Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2024 Earnings Presentation
77 slides from Softbank's earnings presentation, Feb 12, 2025
Slide 1: Fiscal 2024 Q3 Results
SoftBank - a >i ‘ 5S " ~ Ec. : — 4 ares eoriag>) Results = Sut “gs the @-month, eres eC. ae a, fy NESE February 12, 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: ASI will be realized within 10 years
ASI will be realized within 10 years From SoftBank World 2024 Keynote Speech 3
Slide 4: ASI: Powering realization with Group-wide efforts
AI AI Chip Data center ASI Artificial Super Intelligence AI Robot Energy Powering realization with Group-wide efforts 4
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Slide 6: Stargate announcement at the White House
Due to rights restrictions, this content cannot be displayed (Scene from the Stargate announcement held at the White House on January 21, 2025) Photo by AFP/AFLO 6
Slide 7: Cristal intelligence provisional name notice
"Cristal intelligence" is a provisional name and not the official product name. The information contained in this document is based on the current plans and is subject to change, including specifications and other conditions, before the official release. 7
Slide 8: Feb 3, 2025 SoftBank Group and OpenAI
Group — SoftBank OpenAL,
Slide 9: FY2024Q3 Highlights
FY2024Q3 Highlights 1 NAV: ¥29.3T, LTV: 12.9%; stable progress 2 Cash position gained ¥1.2T QoQ to reach ¥5.0T 3 YTD net income of ¥636.2B (+¥1.1T YoY) Announced Stargate in Jan 2025 and 4 Cristal intelligence in Feb 2025 Net income: Net income attributable to owners of the parent 9
Slide 10: Key Indicators
Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. 10
Slide 11: Key Indicators (FY2024Q3)
Key Indicators (FY2024Q3) Sep 30, 2024 Dec 31, 2024 NAV (Net Asset Value) ¥29.0 T ¥29.3 T LTV 12.5 % 12.9 % (Net liability/Equity value of holdings) Cash position ¥3.8 T ¥5.0 T For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024)” and
Slide 12: Factors of NAV Change
Factors of NAV Change Share price Forex (¥ T) Share price Forex Others + 5.5 - 1.4 - 2.5 + 3.0 - 0.2 +5.0： Arm -2.6： Arm -0.2： SVF +0.5： TMUS/DT 33.5 29.0 +0.2： TMUS/DT 29.3 +0.3： SoftBank Corp. Sep 30, 2024 Dec 31, 2024 Pro forma calculated using share prices and the FX rate as of Feb 11, 2025, bas
Slide 13: Historical NAV (since FY1998)
Historical NAV (since FY1998) Pro forma ¥33.5T (Dec 31, 2024) Calculated using share ¥29.3T prices and the FX rate as of Feb 11, 2025, ($185B) based on the data as of Dec 31, 2024 Arm SVF1/SVF2/ LatAm Funds SoftBank Corp. T-Mobile/ Deutsche Telekom Alibaba Yahoo Japan Other 1998 2000 2002 2004 2006
Slide 14: Cash Position
Cash Position (¥ T) 6.0 5.8 5.1 5.1 5.0 5.0 4.7 4.6 4.6 4.3 4.4 4.0 3.8 3.8 Ample financial resources 3.0 2.0 1.0 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022 FY2023 FY2024 As of the end of each quarter Cash position: Cash and cash equivalents + short term investments recorded as current assets + bon
Slide 15: Key Changes in Cash Position
Key Changes in Cash Position (¥ T) -0.1 -0.1 +0.1 Net amount of bond issuance Investment- and borrowings +0.8 related Share repurchase Forex impact, etc. +0.4 Increase in Arm margin loan capacity (incremental amount undrawn) Bond redemptions 5.0 for the next 2 years 3.8 ¥2.1T 0.9 1.2 Sep 30, 2024 De
Slide 16: LTV
LTV Net of asset-backed finance 40% 35％ 30% 25％ Maintain 20% 18.2% 15.0% 14.5% low level 12.5% 12.9% 11.0% 10.6% 11.5% 10% 8.0% 8.4% 7.8% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2022 FY2023 FY2024 As of the end of each quarter For details of LTV, see Appendix "Definition and Calculation Method of SBG’
Slide 17: Consolidated Results
Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 17
Slide 18: Consolidated Results
Consolidated Results (¥ B) FY2023 FY2024 Change Q1-Q3 Q1-Q3 Net sales 5,001.9 5,302.6 +300.7 Gain/loss on -538.9 2,170.0 +2,709.0 investments Income before 264.1 1,270.9 +1,006.9 income tax Net income -458.7 636.2 +1,094.9 Net income: Net income attributable to owners of the parent 18
Slide 19: Gain/Loss on Investments and Net Income (quarterly)
Gain/Loss on Investments and Net Income (quarterly) (¥ B) Gain/loss on investments 2,091.3 Net income 1,179.6 950.0 559.7 424.6 231.1 -477.6 -20.4 -481.0 -264.6 -174.3 -369.2 -699.0 -931.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023 FY2024 Net income: Net income attributable to owners of the parent 19
Slide 20: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) 2,091.3 Investment Business of Holding Companies SVF 567.4 Others Consolidated 424.6 559.7 32.4 1,548.8 124.4 567.9 276.2 531.3 -115.3 -339.0 -108.3 -689.7 -169.9 -20.4 -570.2 -13.0 -264.6 -481.0 -699.0 Loss at ¥377.2B loss on Alibaba shares SVF1: ¥173.8B ¥
Slide 21: Gain/Loss on Investments (quarterly)
Gain/Loss on Investments (quarterly) (¥ B) ・ Already monetized via 2,091.3 prepaid forward contracts Investment Business of Holding Companies ・ Gains/losses arising from SVF share price changes on 567.4 physical shares and Others derivatives are offset in Derivative USD terms Consolidated gain (main
Slide 22: Impact of Forex Gain/Loss on Net Income (quarterly)
Impact of Forex Gain/Loss on Net Income (quarterly) Quarter-end forex rates (¥/$) 161.07 158.18 151.41 151.96 149.58 144.99 142.73 141.83 (Feb 10, 2025) (¥ B) 1,179.6 Forex gain/loss 950.0 Net income 231.1 Recorded forex loss due to 733.0 weaker yen 339.9 -183.4 -464.6 -394.9 -174.3 -443.9 -369.2 -4
Slide 23: Impact of Forex (FY2024Q3)
Impact of Forex (FY2024Q3) Weaker yen increased NAV and equity (Sep 30, 2024） (Dec 31, 2024） (Feb 10, 2025） $1=¥142.73 → ¥158.18 → ¥151.96 On NAV On accounting Equity +¥3.0T +¥2.0T Consolidated net income -¥0.5T For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV
Slide 24: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 24
Slide 25: SVF: Gain/Loss on Investments (quarterly)
SVF: Gain/Loss on Investments (quarterly) USD basis (SVF Segment) ($ M) 4,087 4,049 FY22 FY22 FY22 FY22 1,157 FY23 FY24 Q1 Q2 Q3 Q4 147 Q4 12 Q3 FY23 FY23 FY23 -389 FY24 FY24 -1,777 Q1 Q2 Q3 Q1 Q2 -2,331 -5,174 -9,940 SVF1: -$1,032M SVF2: -$1,169M LatAm/others: -$130M -22,736 The information contain
Slide 26: SVF1: Gain/Loss on Investments (FY2024Q3)
SVF1: Gain/Loss on Investments (FY2024Q3) USD basis (SVF Segment) SVF1 (Total -$1,032M) Markup +$1,129M (19 companies) +$858M +$11M +$13M +$33M +$214M (9 co) (1 co) (1 co) (3 co) (5 co) Public portfolio companies Performance Recent Market of portfolio Others By main factor transactions companies Fac
Slide 27: SVF2: Gain/Loss on Investments (FY2024Q3)
SVF2: Gain/Loss on Investments (FY2024Q3) USD basis (SVF Segment) SVF2 (Total -$1,169M) Markup +$964M (76 companies) +$155M +$358M +$235M +$193M +$23M (8 co) (11 co) (14 co) (34 co) (9 co) Public Performance Recent of portfolio Market portfolio Others transactions companies Factors By main factor co
Slide 28: SVF: Gain/Loss on Investments (cumulative)
SVF: Gain/Loss on Investments (cumulative) USD basis (SVF Segment) ($ M) 8,526 SVF1: +$21.6B SVF2: -$22.2B LatAm/others: -$1.0B FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24 698 FY24 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 FY22 FY24 Q1 Q2 -1,414 -1,634 -2,975 -3,364 -3,352 -6,588 -7,208 -7,061 -8,365 The information c
Slide 29: SVF: Cumulative Investment Return (as of Dec 31, 2024)
SVF: Cumulative Investment Return (as of Dec 31, 2024) ($ B) SVF1 SVF2 111.1 89.5 69.0 Exited 44.5 55.2 8.1 Public companies 6.1 (investments 33.0 20.8 18.8 3.9 before exit) 4.3 Private companies 41.0 (investments 24.2 23.3 24.8 before exit) Investment cost Cumulative Investment cost Cumulative inve
Slide 30: Public Listings and Pipeline
Public Listings and Pipeline A strong pipeline for future public listings Public listings (since inception) Total fair value of late-stage portfolio $33B 54 listings Select late-stage portfolio companies & 4 listings from Apr to Dec 2024 (Nov) (Apr - Sep) As of Dec 31, 2024. Source: SBGA/SBIA Analys
Slide 31: SVF2: IPO in FY2024Q3
SVF2: IPO in FY2024Q3 India-based online food delivery and quick-commerce platform ($ B) Gross The largest tech IPO globally in 2024 MOIC 2.4X Listing ・The National Stock Exchange of India ・Bombay Stock Exchange IPO date Nov 13, 2024 1.1 IPO price INR 390 per share - Upper limit of the preliminary t
Slide 32: SVF2: Major New Investments in FY2024Q3
SVF2： Major New Investments in FY2024Q3 Continuing to focus on investments in companies driving the AI revolution Enables businesses to build, scale, and govern data and AI Pioneers cutting-edge through an integrated data centers in Asia cloud-based platform Develops next-generation fusion Develops
Slide 33: SVF2: Follow-on Investment in OpenAI
SVF2: Follow-on Investment in OpenAI Made a secondary investment in Jan 2025 Sep 2024 Jan 2025 Primary Secondary 0.5B $ Total investment $ 1.5B $ 2.0B The information included herein is for informational purposes only. References to specific investments should not be construed as a recommendation of
Slide 34: OpenAI: Monthly Website Visits
OpenAI: Monthly Website Visits (B) 5 o1-pro, Claude Sora o3 Gemini GPT o1 4.3B visits (Jan 2025) 4 DeepSeek GPT-4o mini Continued GPT-4o evolution 3 GPT-4 (Mar 2023) Significant leap in reasoning, GPT-4 multi-modal support (text, images, audio, video) 2 o1 (Sep 2024) • Advanced reasoning and “thinki
Slide 35: Arm
Some figures in this presentation are rounded and may not add up to the figures presented as the total. 35
Slide 36: Revenue (quarterly) (US-GAAP)
Revenue (quarterly) (US-GAAP) ($ M) License and other revenue Royalty revenue 983 824 724 403 Highest-ever 354 quarterly revenue 299 and royalty revenue 580 425 470 Q3 Q3 Q3 (Source) Arm FY2022 FY2023 FY2024 For details, see Arm Investor Relations website (https://investors.arm.com/). License and ot
Slide 37: Non-GAAP Operating Income (quarterly) (US-GAAP)
Non-GAAPOperatingIncome (quarterly) (US-GAAP) ($ M) 442 361 289 Above analyst consensus Q3 Q3 Q3 (Source) Arm See the end of Arm’s FYE25-Q3 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. FY2022 FY2023 FY2024 For details, see Arm Inve
Slide 38: Growth Drivers of Royalty Revenue
Growth Drivers of Royalty Revenue Armv9 Compute Subsystems (CSS) ✓ Royalty price per unit is around double of Armv8 ✓ Reduces customers’ time to market and development cost ✓ Adopted in smartphone and cloud ✓ Enables further increase of royalty price per unit Royalty revenue by architecture 100% Mob
Slide 39: Penetration of Arm Technology Accelerates
Penetration of Arm Technology Accelerates General availability of cloud services using Arm-based chips has progressed AWS Microsoft Google CSS Graviton4 Azure Cobalt 100 Axion （General availability: Jul 2024） （General availability: Oct 2024） （General availability: Oct 2024） Compared to previous gene
Slide 40: Historical Annualized Contract Value
Historical Annualized Contract Value License revenue fluctuates quarterly, while Annualized Contract Value shows the long-term trend ($ M) 472 414 403 License and other revenue 388 330 354 299 258 259 275 188 ACV up 9% 1,253 1,270 Annualized Contract Value 1,193 1,160 1,182 1,080 1,108 1,052 1,030 1
Slide 41: Guidance (US-GAAP)
Guidance (US-GAAP) FY2024 (previous) FY2024 (current) Revenue $3.80B - $4.10B $3.94B - $4.04B Mid point ($3.95B) ($3.99B) YoY (+18% - +27%) (+22% - +25%) Non-GAAP operating expense ~$2.05B ~$2.07B Non-GAAP fully diluted earnings per $1.45 - $1.65 $1.56 - $1.64 share (Source) Arm For details, see Arm
Slide 42: The Stargate Project
The Stargate Project For details, see the press release dated Jan 22, 2025, “Announcing The Stargate Project.” 42
Slide 43: Quote from Masayoshi Son
“This is about helping people’s lives and solving difficult issues that would otherwise remain unsolved with the power of AI” Masayoshi Son (Jan 21, 2025, U.S.) 43
Slide 44: Stargate Project Overview
Project Overview Building AI infrastructure for OpenAI Stargate Chairman : Masayoshi Son Lead partners Finance Operation $500B to be deployed over the next 4 years $100B scheduled to be deployed Plans to arrange funding mainly through project finance See the press release dated Jan 22, 2025, “Announ
Slide 45: Provide Computing Power for AI in Phases
Provide Computing Power for AI in Phases Next 4 years Investment begins Building and operating computing systems 45
Slide 46: Stargate Project Illustration
Project Illustration 出資者（初期時点） Equity funding Stargate Equity funding Lenders/ Project Debt finance investors Project 1 Project 2 Project 3 Project 4 ・・・・・ • Banks • Insurances • Pension funds Build and own Data centers • Investment Data centers Data centers Data centers funds etc. ・・・・・ 46
Slide 47: Financing Illustration
Financing Illustration Total project size Limited equity contribution Lenders/ Debt investors Debt • Banks • Insurances • Pension funds • Investment funds etc. Stargate equity Equity 47
Slide 48: Key Technology Partners
Key Technology Partners Industry leaders to join the project Key technology partners: As of the project’s announcement date (Jan 21, 2025) 48
Slide 49: Cristal intelligence
Cristal intelligence "Cristal intelligence" is a provisional name and not the official product name. The information contained in this document is based on the current plans and is subject to change, including specifications and other conditions, before the official release. The same applies hereaft
Slide 50: Announced strategic partnership
Feb 3, 2025 Announced strategic partnership × See the press release dated Feb 3, 2025, “OpenAI and SoftBank Group Partner to Develop and Market Advanced Enterprise AI.” 50
Slide 51: Accelerating Adoption of AI Agents for Enterprises
Accelerating Adoption of AI Agents for Enterprises Innovative AI customized for each company Securely integrating all systems and data AI agent = An autonomous AI system that can perceive its environment, make decisions, learn, and take actions 51
Slide 52: Into the Core of Business Operations
Into the Core of Business Operations All corporate information Automating corporate systems • Email data • Business negotiation Planning Marketing records • Meeting materials and minutes • Call center logs Sales Finance • System source code • Proposals and specs Input Long-term AI agent-driven trans
Slide 53: Establishing a JV to Launch in Japan
Establishing a JV to Launch in Japan 51% 49% Consolidated Intermediate subsidiary holding company 50% 50% SB OpenAI Japan To market “Cristal intelligence” exclusively to major companies in Japan Aiming to transform corporate management and operational practices across all industries in Japan 53
Slide 54: Quote from Sam Altman, OpenAI CEO
“This partnership with SoftBank will accelerate our vision for bringing transformative AI to some of the world’s most influential companies —starting with Japan” Sam Altman, OpenAI CEO (Feb 3, 2025) 54
Slide 55: Financial Strategy
Financial Strategy 55
Slide 56: Adhering to Financial Policy
Adhering to Financial Policy Maintain LTV below 25% in normal times 1 (upper threshold of 35% even in times of emergency) Maintain at least 2-year worth of bond 2 redemptions in cash １ Secure recurring distributions and dividend 3 income from SVF and other subsidiaries 56
Slide 57: FY2024 Financial Strategy
FY2024 Financial Strategy Financial management Financial synchronized with investment strategy Philosophy ・Adhering to financial policy Financial ・Flexibly respond to all environmental changes ・Building trust with each stakeholder Principles (Pursuing the optimal balance between shareholder returns
Slide 58: Invested Amount (SVF+SBG)
Invested Amount (SVF+SBG) ($ B) 2.0 1.9 1.8 1.5 SBG 0.9 1.4 1.2 1.1 Follow-on 1.5 0.6 investment SVF 0.9 0.3 0.0 in OpenAI 0.3 0.6 0.6 0.5 0.4 0.2 0.3 0.1 0.1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Jan 2025 FY2023 FY2024 Invested Invested amounts by SBG: Investment by SBG and its primary wholly owned subsidiaries (ex
Slide 59: Share Repurchase
Share Repurchase Maximum ¥500B (Until Aug 7, 2025) Repurchased ¥209.9B 42% progress (Aug 2024 to Jan 2025) Maximum ¥500B: Share repurchase program authorized by the Board of Directors on Aug 7, 2024 For details, see the press release dated Aug 7, 2024, "Resolution regarding Share Repurchase.” 59
Slide 60: FY2024Q3 Summary
FY2024Q3 Summary 1 NAV: ¥29.3T, LTV: 12.9%; stable progress 2 Cash position gained ¥1.2T QoQ to reach ¥5.0T 3 YTD net income of ¥636.2B (+¥1.1T YoY) Announced Stargate in Jan 2025 and 4 Cristal intelligence in Feb 2025 Net income: Net income attributable to owners of the parent 60
Slide 61: Realizing ASI
——— <> —Realizing 61
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Slide 64: SoftBank
SoftBank
Slide 65: Appendix
Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 65
Slide 66: Definition and Calculation Method of SBG's NAV and LTV (as of Dec 31, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 67: Definition and Calculation Method of SBG's NAV and LTV (Pro forma based on Dec 31, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (Pro forma based on Dec 31, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares hel
Slide 68: Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2024)
Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024) 1. NAV (Net Asset Value) • NAV = Equity value of holdings - Net debt 2. Equity value of holdings (after adjustment for asset-backed financing) • Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Ar
Slide 69: Monetization and Capital Allocation (FY2024Q1-Q3)
Monetization and Capital Allocation (FY2024Q1-Q3) (¥ T) Financing and debt repayment Share repurchase 5.0 4.7 1.1 0.2 0.7 2nd installment payment for Arm Increase in Arm margin shares transaction 0.8 loan capacity (incremental Undrawn 0.7 0.5 Cash settlement of collar amount undrawn) commitment line
Slide 70: SVF: Value Changes in Portfolio (cumulative)
SVF: Value Changes c in Portfolio (cumulative) USD basis (SVF Segment) Mar 31, 2024 Dec 31, 2024 No change No change 14 co Gain 22 co Gain (3%) +$57.4B (4%) +$60.9B 114 co 124 co (24%) (25%) 349 co 352 co (73%) (71%) Loss Loss -$60.8B -$62.5B -$3.4B (477 co) The information contained herein is provi
Slide 71: SVF: Gain/Loss on Investments
SVF: Gain/Loss on Investments USD basis (SVF Segment) FY2024Q2 (Total +$4,049M) FY2024Q3 (Total -$2,331M) Markup +$6,066M (148 companies) +$2,498M (118 companies) +$3,405M +$832M +$586M +$880M +$363M +$1,017M +$670M +$278M +$286M +$248M (28 co) (17 co) (20 co) (62 co) (21 co) (18 co) (19 co) (16 co)
Slide 72: SVF1: Gain/Loss on Investments
SVF1: Gain/Loss on Investments USD basis (SVF1) FY2024Q2 (Total +$3,021M) FY2024Q3 (Total -$1,032M) Markup +$3,459M (29 companies) +$1,129M (19 companies) +$2,927M +$27M +$100M +$203M +$202M +$858M +$11M +$13M +$33M +$214M (15 co) (4 co) (2 co) (5 co) (3 co) (9 co) (1 co) (1 co) (3 co) (5 co) Public
Slide 73: SVF2: Gain/Loss on Investments
SVF2: Gain/Loss on Investments USD basis (SVF2) FY2024Q2 (Total +$913M) FY2024Q3 (Total -$1,169M) Markup +$2,309M (85 companies) +$964M (76 companies) +$420M +$773M +$393M +$577M +$145M +$155M +$358M +$235M +$193M +$23M (10 co) (11 co) (13 co) (41 co) (10 co) (8 co) (11 co) (14 co) (34 co) (9 co) Pu
Slide 74: SVF1 Public Portfolio Companies (as of Dec 31, 2024)
SVF1 Public Portfolio Companies (as of Dec 31, 2024) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF1 to S
Slide 75: SVF2 Public Portfolio Companies (as of Dec 31, 2024)
SVF2 Public Portfolio Companies (as of Dec 31, 2024) (a) (b) (c) = (b) - (a) (d) = (b) / (a) (a) (b) (c) = (b) - (a) (d) = (b) / (a) ($ M) Investment cost *2 Gross return*3 Gross gain (loss) *4 Investment cost *2 Gross return *3 Gross gain (loss) *4 Company Gross MOIC Company Gross MOIC to SVF2 to S
Slide 76: Change in Composition of Assets Held
Change in Composition of Assets Held Equity value of holdings basis Net of asset-backed finance Dec 31, 2020 Dec 31, 2024 Others Alibaba Others T-Mobile/ T-Mobile/ 0.02% Deutsche Telekom 12% Deutsche Telekom 6% Alibaba 10% Arm 6% 47% SoftBank 46% Corp. SoftBank Corp. 7% 10% SVF 20% SVF 28% 9% Arm Co
Slide 77: Equity Value of Holdings: Listed Share Ratio
Equity Value of Holdings: Listed Share Ratio Equity value of holdings basis (¥ T) *() shows the proportion of the total Net of asset-backed finance 7.6 (22%) Unlisted 26.1 Listed 10.7 (78%) Listed share ratio 5.9 78% (43%) (27%) 9.4 14.0 (56%) 15.8 (57%) (73%) 7.5 (44%) Dec 31 Dec 31 Dec 31 Dec 31 2