Softbank Group Corp. · TSE:9984
Softbank — FY2025 Earnings Presentation
124 slides from Softbank's earnings presentation, May 13, 2026
Slide 1: FY2025 Earnings Results Investor Briefing
FY2025 Earnings Results Investor Briefing May 13, 2026 SoftBank Group Corp. Fiscal year ended March 31, 2026
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 156.53 150.26 151.32 152.95 145.19 147.50 154.04 156.48 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 159.88 Abbreviations Abbreviations utilized within this pres
Slide 4: Index
Index • Accounting & Sustainability • Finance • SoftBank Vision Funds • Arm
Slide 5: Accounting
Accounting
Slide 6: Consolidated Results
Consolidated Results FY2024 FY 2025 Change Change % (¥ B) Net Sales 7,243.8 7,798.7 554.9 7.7% Income before income tax 1,704.7 6,134.9 4,430.2 259.9% Net income 5,002.3 3,848.9 333.7% (attributable to owners of the parent) 1,153.3 (Reference) Gain on investments 3,701.1 7,286.5 3,585.4 96.9% Invest
Slide 7: FY2025 Year-End Investments in OpenAI
FY2025 Year-End Investments in OpenAI ($ B) 79.6 Valuation gain: 43.9 Recorded in FY2025 $45.0B 34.6 1.1 Recorded in FY2024 32.4 Investment in FY2025 34.6 2.2 Investment in FY2024 FY2025 FY2025 Cumulative investment cost*1 Fair value *1 Includes indirect investments and is presented net of disposals
Slide 8: Follow-on Investment in OpenAI Committed in Feb 2026
Follow-on Investment in OpenAI Committed in Feb 2026 • In Feb 2026, SBG entered into a definitive agreement with OpenAI for a $30B follow-on investment through SVF2. • At a pre-money valuation of $730B, $10B will be invested in each of Apr, Jul, and Oct 2026; the Apr tranche has been executed. • The
Slide 9: PayPay Listed in Mar 2026
PayPay Listed in Mar 2026 (NASDAQ: PAYP) • In Mar 2026, PayPay listed on the Nasdaq Global Select Market at $16.0 per ADS*1. • PayPay remains a consolidated subsidiary with a 90.7%*2 ownership stake post-IPO. • Equivalent gain on sale is not recognized in P/L; recorded in B/S equity. Consolidated P/
Slide 10: Investment Business of Holding Companies Segment
Investment Business of Holding Companies Segment FY2024 FY2025 Change (¥ B) Gain on investments 3,413.8 1 218.1 (3,195.7) 1 Gain on investments*1 • NVIDIA: ¥339.1B • Intel: ¥278.6B SG&A (131.9) (125.2) 6.7 • OpenAI Forward Contract: ¥264.9B • Alibaba: ¥(169.7)B Finance cost (531.3) 2 (645.6) (114.3)
Slide 11: T-Mobile: Shareholding & Fair Values
T-Mobile: Shareholding & Fair Values $266.71 $238.26 $239.38 $220.73 $210.03 $203.04 Share price - 21.5 - 18.7 - 16.7 - 18.5 Number of shares held 85.4 85.4 63.9 45.2 28.5 10.0 FY25 (M) Sold 75.4M shares (Equiv. to 21.5M shares) 5,734 for $16.2B (Equiv. to 18.7M shares) In FY2025 Q4, entered into 4,
Slide 12: SoftBank Vision Funds Segment
SoftBank Vision Funds Segment FY2024 FY2025 Change (¥ B) 1 Gain on investments at SVF1 Gain on investments 434.9 6,991.9 6,557.0 • Divestment: SVF1 1,023.0 1 50.3 (972.7) Gains on divestment • Public: SVF2 (561.7) 2 6,853.7 7,415.4 Share price declines (e.g., Coupang, DiDi) • Private: LatAm 8.1 43.1
Slide 13: Investment Performance of SVF1 and SVF2
Investment Performance of SVF1 and SVF2 Since Inception FY2025*1 Gain/loss Gain/loss ($ B) Cost Returns Gain/loss YTD Jan - Mar SVF1 87.2 111.4 24.2 Exited investments 48.3 71.6 23.3 1.6 0.3 Investments before exit 38.9 39.2 0.3 (0.9) (4.5) Interests/Dividends － 0.6 0.6 0.0 － SVF2 96.9 118.7 21.8 Ex
Slide 14: Consolidated P/L
Consolidated P/L (¥ B) FY2024 FY2025 Change (¥ B) 1 Investment Business of Holding Companies Net sales 7,243.8 7,798.7 554.9 • NVIDIA: ¥339.1B • Intel: ¥278.6B Gross profit 3,754.2 4,016.1 261.9 • OpenAI Forward Contract: ¥264.9B Total gain on investments 3,701.1 7,286.5 3,585.4 • Alibaba: ¥(169.7)B
Slide 15: Consolidated B/S – Assets
Consolidated B/S – Assets Mar Mar (¥ B) Change 1 Other financial assets 2025 2026 • SB Northstar: +¥314.0B Current assets 9,432.9 11,815.6 2,382.7 (Corporate bonds acquisitions, partially offset by NVIDIA shares sales) Cash and cash equivalents 3,713.0 5,362.2 1,649.1 Derivative financial assets 111
Slide 16: Investment Securities in Consolidated B/S (Main Investments)
Investment Securities in Consolidated B/S (Main Investments) Mar Mar (¥ B) Change 2025 2026 Investment securities 8,040.1 4,264.6 (3,775.4) FVTPL 7,124.4 2,815.7 (4,308.7) 1 Intel 613.5 613.5 • $2.0B investment in Sep 2025 and higher share price Intel ― １ $3,837M $3,837M 2 T-Mobile 3,404.1 335.8 2 (
Slide 17: Consolidated B/S – Goodwill / Intangible assets
Consolidated B/S – Goodwill / Intangible assets Change Mar Mar Main items Amorti- Changes Outline (¥ B) 2025 2026 zation In FX rate Goodwill *1 5,781.9 7,314.5 Arm 3,540.4 3,785.8 ― 245.4 Ampere ― 1,099.3 ― (20.7) Provisionally recorded since purchase price allocation has not yet been completed Grap
Slide 18: Consolidated B/S – Liabilities
Consolidated B/S – Liabilities Mar Mar 1 Interest-bearing debt (¥ B) Change 2025 2026 (total of current and non-current) Current liabilities 12,601.7 14,833.5 2,231.9 • SBG Interest-bearing debt 5,629.6 1 7,251.6 1,622.0 Borrowings: ¥3,960.7B (+¥2,185.3B) 19.3 Corporate bonds: ¥8,170.4B (+¥1,502.0B)
Slide 19: Consolidated B/S Summary – Equity
Consolidated B/S Summary – Equity Mar Mar Change (¥ B) 2025 2026 1 Capital surplus Equity 13,953.0 20,468.4 6,515.4 Equivalent gain on sale attributable to owners of the parent associated with PayPay’s IPO (see p5): +¥81.5B Common stock 238.8 238.8 ― Capital surplus 3,376.7 3,510.7 1 134.0 2 Retaine
Slide 20: Impact of the Weaker Yen on P/L & B/S
Impact of the Weaker Yen on P/L & B/S (Illustration) P/L B/S Entities Components Exchange differences from Foreign exchange gain (loss) translation Foreign currency- denominated cash and cash equivalents/ Loans receivable SBG stand-alone+ Foreign exchange gain (excl. investments) Subsidiaries conduc
Slide 21: Impact of the Weaker Yen in FY2025
Impact of the Weaker Yen in FY2025 (from ¥149.52/$ to ¥159.88/$) Foreign exchange loss in consolidated P/L for FY2025: ¥(271.0)B At SBG stand-alone: Foreign exchange loss of ¥(428.7)B related to foreign currency borrowings from Group companies and loss of ¥(245.7)B related to foreign currency bonds
Slide 22: Consolidated C/F Summary
Consolidated C/F Summary FY2024 FY2025 Primary details for FY2025 1 Investments (¥ B) • By SBG (mainly $2.0B in Intel): ¥(0.6)T 1,019.3 Subtotal of C/F from operating activities • By PayPay Bank (in asset management products): ¥(0.7)T C/F from 203.6 (428.8) operating activities (821.6) Income taxes
Slide 23: Difference in Tax Rate
Difference in Tax Rate (Minuses show expenses) FY2025 Rate (%) Amount (¥ B) Income before income tax 6,134.9 Effective statutory tax rate 31.5% (1,930.0) (Main factors of difference) (i) Difference in subsidiaries’ tax rates (27.7%) 1,701.8 (ii) Impact of international taxation rules 3.4% (209.3) (i
Slide 24: Loss Carryforwards
Loss Carryforwards Carrying amounts in Income base Tax base Valuation allowance B/S FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 (¥ B) Total of companies 2,104.9 1,730.8 681.8 559.8 (612.3) (490.4) 69.5 69.4 based in Japan Total of companies 521.1 556.6 118.7 124.5 (72.3) (76.9) 46.4 47.6 based overseas
Slide 25: Income Taxes Paid on a Consolidated Basis (Net)
Income Taxes Paid on a Consolidated Basis (Net) 5-year FY2021 FY2022 FY2023 FY2024 FY2025 (¥ B) Total Consolidated 589.3 525.9 816.8 215.2 784.3 2,931.5 Japan 551.2 469.7 717.0 131.6 699.5 2,569.0 SBG and intermediate holding companies 200.0 214.2 443.3 (46.1) 463.4 1,274.8 (wholly owned subsidiarie
Slide 26: Co-investment Program to SVF2: Related Party Transactions
Co-investment Program to SVF2: Related Party Transactions Equity interests of third-party interests MgmtCo *1 SBG FY2025: $3,130M (¥500.4B) (Masayoshi Son) FY2024: $― (¥―) Equity interests: 17.25% (A) Equity acquisition amount: $2,750M (i) Acquisition costs: $2,594M (committed capital: $2.6B) (ii) A
Slide 27: SVF2: Recognition of Third-Party Interests
SVF2: Recognition of Third-Party Interests Allocation of NAV to Equity Interests (Illustrative) MOIC Test & Recognition of Third-Party Interests (as of Mar 31, 2026) In FY2025, investment gains increased, and NAV*1 was allocated to: No performance-based distribution was made to MgmtCo, 1 Preferred e
Slide 28: Co-investment Program to LatAm & Management's Investment
Co-investment Program to LatAm & Management’s Investment in Asset Management Subsidiary Management’s investment in Co-investment program to LatAm asset management subsidiary MgmtCo Masayoshi SBG SBG (Masayoshi Son) Son Loans entrusted Equity interests: 17.25% 66.7% 33.3% Equity interests of third-pa
Slide 29: Sustainability
Sustainability
Slide 30: Material Issues Relating to Sustainability
Material Issues Relating to Sustainability (“Material Issues”) All 10 Material Issues remain unchanged Sustainability 2
Slide 31: Sustainability Disclosures
Initiatives for Substantive Sustainability Disclosure Scope of Application of SSBJ in the Annual Securities Report for 2027(Climate-related matters) Preparing substantive sustainability disclosures through enhanced connectivity with financial information Information Revolution – Happiness for everyo
Slide 32: FY25 ESG Evaluation Results
FY25 ESG Evaluation Results ESG ratings have been maintained and enhanced, as a result of proactive disclosure of group-wide activities FTSE MSCI S&P Global SUSTAINALYTICS ISS ESG CDP Latest 4.4 AA 81 23.7 C B Rating （Out of 5; The higher the （AAA is the highest rating.） （Out of 100; The higher the
Slide 33: 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 34: FY2025 Highlights
FY2025 Highlights NAV expanded significantly, driven by the execution of a proactive AI investment strategy; achieving both large-scale investments and disciplined LTV management Investment & Monetization*1 NAV LTV Q4 Pro forma*2 Key Investments All-time high ¥47.7T Improved +¥14.4T in FY25 Mar 31,
Slide 35: External Environment (1/2)
External Environment (1/2) A year in which latent risks crystallized into reality, yet the stock market remained resilient U.S.-Iran armed conflict, Crude oil prices surge 300 Private credit fund redemption restrictions SOX* 274 250 SaaS stocks plunge 200 Private credit anxiety (First Brands bankrup
Slide 36: External Environment (2/2)
External Environment (2/2) Markets declined in March amid Middle East tensions but rebounded sharply, led by semiconductor indices Stock Indices*1 U.S. & Japan Interest Rates USD/JPY Exchange Rate (%) (¥) 300 6.0 米国債（10年） 10-year U.S. Treasury 165 SOX*2 FF金利上限 FF rate upper bound 274 日本国債（10年） 10-Ye
Slide 37: Historical NAV (Quarterly)
Historical NAV (Quarterly) Increases ¥22.0T since Mar 2025 (¥ T) 47.7 An increase of ¥22.0T 40.1 32.4 33.3 23.1 30.9 15.9 25.7 15.2 10.1 16.5 10.6 18.2 Arm 17.9 11.1 14.3 SVF 7.7 8.8 SBKK 2.6 2.9 2.8 2.3 2.4 2.6 2.8 1.3 0.7 T-Mobile 1.8 2.0 2.4 2.9 3.5 3.8 3.9 Others Mar Jun Sep Dec Mar ProPro Q4 fo
Slide 38: Historical NAV
Historical NAV NAV reaches an all-time high Q4 Pro forma (May 12, 2026)* ¥47.7T Mar 31, 2026 ¥40.1T Sep 2023 Arm IPO Arm SVF SBKK Alibaba 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 breakdown of N
Slide 39: Portfolio Evolution
Portfolio Evolution Core assets expand: Arm and OpenAI emerge as drivers of growth March 2025 March 2026 Net of asset-backed finance Others Others Arm and OpenAI T-Mobile 8% SBKK LatAm 10% Approx. 65% 11% 2% 6% Arm Arm 41% SVF1 40% SBKK 10% 7% LatAm 10% 3% SVF2 12% SVF2 (excl. OpenAI) OpenAI* (excl.
Slide 40: Key Metrics
Key Metrics Driven by Arm and OpenAI, NAV grew to over ¥40T Mar 2025 Mar 2026 Key Drivers of Change • Increase in equity value of holdings (+¥13.3T) NAV ¥25.7T ¥40.1T • JPY depreciation against USD (+¥2.7T) (+¥14.4T) • New investments, Arm shares transaction consideration (+14.5 ppt) LTV 18.0% 17.0%
Slide 41: FY2025: Major Investments and Fundings
FY2025: Major Investments and Fundings Major Investments Major Fundings OpenAI $32.4B*1 Bridge $15B ⇒ $12B ⇒ 0 Loan (Facility size) Balance as of (Repaid in April) (FY2025 Investment) Mar 31, 2026 TMUS/DT $20.6B Sales, etc. NVIDIA $5.8B Asset Others $0.7B $27.2B Ampere $6.5B moneti- FY2025 zation Ar
Slide 42: FY2025 Q4 and Beyond: Major Investment and Financing Activities
FY2025 Q4 and Beyond: Major Investment and Financing Activities Executed multi-channel financing ahead of additional OpenAI investments. Utilizing various funding channels for the $40B bridge loan takeout FY2025 Q4: Results Debt funding Bridge loan agreement executed $40.0B ¥6,395.2B Arranged borrow
Slide 43: Historical Equity Value of Holdings
Historical Equity Value of Holdings Driven by appreciation in value of Arm and OpenAI, reaching a new all-time high. Surpassing ¥50T Net of asset-backed finance (¥ T) 55.9 Increased by ¥24.5T 48.3 39.0 39.9 39.0 27.1 19.1 31.4 12.7 Share price $151.28 Share price $207.92 19.8 18.2 12.9 SVF 18.0 21.6
Slide 44: Historical LTV
Historical LTV Balancing large-scale investments and LTV management. Adjusting the balance of funding and the pace of investment in response to changes in the value of held assets 35% (times of emergency) 25% (normal times) 21.6% 20.4% 20.6% 18.7% 18.0% 15.9% 18.2% 17.0% 16.5% 17.0% 15.0% 14.5% 12.9
Slide 45: Annual Investment Track Record and Announced Investment Plan
Annual Investment Track Record and Announced Investment Plan Executed a total of $44.0B in investments, primarily in OpenAI and Ampere Investment Track Record* Announced Investment Projects ($ B) 44.0 38.5 (planned) 5.4 3.1 32.4 20.0 (Jul/Oct) 7.9 6.5 3.9 2.2 10.0 5.7 (Paid in Apr) 3.9 5.0 Others FY
Slide 46: Arrangement of 2026 Bridge Loan
Arrangement of 2026 Bridge Loan Arranged a large-scale bridge loan in a short period, primarily for additional investment in OpenAI; executing takeout financing sequentially Agreement Date Mar 27, 2026 Total Facility $40B (¥6.4T equiv.*) Amount ($20B already drawn; remaining $10B each scheduled for
Slide 47: The Concept of Bridge Loan Takeout
The Concept of Bridge Loan Takeout Execute funding steadily by combining asset monetization and debt financing while maintaining LTV discipline. Expand monetization capacity through increase in equity value of holdings and IPOs Asset Monetization Debt Financing (Margin loans, collar finance, sales,
Slide 48: Growth and Utilization of Equity Value of Holdings
Growth and Utilization of Equity Value of Holdings Financing made possible through our extensive asset base. Actively utilizing each asset for financing in line with its liquidity profile and investment objectives ($ B) Equity value of holdings* FY2025 Use Cases $302B Net of asset-backed finance (¥4
Slide 49: Utilizing Project Finance
Utilizing Project Finance Debt financing through project finance is anticipated in businesses such as power generation and data centers. Pursuing non-recourse financing structures with no impact on SBG's LTV Project Finance Structure (Illustrative) Legend Development cash flow Business Entity Operat
Slide 50: Relationships with Financial Institutions
Relationships with Financial Institutions (Major Relationship Banks) Strong, established relationships with global financial institutions. Broad-based support secured across all key financings Number of participating financial institutions in key financings 2025 Bridge Loan: $15B 21 Commitment Line:
Slide 51: Debt Utilization: Foreign-currency Denominated Senior Bonds
Debt Utilization: Issuance of Foreign-currency Denominated Senior Bonds (April) Completed refinancing of FY26 foreign-currency bonds — the first takeout from the 2026 bridge loan facility. Strong global investor demand reaffirmed Total Issuance Approx. $15B $3.5B (¥560.8B equiv.)*1 Amount Currency U
Slide 52: Debt Utilization: Issuance of Domestic Hybrid Bonds
Debt Utilization: Issuance of Domestic Hybrid Bonds (April) Refinancing of hybrid bonds completed. Demand from retail investors remains robust. Spreads have improved significantly SBG Hybrid Bonds Spread Trends Issuance Amount ¥418.0B (Since the start of 2025)* (bps) Maturity 35yrs non-call 5yrs 400
Slide 53: Evolution of Household Financial Assets and Investor Mindset
Debt Utilization: Evolution of Household Financial Assets and Investor Mindset Over the past 25 years, retail investors have shifted from delegated management to direct investment. Together with the expansion of NISA, investor mindset has undergone a structural transformation Changes in Attitudes To
Slide 54: 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 position Finance 22
Slide 55: LTV Management Approach
LTV Management Approach Anticipating further growth of the AI portfolio. Maintain backstop options at all times, including asset monetization Growth of LTV enhancement levers • Asset Monetization + • Instruments with equity equity value of characteristics, such as hybrid instruments holdings Control
Slide 56: 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) ¥3.5 T ($22B) Bond redemptions for the ＞ next 2 years ¥1.6T ($10B) 3,528.8 1,640.0 1,098.5 852.1 520.9 Mar 2
Slide 57: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Cash position increased through monetization of T-Mobile shares and commitment line drawdown (¥ B) 4,330.7 801.9*1 3,502.4 3,285.8 2,933.9 469.8 2,623.3 Effective Cash position Main changes from Dec 31, 2025 Increase Decrease 3,502.4 3,528.8 • Loan Borrowings (+¥1,272.7
Slide 58: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Increased mainly through borrowing under commitment line (¥ B) Breakdown (Mar 31, 2026) (¥ B) SBG borrowings QoQ 17,792.0 Bank loan 3,775.5 +970.3 Commitment line borrowing 16,344.0 Non- Hybrid loan 185.2 +0.2 recourse to Subtotal 3,960.7 +970.5 4,624.3 SBG SB
Slide 59: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Adjusted SBG stand-alone net interest-bearing debt remained broadly stable (¥ B) 13,461.3 13,058.1 Finance-related adjustments 5,012.1 5,255.2 Asset-backed finance, etc.: ¥4,624.3B 9,516.0 9,392.2 Hybrid finance: ¥630.9B 9,103.5 2,750.1 2,544.5 3,853.4 Adjus
Slide 60: Bond Redemption Schedule
Bond Redemption Schedule Focusing on active leveraging in the near term. Shift toward debt management with a focus on diversifying maturities from FY2028 onward, while managing funding costs. Domestic senior bonds (¥ B) 1,956.0 Domestic subordinated bonds 137.6 Domestic hybrid bonds Foreign currency
Slide 61: Historical Credit Ratings
Historical Credit Ratings Acquisition of A+ 14 Japan Acquisition Acquisition Acquisition Listing Announced follow-on JCR A Listing of SBKK Telecom of Vodafone KK of Sprint of Arm of Arm investments in OpenAI 800 A 13 700 A- 12 (Outlook: Negative) 600 BBB+ 11 BBB10 500 BBB-9 400 S&P BB+ 8 BB 7 300 BB
Slide 62: Historical Net Interest-bearing Debt
Financial Management of an Investment Holding Company: Historical Net Interest-bearing Debt ¥5T increase by investments leveraging debt over 4 years ¥8.2T ¥3.1T SBG stand-alone net debt Jun 22 Sep 22 Dec 22 Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 FY
Slide 63: Historical Equity Value of Holdings and Net Debt
Financial Management of an Investment Holding Company: Historical Equity Value of Holdings and Net Interest-bearing Debt While net debt increased, the asset value increased by ¥27T. Growth in asset value enables large-scale investments while controlling LTV ¥48.3T ¥27T increase Equity Value of Holdi
Slide 64: Pursuing Optimal Leverage through LTV Management
Financial Management of an Investment Holding Company: Pursuing Optimal Leverage through LTV Management Under our financial policy of LTV below 25%, the equity value of holdings consistently covers net debt at a ratio exceeding 4x. Financial soundness is preserved by scaling leverage in line with po
Slide 65: Cost of Leverage
Financial Management of an Investment Holding Company: Cost of Leverage Debt financing enables capture of promising investment opportunities while maximizing returns. Funding costs are covered by investment returns Cost of Debt Equity IRR*3 Yield of USD- and JPY-senior bonds 57% (5-year)*1 (Secondar
Slide 66: FY2026 Business Environment Surrounding SBG
FY2026 Business Environment Surrounding SBG Anticipating rapid changes in the business environment driven by AI adoption Capital concentration in the AI Full-scale deployment of AI sector through large-scale agents infrastructure investments Disruption of existing Development and deployment business
Slide 67: FY2026 Financial Strategy
FY2026 Financial Strategy Core financial strategy remains unchanged Swiftly responding to Securing investment Pursuing optimal leverage Financial Investments market fluctuations in Financing capital through diversified Maintaining strict discipline sync with management financing methods Soundness in
Slide 68: Appendix
Appendix
Slide 69: SBG Foreign Currency Senior Bond Spreads
SBG Foreign Currency Senior Bond Spreads USD-denominated Bonds EUR-denominated Bonds (bps) (bps) 600 USD (Senior) 2.9Y USD (Senior) 4.7Y USD (Senior) 6.2Y 600 EUR (Senior) 3.4Y EUR (Senior) 5.2Y EUR (Senior) 7.2Y USD (Senior) 9.2Y USD (Senior) 3.4Y USD (Senior) 5.4Y EUR (Senior) 3.9Y EUR (Senior) 5.
Slide 70: SBG Domestic Senior Bond Spreads and 5-year CDS
SBG Domestic Senior Bond Spreads and 5-year CDS Domestic Senior Bonds 5-year CDS (bps) (bps) Senior #59 (4.8Y) Senior #61 (3.0Y) Senior #62 (5.0Y) 450 450 Senior #63 (5.1Y) Senior #64 (5.6Y) Senior #65 (4.0Y) Senior #66 (3.9Y) Senior #67 (6.6Y) 400 400 350 350 300 300 250 250 200 200 150 150 100 100
Slide 71: Calculation of Equity Value of Holdings
Mar 31, 2026: Calculation of Equity Value of Holdings $1=¥159.88 Equity value of holdings Equity value of holdings ¥52.9T (¥ T) Adjustment for ＝ ー (adjusted) (unadjusted) asset-backed finance (unadjusted) Prepaid forward contracts 0.3 Margin loans 4.4 923M Share price ¥ 19.1T ＝ ¥22.3T shares held*1
Slide 72: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥8.21T SBG stand-alone net debt =17.0% (V) Adjusted SBG stand-alone equity value of holdings*1 ¥48.26T (¥ T) Adjusted SBG stand- Major SBG’s interest in SVF1&2 Other investments in alone equity value of holdings = assets + & LatA
Slide 73: 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 19.15 Before adjustment 22.32 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($139.6B; ¥22,317.8B) Adjustment for asset-backed finance -3.17 Equivalent
Slide 74: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥8.21T (V) Adjusted SBG stand-alone ¥48.26T =17.0% equity value of holdings (¥ T) Adjusted SBG Consolidated Net debt at self- stand-alone net Other adjustments debt = net debt - financing entities - 8.21 18.82 5.36 5.2
Slide 75: LTV Calculation: Details of 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 at self- (before adjustment) 13.46 financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; a
Slide 76: Status of Margin Loans
Status of Margin Loans (as of Mar 31, 2026) 22.3 (¥ T) (¥ T) 4.0 1.2 3.2 Equity value of Equity value of 残高balance Outstanding 保有株式価値 holdings* 残高 Outstanding balance 保有株式価値 holdings* * Before adjustment of asset-backed finance. Finance 44
Slide 77: 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 Price Structure Movements • Loans secured by shares, executed through financing su
Slide 78: 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% (Mar 31, 2026) APAC 18% (excl. China Others 41% 40% and Japan) 47% 15% China 4%2% SBKK 5% T-Mobile
Slide 79: Breakdown by Currency
Breakdown by Currency 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: ¥4.3T*1 Equity value of holdings: ¥48.3T*2 Interest-bearing debt*3: ¥17
Slide 80: Bridge Loan Outstanding Balance Track Record
Bridge Loan Outstanding Balance Track Record 2025 Bridge Loan ($15B): Fully repaid in April 2026 Bridge Loan ($40B): $20B drawn, with partial early repayment already executed ($ B) Facility size 40.0 10 $20B drawn; OpenAI partial early repayment already executed 10 Outstanding balance Facility size
Slide 81: FY2025 Q4: Breakdown of NAV・LTV Change
FY2025 Q4: Breakdown of NAV・LTV Change NAV LTV (¥ T) Tax, costs, etc. +0.7ppt Share Price Advance payments, etc. -0.7ppt Fluctuations FX Impact * Others Asset SVF distribution -0.3ppt Monetization Share Price Forex impact -0.3ppt +0.9 -0.6 Fluctuations Others +0.9ppt -1.6% Others +8.9 T-Mobile share
Slide 82: FY2025: Breakdown of LTV Change
FY2025: Breakdown of LTV Change Despite large-scale investments, LTV improved to 17.0%, driven by asset monetization and increases in portfolio value 14.5% -7.1% TMUS/DT -5.4ppt NVIDIA -1.5ppt -4.7% Others -0.2ppt -1.4% 1.4% 3.0% Arm -3.9ppt OpenAI +9.8ppt SBKK -0.8ppt Ampere +2.0ppt Arm shares -6.8
Slide 83: Increase/Decrease in Cash Position
Increase/Decrease in Cash Position (Mar 25 – Mar 26) Secured investment capital by combining multiple financing channels (¥ T) SVF Asset distributions Investments monetization 0.7 4.9 6.3 1.0 Debt finance 0.8 Others 0.6 Arm shares transaction consideration Listed share sales, etc. 4.2 2.3 Undrawn 3.
Slide 84: Consolidated Interest-bearing Debt / Cash Position / Net Debt
Consolidated Interest-bearing Debt/ Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 SBG stand-alone 12,139.2 12,326.1 12,605.9 16,344.0 17,792.0 SVF1&2 and LatAm 501.3 460.9 647.1 834.7 814.3 SoftBank Segment 5,962.2 6,
Slide 85: Investor Briefing: SoftBank Vision Funds
QUARTER ENDED MARCH 31, 2026 Investor Briefing SoftBank Vision Funds NAVNEET GOVIL Executive Managing Partner & CFO, SB Investment Advisers & SB Global Advisers
Slide 86: 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 87: 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 88: AI Acceleration Amid Market Volatility
PERFORMANCE UPDATE PORTFOLIO UPDATE AI Acceleration Amid Market Volatility As of March 31, 2026 CONFLICT IN THE MIDDLE EAST & AI USAGE CONTINUED TO RAPIDLY EXPAND AI DISRUPTION IMPACTED EQUITY MARKETS NASDAQ COMPOSITE, SOFTWARE, & OIL OPENROUTER AI TOKEN CONSUMPTION4 January 1, 2026 – March 31, 2026
Slide 89: Quarterly Gross Fair Value Performance
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE 1 $(4.5B) +$24.4B $(0.2B) +$19.8B SVF1 SVF2 LATAM COMBINED PRIVATE $(0.7B) +$25.0B $(0.1B) +$24.1B Quarterly PUBLIC $(3.7B) $(0.6B) $(0.0B) $(4.4B) Performance Private investments Private investment gains Priv
Slide 90: $46B in Fair Value Gains in FY2025
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE QUARTERLY GROSS FAIR VALUE PERFORMANCE1 +$19.8B +$46.0B $46B in Fair Value Gains +$2.4B +$19.0B in FY2025 Twelve-Months Ending March 31, 2026 +$4.8B Jun 2025 Sep 2025 Dec 2025 Mar 2026 FY2025 Total Gain Footnotes: 1. Quarterly Gross Fair Value Perf
Slide 91: 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 $139.2B $7.8B $245.6B Acquisition Cost1 $87.8B $97.7B $7.6B $193.0B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $26.6B $21
Slide 92: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Private Investments Overview As of March 31, 2026 KEY METRICS & FAIR VALUE DRIVERS 373 $135.5B 85% +$24.1B Current Private Investments1 Unrealized FV – Private2 of Total Unrealized FV3 Quarterly FV Change4 Continued strong growth, Closed Series D r
Slide 93: OpenAI: Accelerating the Next Phase of AI
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Accelerating the Next Phase of AI As of March 31, 2026 KEY INVESTORS1 + Others $122B $30B $730B Total Round Size1 SoftBank Commitment2 Pre-Money Valuation2 “ SoftBank, NVIDIA, and Amazon are long-term partners who share our ambition to turn real scien
Slide 94: OpenAI: Our Investment to Total $64B+ by 2026YE
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Our Investment to Total $64B+ by 2026YE As of March 31, 2026 SVF2 INVESTMENT KEY METRICS VALUATION HISTORY ($B)3 OVERVIEW $730B P R E - M O NE Y $35B I NV E S T M E NT VALUATION Unrealized Cost1 $0.5B $150B Primary $500B $30B $260B $80B Primary Unreal
Slide 95: OpenAI: Leadership in Scale, Engagement, and Retention
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Leadership in Scale, Engagement, and Retention As of March 31, 2026 Weekly Active Users 900mm+ ChatGPT Retention Rate Approach 1B1 Is Industry Leading2 75% Average User Retention Rate in Month 122 4x Time Spent in ChatGPT 75% vs. Next Largest AI App1
Slide 96: OpenAI: Continued Consumer Leadership, Strong Enterprise Momentum
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE OpenAI: Continued Consumer Leadership, Strong Enterprise Momentum As of April 30, 2026 R E C E NT RELEASES ChatGPT for Excel ChatGPT-5.5 Codex Security OpenAI Frontier Codex Images 2.0 ChatGPT-Rosalind CHAT GPT-5.5 HIGHLIGHTS1 CODEX USERS3 Feb 2026 – Apr 2026
Slide 97: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of March 31, 2026 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$602 $4.1 +33% FY25 revenue up 27% to ¥381B, while prof
Slide 98: PayPay: Japan's Largest U.S. Listing in a Decade
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE PayPay: Japan’s Largest U.S. Listing in a Decade Raises $800mm+ As of March 31, 2026 K E Y M E T RI C S $2.1B $4.5B 2.1x $369mm 28% Total Cost1 Total Fair Value2 Gross MOIC3 SVF2 Proceeds SVF2 Ownership%4 Average Cost5 & Trading Activity6 NASDAQ: PAYP MAR 31,
Slide 99: PayPay: Driving Japan's Cashless Transition
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE PayPay: Driving Japan’s Cashless Transition As of May 7, 2026 NUMBER OF REGISTERED USERS1 ADJ. EBITDA & TOTAL REVENUE1 FY 2019 – FY 2025 | In Millions FY 2024 – FY 2025 | JPY B 111.1 380.7 73 $120B+ 64 68 299.1 FY25 Gross Merchandise Value1 89% 55 Growth 45 2
Slide 100: Late-Stage Portfolio Valued at $118B
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Late-Stage Portfolio Valued at $118B As of March 31, 2026 L AT E - S T AGE P O R T F O L I O 2 VIS IO N & L ATAM FU N D S $118B 87% CU M U L ATIVE L IS TIN GS Late-Stage Portfolio % of Total Private S IN CE IN CE PTION 1 62 Fair Value2 Unrealized F
Slide 101: Continued Focus on Monetization
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE FY2025 Gross Proceeds1 $7.3B Continued Focus on Monetization MARCH 2026 QUARTER GROSS PROCEEDS2 with $7B+ in Exits $2.5B in FY2025 Largest Exits by Gross Proceeds3 As of March 31, 2026 SVF1 SVF2 SVF2 SVF2 Full Exit IPO Monetization Full Exit Full E
Slide 102: Sōzō AI: Accelerating AI Across the SoftBank Ecosystem
SVF1 SVF2 LATAM PERFORMANCE UPDATE PORTFOLIO UPDATE Sōzō AI: Accelerating AI Across the SoftBank Ecosystem As of March 31, 2026 April 8 – 9, 2026 San Francisco, USA Convened 100+ portfolio company Founders & CEOs to shape the next era of AI — mobilizing SoftBank’s network and OpenAI’s category leade
Slide 103: Vision Funds: Advancing SoftBank's Mission to Realize ASI
SVF1 SVF2 LATAM Vision Funds: Advancing SoftBank’s Mission to Realize ASI AI Adoption Outpacing the PC & Internet Revolutions $91B in Our ASI-Ready Portfolio Technology Adoption (%)1 Internet Years Since Launch PCs ASI-Ready AI-Enabled Portfolio2 Portfolio ASI-Ready AI AI Platforms Unrealized Fair V
Slide 104: Appendix
Appendix w= OOftBank 2 Investment Advisers
Slide 105: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to March 31, 2026 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 $32.5B $9.4B $3.8B Equity $58.6B $53.0
Slide 106: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2026 Inception to Mar 31 Fund Net Profit2 $13.2 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (6.5) to SBG, Net of 3rd SBG LP Income: 6.7 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 107: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution $27.7B to SBG SBG Total Value2 As of March 31, 2026 $20.0B $34.4B Net Asset Value3 Distributions4 $14.4B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG
Slide 108: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution $98.0B to SBG SBG Total Value2 As of March 31, 2026 $105.1B $114.2B 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 P
Slide 109: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds $7.3B Contribution SBG Total Value2 to SBG $5.7B $6.7B Net Asset Value3 As of March 31, 2026 Distributions4 $1.0B Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SB
Slide 110: Ethos: Insurtech Leader Raised $200mm in IPO
SVF2 PERFORMANCE UPDATE PORTFOLIO UPDATE Total Cost1 Total Fair Value2 Gross MOIC3 $138mm $35mm 0.3x Ethos: Insurtech Average Cost4 & Trading Activity5 NASDAQ: LIFE Leader Raised $200mm in IPO INVESTMENT – JUL 2021 $44.18 As of March 31, 2026 LISTING – JAN 2026 MAR 31, 2026 $19.00 $11.17 Footnotes:
Slide 111: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 27
Slide 112: SoftBank
SoftBank
Slide 113: Arm Holdings plc SoftBank Investor Briefing
Arm Holdings plc SoftBank Investor Briefing Jason Child Chief Financial Officer May 2026 1
Slide 114: 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 115: Q4 FYE26: From Revenues to Profits
Q4 FYE26: From Revenues to Profits 98% 49% Non-GAAP Non-GAAP Gross Margin Operating Margin $25m $734m License Revenue $819m Royalty Revenue $671m Notes: 1. Depreciation and amortization for Q4 FYE26 was $71m 2. See Arm’s website for reconciliation of Non-GAAP metrics to the most directly comparable
Slide 116: Near-Term Guidance
Near-Term Guidance Q1 FYE27 Revenue ($m) $1.260bn +/- $50m Non-GAAP Operating Expense ($m)1 ~$760m Non-GAAP fully diluted earnings per share ($)1 $0.40 +/- $0.04 (1) For more information and definitions of the non-GAAP measures see the “Key Financial and Operating Metrics” section of our most recent
Slide 117: © 2025 Arm
© 2025 Arm 5
Slide 118: Arm has expanded its product mix and market opportunity
Arm has expanded its product mix and market opportunity IP Portfolio CSS Platform Silicon More Armv9 CPUs Higher royalty (2x Armv9 CPU) Product & Market Expansion CPU MMU CPU MMU SECURITY SECURITY SYSTEM IP SYSTEM IP Performance per watt Integrated & validated systems Optimized chip family for cloud
Slide 119: Introducing the first phase of Arm's market expansion
Introducing the first phase of Arm’s market expansion • Arm AGI CPU built for efficiency, scale and performance • Efficiency: Purpose-built, no legacy overhead, no wasted energy of silicon area • Scale: More cores linearly deliver more performance, memory and IO keep pace • Performance: More work pe
Slide 120: Massive and growing semiconductor content
Massive and growing semiconductor content FYE26 TAM FYE31 TAM $55B $100B+ $35B $50B XPU CLOUD AI $245B $1T+ EDGE AI $180B $250B PHYSICAL AI $25B $50B TOTAL $535B $1.5T+ 8 Future market sizes are Arm’s internal estimates based on third-party research, customer feedback, and management expectations as
Slide 121: Arm AGI CPU is complementary to Arm's CPU IP / CSS business
Arm AGI CPU is complementary to Arm's CPU IP / CSS business • Arm AGI CPU expands Arm’s opportunity into an underserved customer base $25B • Revenues from Arm AGI CPU are additional to CPU IP and CSS license and royalty revenue FYE26 FYE27 FYE28 FYE29 FYE30 FYE31 Licensing Royalty Arm AGI CPU FYE26
Slide 122: Strong revenue and operating profit growth yields >$9 in EPS power
Strong revenue and operating profit growth yields >$9 in EPS power IP/CSS business Arm AGI CPU business Consolidated business in FYE31 in FYE31 in FYE31 IP/CSS revenue Chip revenue $10B $15B Non-GAAP earnings per share Non-GAAP operating margin Non-GAAP operating margin >$9 >65% >30% Based on Arm's
Slide 123: To be replace d
To be replace d 11
Slide 124: SoftBank
SoftBank