.22 €30.97 €28.99 €26.39 €23.48 Share price Number of 225.0 225.0 225.0 205.5 166.5 shares held (M) -19.5 -39.0 Physically settled a (Equiv. to 18.0M shares) portion of collar 667 1,445 (Equiv. to transactions using DT Fair value (Equiv. to 39.0M share
Slide 11: Alibaba Shares & Derivative Financial Assets/Liabilities
Alibaba Shares & Derivative Financial Assets/Liabilities (Amount Recorded in B/S) Derivative financial Fully completed Investment securities (FVTPL)*1 assets/liabilities (net) physical settlements of prepaid forward contracts $132.23 $132.23 using Alibaba shares. Share price $113.41 $113.41 Of the v
Slide 12: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment (¥ B) P/L FY24Q1 FY25Q1 FY25Q1 ｍain items Includes gains and losses associated with investments in the Gain/loss on investments at SoftBank Vision Funds 1.9 726.8 Company’s subsidiaries Gain/loss on investments at SVF1, SVF2, and LatAm 15.9 702.2 ¥517.4B gain at SVF1, ¥
Slide 13: Investment Performance of SVF1 and SVF2
(Reference) Investment Performance of SVF1 and SVF2 ($ B) Since Inception FY25*1 Gain/loss Cost*2 Returns*2 Gain/loss Q1 SVF1 89.6 116.6 27.0 3.6 Exited investments 48.3 68.5 20.2 0.5 Investments before exit 41.3 45.6 4.3 3.3 Reversal of previously-recorded valuation gain/loss for exited investments
Slide 14: Centralization of Robotics-related Investments
Centralization of Robotics-related Investments • Established intermediate holding company (“Robo HD”) to centralize robotics-related investments and enhance value creation through synergy.*1 • Centralization completed with the transfer of 13 investments from the Company and 7 from SVF2 to Robo HD du
Slide 15: Consolidated P/L Summary
Consolidated P/L Summary (¥ B) P/L item FY24Q1 FY25Q1 Change Net sales 1,701.7 1,820.3 +118.6 1 ・¥209.7B investment gain on NVIDIA shares Gross profit 920.6 954.7 +34.0 ・¥401.9B investment loss on TMo shares Gain/loss on investments ・¥171.5B investment loss on Alibaba shares Investment Business of H
Slide 16: Consolidated B/S Summary – Non-current assets
Consolidated B/S Summary – 1 (¥ B) B/S Main items Mar 2025 Jun 2025 Change item 9,432.9 9,729.7 +296.8 Current assets Cash and cash equivalents 3,713.0 1 4,186.0 +473.0 Derivative financial assets 111.3 132.3 +21.0 1 Investment Business of Holding Companies segment (including SBG and its Other finan
Slide 17: Investment Securities in Consolidated B/S
Investment Securities in Consolidated B/S (Main Investments) (¥ B) Mar 2025 Jun 2025 Change Outline Investment securities 8,040.1 5,950.9 -2,089.2 FVTPL 7,124.4 4,869.1 -2,255.3 T-Mobile 3,404.1 2,203.4 -1,200.7 Decreased due to the sale of 21.5M TMo shares and $22,767M $15,216M -$7,551M lower share
Slide 18: Breakdown of Goodwill/Intangible Assets
Breakdown of Goodwill/Intangible Assets (¥ B) Change B/S Main items Mar 2025 Jun 2025 Amorti- Changes in Outline Item Others zation FX rate 5,781.9 5,773.7 * Arm 3,540.4 3,428.9 ― -111.5 ― Goodwill SBKK 914.9 914.9 ― ― ― LY 478.3 478.3 ― ― ― ZOZO 214.0 214.0 ― ― ― Graphcore 85.1 82.4 ― -2.7 ― Became
Slide 19: Consolidated B/S Summary – Liabilities
Consolidated B/S Summary – 2 (¥ B) B/S Main items Mar 2025 Jun 2025 Change item 12,601.7 11,610.0 -991.7 Interest-bearing debt 5,629.6 1 5,201.2 -428.4 1 SBG Borrowings*: ¥3,040.9B (¥1,265.5B increase) Lease liabilities 165.4 171.0 +5.7 Current liabilities Corporate bonds*: ¥6,700.9B (¥32.5B increas
Slide 20: Consolidated B/S Summary – Equity
Consolidated B/S Summary – 3 (¥ B) B/S Mar Jun Main items Change Item 2025 2025 13,953.0 13,603.8 -349.2 Common stock 238.8 238.8 ― 1 ¥421.8B net income attributable to owners of the parent Capital surplus 3,376.7 3,398.9 +22.2 2 ¥93.2B in share repurchase Other equity instruments 193.2 193.2 ― 3 ¥6
Slide 21: Impact of the Stronger Yen on P/L & B/S
Impact of the Stronger Yen on P/L & B/S (Illustration) P/L B/S Entities Components Foreign exchange Exchange differences gain (loss) from translation Foreign currency- denominated cash and cash equivalents/ SBG stand-alone + Loans receivable Foreign exchange loss Subsidiaries conducting (excl. inves
Slide 22: Impact of the Stronger Yen in FY25Q1
Impact of the Stronger Yen in FY25Q1 (from ¥149.52/$ to ¥144.81/$) Foreign exchange gain in consolidated P/L for FY25Q1: ¥143.3B At SBG stand-alone: Foreign exchange gains of ¥173.7B related to foreign currency-denominated borrowings from Group companies and ¥26.7B related to foreign currency-denomi
Slide 23: Consolidated C/F Summary
Consolidated C/F Summary 1 ¥270.6B net outflow, due to the payment of income tax (¥ B) ・¥445.8B income tax paid C/F FY24Q1 FY25Q1 Primary details for FY25Q1 2 ・Outlays of ¥96.3B at SBG and wholly owned subsidiaries item C/F from (Investment mainly related to the Stargate Project, which involves buil
Slide 24: Income Taxes Paid on a Consolidated Basis
Income Taxes Paid on a Consolidated Basis (Net) (¥ B) 5-year FY25 FY20 FY21 FY22 FY23 FY24 Total Q1 Consolidated 324.5 589.3 525.9 816.8 215.2 2,471.7 442.5 Japan 189.5 551.2 469.7 717.0 131.6 2,059.0 421.8 SBG and intermediate holding companies (wholly -85.3 200.0 214.2 443.3 -46.1 726.1 294.8 owne
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 FY25Q1: $― (¥―) 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
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 FY25Q1: $60M (¥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 SBKK (including its subsidiaries), Arm, SVF1, SVF2, LatAm Funds, etc.
Slide 28: Market Environment
Market Environment Market rebounded recently, led by AI-related stocks. SBG and our portfolio’s share prices also performing steadily. JPY’s appreciation trend since the beginning of the year has paused SBG and Key Portfolio Stock Indices*1 FX Rate (USD/JPY) Companies*1 160 160 160 (JPY) March 31, 2
Slide 29: FY2025Q1 – Key Indicators
FY2025Q1 – Key Indicators NAV increased significantly. Managed LTV even with large-scale investments FY2024 FY2025 Primary factors behind the changes end Q1 Arm share price increase (+¥7.6T) and JPY appreciation NAV ¥25.7T ¥32.4T (-¥1.2T) (+¥6.7T) Arm share price increase (-3.9ppt), Sale of T-Mobile
Slide 30: FY2025Q1 – Financial Summary
FY2025Q1 – Financial Summary Executed funding through diversified channels in preparation for advancing strategic investments Track records (USD) (JPY) Debt funding Bridge loan*1 $8.5B ¥1,219.3B For OpenAI investment Domestic bond issuance $4.3B ¥620.0B ¥500.0B of redemption $1.7B of redemption (Jul
Slide 31: Historical Equity Value of Holdings
Historical Equity Value of Holdings Equity value of holdings reached a record high, transitioning to an AI- centric portfolio. Assets held increased due to the rise in Arm’s share price and follow-on investment in OpenAI Net of asset-backed 38.3 (¥ T) 39.0 finance 36.3 33.1 33.7 31.4 19.8 21.0 16.7
Slide 32: Historical NAV
Historical NAV NAV increased by ¥6.7T QoQ driven by the recovery in Arm‘s share price. NAV trending at approx. ¥30T Jun 30, 2025 ¥32.4T Pro forma* Sep 2023 (Aug 6, 2025) Arm IPO ¥29.6T Arm SVF1/SVF2/ LatAm Funds Alibaba SoftBank Corp. T-Mobile/ Deutsche Telekom Yahoo! Japan Others 1998 2000 2002 200
Slide 33: Historical LTV
Historical LTV LTV improved despite large-scale investments, mainly driven by the rise in Arm’s share price and monetization of T-Mobile shares 35% (times of emergency) 25% (normal times) 18.2% 18.0% *1 18.4% 15.0% 17.0% 14.5% 12.5% 12.9% 11.0% 11.5% 10.6% 8.0% 8.4% 7.8% Jun 2022 Sep 2022 Dec 2022 M
Slide 34: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) Accelerating full-scale AI investments ($B) 8.4 Investments in OpenAI Up to $30B (Planned) 7.5 Of the 1st Closing $10B, 3.4 $7.5B was invested from SVF2* ($2.5B syndicated to co-investors) 1.9 2.0 0.6 Other 0.9 investments FY2024Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2025Q1 • S
Slide 35: Key Upcoming Investments
Key Upcoming Investments Promoting AI investments while maintaining financial soundness Key Investment Amounts (Announced, FY2025 onward) ($B) Bridge loan Q1 Q2 Q3 Q4 procured 7.5 - 22.5 - 7.5 *1 Up to 1st Closing 2 nd Closing*2 Bridge loan secured - - 6.5 6.5 In the second half of FY2025 (plan) Tot
Slide 36: SBG’s Financing: Utilizing Assets Held
SBG’s Financing: Utilizing Assets Held Equity value of holdings exceeds 7x the investment capital Sequentially monetizing assets to facilitate reinvestment in the AI sector Debt funding Listed shares $205B Net of asset-backed finance capacity (Proportion of listed shares: 76%) Cash position Track re
Slide 37: SBG’s Financing: Cash Position
SBG’s Financing : Cash Position Utilize ample cash position for investments Debt funding Net of asset-backed finance capacity Cash position $25B (¥3.7T) Source of investment capital (image) Maintain ample cash position Equity value of holdings $270B • Enhanced cash position through sales of T-Mobile
Slide 38: SBG’s Financing: Utilizing Bonds and Loans
SBG’s Financing: Utilizing Bonds and Loans Debt funding to be executed as needed by leveraging abundant funding capacity with LTV level in mind Debt funding Net of asset-backed finance capacity Bonds ◼ Retail bonds Cash position • Retail investor demand remains strong, supported by rising $25B domes
Slide 39: SBG’s Financing: Summary
SBG’s Financing : Summary Balancing large-scale investments while adhering to our financial policy Leverage diversified funding channels and products with an optimally balanced approach Utilizing Utilizing Cash position assets held debt funding • Margin loan • Cash on hand • Domestic and • Collar, s
Slide 40: Cash Position and Future Bond Redemptions
Cash Position and Future Bond Redemptions Maintain ample cash position, over 2-year worth of bond redemptions, as illustrated in our financial policy Cash position Bond redemption schedule ¥ 3.7 T ($25B) * (¥ B) Undrawn Arm margin loan 724.1 borrowing capacity ＞ Bond redemptions for the next 2 years
Slide 41: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Increased due to drawdown of bridge loan Main changes from Mar 31, 2025 Subsidiaries’ debt (¥ B) • Decrease of financial liabilities related to prepaid forward contracts -¥997.8B 14,328.8 SBG stand-alone interest-bearing debt 13,249.7 12,951.9 • Drawdown of br
Slide 42: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Despite executing large-scale investments, cash position increased primarily driven by asset sales (¥ B) SB Northstar*1 3,831.2 3,307.0 Main changes from Mar 2025 2,986.2 2,933.9 2,623.3 Increase Decrease ・Drawdown of bridge loan (+$8.5B) ・Investment in OpenAI (-$7.5B)
Slide 43: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Increased due to the progress in investments (¥ B) 10,515.1 10,275.3 9,662.0 9,516.0 9,392.2 Finance-related adjustments 2,750.1 Asset-backed finance, etc.: ¥2,358.2B 3,853.4 6,144.4 5,332.1 Hybrid finance: ¥391.9B 7,534.1 Adjusted 6,642.2 5,662.6 SBG stand-
Slide 44: LTV・NAV
Foundation of Creditworthiness Balance sheet Profitability soundness Current financial position Potential for future financial improvement In the case of Investment an investment company LTV・NAV return Finance 18
Slide 45: LTV-based Financial Discipline
Balance Sheet Soundness: LTV-based Financial Discipline LTV is the most suitable metric for assessing SBG’s creditworthiness Standard creditworthiness SBG’s LTV evaluation (Investment holding company) (Operating company) Assets with limited market visibility Asset value Marked to market (equity) (e.
Slide 46: Balance Sheet Soundness: Approach to LTV
Balance Sheet Soundness: Approach to LTV LTV<25% represents an extremely safe level that can withstand a significant drop in stock prices Dow Jones Industrial Average Decline rate Financial Crisis COVID-19 Shock Black Monday (2007-2009) (2020) (1987) NAV -37% -34% = equity buffer Equity value of hol
Slide 47: Profitability: Investment Track Record
Profitability: Investment Track Record Past large-scale investments have delivered strong returns, with many portfolio companies still positioned to generate further upside Future Pipeline (Deutsche Telekom) MOIC 1,340x MOIC 10.7x MOIC 9.3x IRR 57.2% IRR 25.9% IRR 28.5% IPO preparations (¥ T) (¥ T)
Slide 48: 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 m
Slide 49: Share Buyback Track Record
Historical Share Price Performance and Share Buyback Track Record Promptly announced a share buyback program in response to last year’s market correction Share Price Performance (Since 2024) (JPY) Record high*1 14,000 Aug 7 close 12,000 ¥12,560 10,000 Average Purchase Price 8,000 ¥7,857*2 6,000 4,00
Slide 50: Bond Redemption Schedule
Bond Redemption Schedule Steadily execute refinancing for FY2025 (¥ B) 1,628.3 Domestic senior bonds Domestic subordinated bonds 377.2 1,283.9 Domestic hybrid bonds 1,256.2 Foreign currency-denominated senior bonds 1,096.9 86.2 222.0 Foreign currency-denominated hybrid bonds 999.0 363.9 164.0 229.4
Slide 51: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition Acquisition Acquisition Listing Listing A+ 14Japan Telecom of Vodafone KK of Sprint of Arm of SBKK of Arm A 13 A- 12 (Negative) BBB+ 11 BBB10 S&P BB+ BBB-9 BB+ 8 BB 7 (Stable) Jul 2025 BB- 6 Rating unchanged B+ 5 Outlook: stable 4 (CY) '03 '
Slide 52: Appendix
Appendix
Slide 53: SBG Credit Spreads
SBG Credit Spreads Spread of foreign currency- denominated senior bonds 5-year CDS bps USD 2.9Y USD 3.7Y USD 3.9Y USD 5.4Y 450 bps 700 USD 5.9Y USD 5.9Y USD 6.9Y USD 9.9Y SBG 5Y CDS (JPY) EUR 1.4Y EUR 3.9Y EUR 3.4Y EUR 4.2Y EUR 5.9Y EUR 6.9Y EUR 6.9Y EUR 7.9Y 400 600 350 500 300 400 250 200 300 150
Slide 54: Calculation of Equity Value of Holdings
Jun 30, 2025: Calculation of Equity Value of Holdings $1 = ¥144.81 ¥41.6T (unadjusted) Equity value of holdings Adjustment for (¥ T) Equity value of holdings ー ＝ asset-backed finance Prepaid Forward Contracts, etc. 0.5 (adjusted) (unadjusted) Margin loans 2.0 Payable 923M Share price ¥19.8T ＝ amount
Slide 55: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥6.64T SBG stand-alone net debt =17.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥39.05T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm
Slide 56: Details of SBG Stand-alone Equity Value of Holdings (1/2)
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (1/2) (¥ T) Assets Value Calculation method (a) Arm 19.83 Multiplying the number of Arm ADSs equivalent to SBG's holdings by the ADS price ($149.2B; Before adjustment 21.06 ¥21.61T) - payable amount of the consideration for Arm sha
Slide 57: Details of SBG Stand-alone Equity Value of Holdings (2/2)
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (2/2) (¥ T) Assets Value Calculation method (g) T-Mobile 2.20 Number of T-Mobile shares held by SBG × share price (h) Deutsche Telekom 0.35 Before adjustment 0.87 Number of DT shares held by SBG × share price Adjustment for asset-b
Slide 58: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥6.64T (V) Adjusted SBG stand-alone ¥39.05T =17.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- Other stand-alone net financing entities, debt = net debt - etc. - adjustments 6.64 14.75 5.
Slide 59: 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) 9.39 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Adj
Slide 60: 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 (Jun 2025) 21% 22% APAC (excl. China Others and Japan) 51% 3% EMEA 14% 14% 55% China 6% 6% 11% 8% Japan 5% 18%
Slide 61: Breakdown by Currency
Breakdown by Currency Investment and monetization flows are primarily in USD, while debt refinancing is principally in the same currency Investments and monetization Debt composition Cash position: ¥2.9T*1 Equity value of holdings: ¥39.0T*2 Interest-bearing debt*3: ¥9.9T EUR, etc. JPY EUR, etc. Net
Slide 62: Breakdown of NAV・LTV Change (QoQ)
Breakdown of NAV・LTV Change (QoQ) NAV LTV (¥T) Share Price FX * Share Sale of Others 18.0% Price T-Mobile Investments Others 17.0% -1.2 -0.6 FX -1.7% +1.4% +8.5 +3.1% -4.4% +0.5% +7.6：Arm +2.8%：OpenAI +0.3：SBKK +0.3%：Others +0.6：Others 32.4 25.7 Mar 2025 Jun 2025 Mar 2025 Jun 2025 * The difference i
Slide 63: Increase/Decrease in Cash Position
Increase/Decrease in Cash Position (¥ T) +2.1 0.1 Financing and Share repurchase 3.7 debt repayment 1.2 3.4 1.4 SVF+SBG investments Arm margin loan 0.7 Arm margin loan undrawn capacity 0.7 0.8 -1.3 0.5 undrawn capacity Monetization, etc. Corporate income tax: -0.3 2.6 2.9 Cash position Increase Decr
Slide 64: Consolidated Interest-bearing Debt/Cash Position/Net Debt
Consolidated Interest-bearing Debt/Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 SBG stand-alone 14,328.8 13,249.7 12,951.9 12,139.2 12,326.1 SVF1&2 and LatAm Funds 583.1 508.3 540.4 501.3 460.9 SoftBank Segment 6,642
Slide 65: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED JUNE 30, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL Executive Managing Partner & CFO, SB Investment Advisers & SB Global Advisers
Slide 66: 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 67: 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 68: Enabling the Age of Artificial Superintelligence
PERFORMANCE UPDATE PORTFOLIO UPDATE Enabling the Age of Artificial Superintelligence Rise of ASI Stages of the Information Revolution Rise of Rise of Rise of Rise of PC Internet Mobile AI S E L E CT I N V E S T M E N T S 1 Vision & LatAm FOUNDED Funds 1980s 1990s 2000s 2010s 2020s Footnotes: & Beyon
Slide 69: The AI Flywheel: Improving Models, Lower Costs, Growing Revenues
PERFORMANCE UPDATE PORTFOLIO UPDATE The AI Flywheel: Improving Models, Lower Costs, Growing Revenues As of June 30, 2025 AI Inference Costs Significantly Decreased Revenues of AI Native Companies Reached ~$15B MEDIAN PRICE PER 1 MILLION TOKENS1 ANNUALIZED REVENUE2 September 2023 – March 2025 July 20
Slide 70: Market & Key Economic Indicators
PERFORMANCE UPDATE Market & Key Economic Indicators As of June 30, 2025 NASDAQ INDEX1 VIX INDEX1 CONSUMER SENTIMENT INDEX2 April 1, 2025 – June 30, 2025 April 1, 2025 – June 30, 2025 January 2025 – June 2025 April May June April May June Jan Mar June 2025 2025 2025 2025 2025 2025 2025 2025 2025 APRI
Slide 71: Quarterly Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 +$3.6B +$0.8B +$0.5B +$4.8B SVF1 SVF2 LATAM COMBINED PUBLIC +$3.1B +$0.2B +$0.3B +$3.5B Quarterly PRIVATE +$0.5B +$0.6B +$0.2B +$1.3B Performance Public investment gains Public investment gains Public assets
Slide 72: 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 $65.8B $7.8B $172.2B Acquisition Cost1 $87.8B $69.3B $7.5B $164.7B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $29.3B $(23
Slide 73: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of June 30, 2025 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$2,663 $9.3 +37% Q1 ‘25 revenue rose 21% YoY to $7.9B; n
Slide 74: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview Key Fair Value Drivers | As of June 30, 2025 KEY METRICS 387 $70.0B 74% +$1.3B # CURRENT INVESTMENTS1 UNREALIZED FV – PRIVATE2 OF TOTAL UNREALIZED FV2 QUARTERLY FV CHANGE3 Top 3 Largest Private Investments by FV4 Fintec
Slide 75: OpenAI’s Product Innovations & Acquisitions Enable Continued Growth
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI’s Product Innovations & Acquisitions Enable Continued Growth As of June 30, 2025 SELECT COMPANY UPDATES Increased ChatGPT Daily Active Reached 3 million paying business Launched Codex, a cloud-based Users >4x over the last year1 users, up 50% from Febr
Slide 76: OpenAI Scales Across Consumer & Enterprise Markets
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI Scales Across Consumer & Enterprise Markets As of June 30, 2025 OPENAI HAS THE HIGHEST ADOPTION RATE OF CHATGPT CONTINUES TO BE THE #1 MOST DOWNLOADED APP ANY AI COMPANY AMONG U.S. BUSINESSES WEEKLY APP STORE DOWNLOADS (MILLIONS) 1 SHARE OF U.S. BUSINE
Slide 77: SVF2 OpenAI Investment Totals $9.7B After First Close
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE SVF2 OpenAI Investment Totals $9.7B After First Close of Latest Round As of June 30, 2025 $10B FIRST CLOSE2 SVF2 OPENAI INVESTMENT BY QUARTER1 September 2024 – June 2025 $2.5B $10B FIRST CLOSE $7.5B SVF2 Investment Amount $7.5B $9.7B $2.5B $1.7B Syndication A
Slide 78: Investment Platform eToro Raised $600mm+ in May IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Investment Platform eToro Raised $600mm+ in May IPO As of June 30, 2025 Personal investing platform Total Cost 1 Total Fair Value 2 KEY METRICS5 opening the world’s markets 2023 & 2024 NASDAQ: ETOR to everyone $30mm $53mm Commission Revenue ($mm) Adjusted EBI
Slide 79: Neobank Chime Raised $860mm+ in June IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Neobank Chime Raised $860mm+ in June IPO As of June 30, 2025 KEY METRICS1 Leading US neobank providing Total Cost 2 Total Fair Value 3 2022 – 2024 customers with low-cost, 8.0 NASDAQ: CHYM mobile-first banking services $350mm $175mm # Active Members (mm) Reve
Slide 80: IPO Market Momentum Builds as Late-Stage Portfolio Valued at $45B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE IPO Market Momentum Builds as Late-Stage Portfolio Valued at $45B As of June 30, 2025 LARGEST GLOBAL TECHNOLOGY LISTINGS YTD 1 VISION & LATAM FUNDS LATE -STAGE PORTFOLIO By IPO Proceeds $4.6B $0.8B FAIR VALUE3 $1.5B $1.4B $0.6B $0.6B $45B 65% % of
Slide 81: Revenue & Profitability Growth Support PayPay’s IPO Preparations
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Revenue & Profitability Growth Support PayPay’s IPO Preparations As of June 30, 2025 PAYMENTS REVENUE & EBITDA1 JPY Billions | FY 2022 – FY 2024 Revenue EBITDA COMPANY HIGHLIGHTS 249 212 +18% 1-in-2 7.8B #1 46 People in Japan Payments made with QR Code Paymen
Slide 82: Klarna Performance Remains Strong as Company Readies for IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Klarna Performance Remains Strong as Company Readies for IPO As of June 30, 2025 GROSS MERCHANDISE VOLUME1 REVENUE & OPERATING EXPENSES1 2020 vs. 2024 2020 – 2024 Revenue Operating Expenses2 $105B $2.8B 93mm Total Active Customers1 2xGrowth +48% 2022–2024 675
Slide 83: Distributions to Limited Partners Reached $72.5B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Distributions to Limited Partners Reached $72.5B As of June 30, 2025 DPI COMPARISON4 CUMULATIVE DISTRIBUTIONS SINCE INCEPTION1 SVF1 2025 YTD $72.5B DISTRIBUTIONS2 $66.6B 1.9x +$5.9B $53.4B $58.0B $44.2B Median SVF1 JUNE 2025 QUARTER 2017 VC DISTRIB
Slide 84: YTD Highlights: Enabling the Age of ASI
YTD HIGHLIGHTS INV ES TI INVESTING1 NG Enabling the MON VALUE CREATION Largest Private Investments by Unrealized Fair Value $6.1B Age of ASI ETIZATIO Fair Value Gain2 N SVF1 SVF2 LATAM MONETIZATION $5.9B 17 N TI O A Gross Public Listings & C RE Distributions3 Full Exits4 E V ALU Footnotes: 1. Includ
Slide 85: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 86: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to June 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 $31.7B $9.2B $4.5B Equity $58.6B $53.0B
Slide 87: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to June 30 Fund Net Profit2 $16.1 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (7.9) to SBG, Net of 3rd SBG LP Income: 8.2 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to S
Slide 88: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of June 30, 2025 $24.8B $35.9B Net Asset Value3 Distributions4 $11.1B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 89: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $62.9B to SBG SBG Total Value2 As of June 30, 2025 $29.8B $38.9B 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 Paid
Slide 90: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $6.1B $6.8B Net Asset Value3 As of June 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. SBG
Slide 91: Portfolio Companies Continue to be Well-Capitalized
SVF1 SVF2 LATAM 2% <12 Months 7% 12-24 8% Months >24 Months Portfolio Companies Portfolio 83% 98% Continue to be Companies FCF+ or Sufficient to Portfolio Cash Runways Achieve Companies with Well-Capitalized By Fair Value1 Profitability2 12+ Months Cash Runway As of June 30, 2025 Footnotes: 1. Sourc
Slide 92: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 28
Slide 93: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Ian Thornton VP Investor Relations August 2025 1
Slide 94: 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 95: Q1 FYE26: From Revenues to Profits
Q1 FYE26: From Revenues to Profits 98% 39% Non-GAAP Non-GAAP Gross Margin Operating $22m Margin $619m License Revenue $468m Royalty Revenue $585m Notes: 1. Depreciation and amortization for Q1 FYE26 was $60m 2. See Arm’s shareholder letter for reconciliation of Non-GAAP metrics to the most directly
Slide 96: 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 • Underlying industry demand driven by AI, automotive, data center and consumer electronic markets. Arm Addressable Semiconductor Market $ (
Slide 97: Updated data for FYE25: Arm’s end markets
Updated data for FYE25: Arm’s end markets +20% • Arm is increasing revenue beyond mobile through a broadening range of products including CPUs and systems for markets such as cloud, automotive and IoT/embedded compute Note: royalties represent approximate mix, based on reports received from our part
Slide 98: Updated data for FYE25: Arm’s end markets
Updated data for FYE25: Arm’s end markets Market Share1 Market Value1 FYE22 to FYE25 FYE22 to FYE25 MOBILE APPLICATIONS >99% >99% $29bn $40bn OTHER MOBILE Client 70% 70% $18bn $17bn CONSUMER ELECTRONICS 30% 35% $70bn $61bn CLOUD Auto Infrastructure COMPUTE 3 9% 20% $16bn $25bn NETWORKING EQUIPMENT 2
Slide 99: Near-Term Guidance
Near-Term Guidance Q2 FYE26 Revenue ($bn) $1.01bn - $1.11bn Non-GAAP Operating Expense ($m)1 ~$655m Non-GAAP fully diluted earnings per share ($)1 $0.29 - $0.37 (1) For more information and definitions of the non-GAAP measures see the “Key Financial and Operating Metrics” section of our most recent
Slide 100: Compute Subsystems (CSS)
Compute Subsystems (CSS) Integrated, pre-validated AI compute subsystems that simplify silicon and software development for the next era of AI-Enabled Vehicles 8
Slide 101: Arm Zena Compute Subsystem (CSS) for Automotive
Arm Zena Compute Subsystem (CSS) for Automotive Accelerating development of the AI-enabled vehicle CPU CPU High-performance compute with Armv9 cluster Cluster Cluster CPU CPU Support for accelerators including Arm’s own GPU and ISP Cluster Cluster Security Safety Island for fault monitoring and safe
Slide 102: Arm Zena Compute Subsystem (CSS) for Automotive
Arm Zena Compute Subsystem (CSS) for Automotive Accelerating development of the AI-enabled vehicle IO Peripherals PCIe/CXL Peripheral Phys CPU CPU Mali Cluster Cluster ISP Fewer engineers UCIe per project CPU CPU Differentiation Cluster Cluster Mali • Accelerators & GPU partner specific Safety Islan
Slide 103: To be replace d
To be replace d 11
Slide 104: SoftBank
SoftBank