Softbank Group Corp. · TSE:9984
Softbank — Q1 FY2026 Earnings Presentation
71 slides from Softbank's earnings presentation, Aug 6, 2026
Slide 1: Q1 FY2026 Earnings Results
Q1 FY2026 Earnings Results SoftBank Group Corp. August 6, 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: Record-High NAV at June-End
Record-High NAV at June-End Record High (¥ T) 72.3 (+¥32T QoQ) ($445.2B) 43.4 40.1 35.3 32.4 33.3 29.3 30.9 27.8 29.0 15.9 25.7 19.4 16.5 15.2 10.1 Arm 19.2 13.2 14.4 13.4 15.5 16.4 10.6 SVF1/SVF2/ 20.8 LatAm 3.9 6.1 17.9 3.4 11.1 14.3 SoftBank Corp. 8.1 8.5 7.6 8.3 7.7 8.8 7.3 7.3 7.3 T-Mobile 2.9
Slide 4: NAV Has Recently Pulled Back
NAV Has Recently Pulled Back (¥ T) 72.3 58.3 43.4 40.1 31.1 35.3 32.4 33.3 30.9 27.8 29.0 29.3 15.9 25.7 19.4 15.2 10.1 Arm 16.5 19.2 13.2 14.4 13.4 16.4 10.6 SVF1/SVF2/ 15.5 20.8 19.6 LatAm 6.1 17.9 3.4 3.9 14.3 SoftBank Corp. 8.5 8.3 7.7 8.8 11.1 8.1 7.6 7.3 7.3 7.3 2.4 T-Mobile 2.9 2.7 2.9 2.6 2.
Slide 5: NAV Grew Significantly over the Long Term Despite Short-Term Fluctuations
NAV Grew Significantly over the Long Term Despite Short-Term Fluctuations (¥ T) 72.3 58.3 Q1 FY2026 Pro Forma 40.1 Arm SVF1/SVF2/ LatAm SoftBank Corp. Alibaba Yahoo T-Mobile Japan Other Q4 Q1 FY1998 FY2026 Apportioned based on the proportionated value of each equity holding at the end of each quarte
Slide 6: AI Model, AI Chip, AI Infrastructure, Physical AI
AI Model AI Chip AI Infrastructure Physical AI Robo HD This slide uses images for illustrative purposes. They do not represent actual products or indicate future realization. 6
Slide 7: To Become the No.1 ASI Platform Provider
To Become the No.1 ASI Platform Provider At AGM, Jun 24, 2026 7
Slide 8: Q1 FY2026 Highlights
Q1 FY2026 Highlights 1 ¥1.86T investment gain; ¥347.3B net income (+¥1.37T YoY) (-¥74.5B YoY) 2 NAV at ¥72.3T, highest-ever (as of Jun 30, 2026) 3 $20B follow-on investments in OpenAI (Apr and Jul 2026) Announced plans to develop 5 GW AI data center in 4 France (Jun 2026) Net income: Net income attr
Slide 9: Consolidated Results
Consolidated Results Some figures are rounded and may not add up to the figures presented as the total. 9
Slide 10: Consolidated Results
Consolidated Results Investment gains up significantly YoY (¥ B) FY2025 FY2026 Change Q1 Q1 Net Sales 1,820.3 2,019.6 +199.3 Gain/loss on 486.9 1,859.4 +1,372.4 Investments Income Before 689.9 589.2 -100.8 Income Tax Net Income 421.8 347.3 -74.5 Net income: Net income attributable to owners of the p
Slide 11: Investment Gain/Loss and Net Income
Investment Gain/Loss and Net Income Investment gains driven by fair value increases in Intel and ByteDance (¥ B) Investment Gain/Loss 3,439.7 Net Income 3,066.2 2,502.2 2,091.3 Intel ¥1,332.9B 1,829.6 1,859.4 1,531.1 ByteDance ¥358.4B 1,179.6 559.7 517.2 486.9 293.7 421.8 347.3 248.6 -174.3 -369.2 -
Slide 12: Key Indicators
Key Indicators Significant NAV growth, with LTV remaining at an extremely safe level, while the cash position declined Mar 31, 2026 Jun 30, 2026 NAV (Net Asset Value) ¥40.1 T ¥72.3 T LTV (Net debt / Equity value of holdings) 17.0 % 13.0 % Cash Position ¥3.5 T ¥2.3 T For details on NAV and LTV, see t
Slide 13: NAV
NAV Highest-ever (¥ T) 72.3 58.3 43.4 40.1 31.1 35.3 32.4 33.3 29.3 30.9 29.0 15.9 25.7 Arm 19.4 15.2 10.1 16.5 14.4 13.4 10.6 SVF1/SVF2/LatAm 20.8 19.6 17.9 SoftBank Corp. 11.1 14.3 8.5 7.6 8.3 7.7 8.8 T-Mobile 2.9 2.7 2.9 2.6 2.9 2.8 2.3 2.4 2.7 0.7 2.4 2.2 2.2 2.6 2.8 1.8 1.3 5.7 4.9 2.2 2.1 2.1
Slide 14: LTV
LTV 40% Net of asset-backed finance 35% (extraordinary circumstances) 30% Below 25% (normal circumstances) 21.6% 20.4% 20.6% Remained at a 20% 18.7% very safe level 18.2% 18.0% 17.0% 17.0% 16.5% 15.9% 12.5% 14.5% 15.0% 11.5% 10% 11.0% 8.4% 12.9% 13.0% 10.6% 8.0% 7.8% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 15: Cash Position
Cash Position Maintaining a cash position above 2 years’ worth of bond redemptions (¥ T) Cash Position Bond redemptions over the next 2 years 2.3 ¥1.5T 0.9 0.6 Jul 2026 – Jul 2027 – Q1 Jun 2027 Jun 2028 FY2026 After 1 year After 2 years Cash position: Cash and cash equivalents + short-term investmen
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Slide 17: Arm: Record Q1 Revenue
Revenue ($ M) License and other revenue 22% 1,289 Royalty revenue Increase 1,053 Record Q1 revenue 574 468 715 585 Q1 Q1 FY2025 FY2026 (Source) Arm US-GAAP. License and other revenue refers to revenue excluding royalty revenue. See Arm Investor Relations website (https://investors.arm.com/) for deta
Slide 18: Arm: Record Q1 EPS
Fully Diluted Earnings per Share ($) 29% 0.45 Record Q1 Increase 0.35 EPS Q1 Q1 FY2025 FY2026 (Source) Arm Fully diluted earnings per share refers to Non-GAAP fully diluted earnings per share. Visit Arm Investor Relations website (https://investors.arm.com/) for details. 18
Slide 19: Arm Guidance
Guidance Q2 FY2026 Company Guidance Analyst Consensus (Midpoint) (As of Arm’s earnings announcement) Revenue $1.38B +/- $50M > $1.35B (YoY) (+21.6%) Fully diluted earnings per share $0.47 +/- $0.04 > $0.44 (YoY) (+20.5%) (Source) Arm Fully diluted Earnings per Share refers to Non-GAAP fully diluted
Slide 20: Arm-Based CPU Cores for Data Centers
Arm-Based CPU Cores for Data Centers IP Business Arm-based CPU Cores for Data Centers (Cumulative Shipments) 1.5B+ cores 2024 Google Axion announced 2023 Microsoft Cobalt announced 2021 NVIDIA Grace announced 2018 AWS Graviton announced Launch of data center IP products Jun 30 Jun 30 Jun 30 Jun 30 J
Slide 21: Adoption by Technology Companies Drives Growth
Adoption by Technology Companies Drives Growth IP Business ~50% of the CPU chips shipped to leading hyperscalers were Arm-based AWS Graviton Google Axion Microsoft Cobalt NVIDIA Grace Armv9 / Armv9-based CPU Armv9-based CPU Armv9-based CPU CSS-based CPU (Source) Arm ~50% of CPU chips shipped to lead
Slide 22: Arm AGI CPU
Arm AGI CPU Chip Business World’s most efficient agentic CPU Up to $10B CAPEX savings (vs. x86; per 1 GW of data center capacity) (Source) Arm 22
Slide 23: Two More Companies Join as Launch Partners
Two More Companies Join as Launch Partners Chip Business Arm AGI CPU Launch Partners New New Co- development (Source) Arm 23
Slide 24: Accelerating Market Share Expansion in PCs
Accelerating Market Share Expansion in PCs IP Business Accelerating Arm IP Adoption in Windows PCs NVIDIA RTX Spark A chip for PCs combining an Arm-based (Announced in May 2026) Grace CPU and an NVIDIA Blackwell GPU Features a 20-core Arm-based Grace CPU Supports high-performance PC use cases, inclu
Slide 25: OpenAI
OpenAl
Slide 26: Cumulative Investment Amount in OpenAI
Cumulative Investment Amount in OpenAI $20B in follow-on investments made in FY2026. The remaining $10B investment will bring total investment to $64.6B and ownership to ~13% ($ B) 64.6 3rd tranche 10.0 (Planned on Oct 1) 10.0 2nd tranche (Funded on Jul 1) 34.6 10.0 1st tranche (Funded on Apr 1) 32.
Slide 27: Diverse Product Portfolio Built on AI Models
Diverse Product Portfolio Built on AI Models Advances in AI models (GPT) improve performance across the entire product portfolio AI for business users AI app development Enterprise AI agent Consumer AI (ChatGPT Work / platform platform ・・・ (ChatGPT) Codex) (OpenAI API) (OpenAI Frontier) AI Model (GP
Slide 28: OpenAI's AI Models Continue to Evolve
OpenAI’s AI Models Continue to Evolve GPT-3.5 GPT-4 GPT-4 GPT-4 GPT-5 GPT-5.6 (Released as ChatGPT in （2023年リリー (Released in Mar 2023) （2023年リリー (Released in Aug 2025) (Released in Jul 2026) Nov 2022) ス） ス） AI that answers AI that solves AI that performs AI that gets questions problems tasks work do
Slide 29: GPT-5.6 Delivers High Performance and Cost Efficiency
GPT-5.6 Delivers High Performance and Cost Efficiency AI Evaluation for Professional Work (Developed by UC Berkeley and Others) (%) Score ($) Cost 53.6 2,315 2,018 40.5 32.1 763 OpenAI Anthropic Google OpenAI Anthropic Google (GPT-5.6 Sol) (Claude Fable 5) (Gemini 3.1 (GPT-5.6 Sol) (Claude Fable 5)
Slide 30: Codex Adoption Continues to Expand
Codex Adoption Continues to Expand Integrated into ChatGPT Work, Codex continues to gain traction among business users Weekly Active Users 10 (Codex + ChatGPT Work) (M users) 25x 4+ in 7 months ~0.4 Dec 2025 Apr 2026 Jul 2026 (Source) OpenAI blog posts dated Mar 31, Apr 21, 2026, and Codex Engineeri
Slide 31: Full-Scale Launch of PaaS
Full-Scale Launch of PaaS (Jul 14, 2026) Supporting cybersecurity for companies operating Japan’s critical infrastructure through Patching as a Service At SoftBank World 2026 held on Jul 14, 2026 For details, see SBG’s press release “The SoftBank Group Announces ‘Patching as a Service’ Cybersecurity
Slide 32: PaaS Rollout to 3,000 Companies in Japan
PaaS Rollout to 3,000 Companies in Japan Further strengthening defenses against cyberattacks PaaS Vulnerability Patches Code Assessment (Software programs that fix vulnerabilities and Modernization Planned for future software defects) release For details, see SBG’s press release “The SoftBank Group
Slide 33: AI Infrastructure
Al Infrastructure i > = nee
Slide 34: AI Data Center Portfolio
AI Data Center Portfolio Advancing AI data center development across three core locations Hauts-de-France Pike County, Ohio Milam County, Texas 34
Slide 35: Announced Plans to Develop 5 GW AI Data Center in France
Jun 2026 | 2026 Choose France Summit Announced Plans to Develop 5 GW AI Data Center in France 5 GW capacity of data center refers to gross power capacity. 35
Slide 36: Develop 5 GW of AI Data Center Capacity
Develop 5 GW of AI Data Center Capacity Phase 1: €45B investment to deliver 3.1 GW of AI data center capacity in northern France by 2031 Hauts-de-France For details, see SBG’s press release “SoftBank Group to Build 5 GW of AI Data Center Capacity in France” dated May 31, 2026. 3.1 GW capacity of dat
Slide 37: Bosquel AI Data Center
1 GW Bosquel AI Data Center Fast track designation by the French government 1 GW of Accelerated power grid secured connection 1 GW capacity of data center refers to gross power capacity. 37
Slide 38: Building Supply Chain for AI Data Center Equipment
Building Supply Chain for AI Data Center Equipment Establishing a local supply chain for power modules in Dunkirk to accelerate data center development Power modules For details, see SBG’s press release “SoftBank Group to Build 5 GW of AI Data Center Capacity in France” dated May 31, 2026. 38
Slide 39: 10 GW Large-Scale Data Center Project
PORTS Technology Campus Pike County, Ohio, U.S. 10 GW Large-Scale Data Center Project In discussions toward execution of a lease agreement Construction expected to start in 2026 10 GW capacity of data center refers to gross power capacity. 39
Slide 40: AI Data Center, Milam County, Texas
Milam County, Texas, U.S. AI Data Center Building 1 (308 MW-IT) construction on track for delivery to OpenAI 40
Slide 41: Overview of SB Energy
Overview of SB Energy Integrated development of power and AI data centers Established 2019 Headquarters California Integrated development of Business power infrastructure and data overview centers, together with related SB Energy, Co-CEO SB Energy, Co-CEO services Rich Hossfeld Abhijeet Sathe Employ
Slide 42: Proven Execution Supporting Large-Scale AI Infra Development
Proven Execution Supporting Large-Scale AI Infra Development Operating and Under-Construction Cumulative Project Power Generation and Capital Raised Storage Capacity 19B ~$ ~ 5 GW (Source) SB Energy website. GW: GWac 42
Slide 43: Confidential Submission of Draft Registration Statement on Form S-1
Confidential Submission of a Draft Registration Statement on Form S-1 (May 2026) (Source) SB Energy 43
Slide 44: Preparing to Launch Neocloud Services in the U.S.
Preparing to Launch Neocloud Services in the U.S. Illustrative business model 51% 49% SB Neo, Inc. Investment Power, AI data Cloud service centers, etc. SPC Offtakers (Special Purpose Company) (Hyperscalers, etc.) Considering financing through non-recourse loans Neocloud Business Providing AI comput
Slide 45: SVF
SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 45
Slide 46: Investment Gain/Loss (Cumulative)
Investment Gain/Loss (Cumulative) SVF Segment ($ M) 66,375 60,821 56,825 55,874 45,700 47,293 SVF1: +$26.6B SVF2: +$21.3B LatAm+others: -$0.7B 31,262 26,012 26,353 20,166 23,578 16,398 12,849 11,403 12,786 8,242 5,373 9,655 8,526 3,088 2,373 4,532 1,743 698 958 1,876 -1,414 -475 -2,975 -1,093 -1,634
Slide 47: Breakdown of Gain/Loss on Investments (Q1 FY2026)
Breakdown of Gain/Loss on Investments (Q1 FY2026) SVF Segment SVF1 SVF2 + LatAm + others +$2,394M -$801M ($ M) Others 326 Market factors 232 Primarily Performance 2,221 ByteDance 417 Recent transactions 168 Market factors Public -407 -1,249 Public Primarily PayPay Others -52 Gain/Loss on investments
Slide 48: Cumulative Investment Return
Cumulative Investment Return (As of Jun 30, 2026) SVF Segment SVF1 SVF2 131.1 ($ B) 113.8 7.1 109.8 7.1 Exited 11.2 87.2 7.8 Public Companies (investments before exit) 73.0 Private Companies 48.8 (investments before exit) 116.7 Incl. Interests/Dividends 90.8 OpenAI 89.6 12.9 Incl. 18.9 OpenAI 44.6 2
Slide 49: Successful Investment Monetization
Successful Investment Monetization SVF Segment Steady progress in realizing returns from both public/private investments Sales of Investments ($ M) Key Past 1,816 Divestments of Public Investments 1,656 1,522 Public Investments 1,497 Private Investments 1,440 466 1,277 441 1,032 (Fully exited) 790 1
Slide 50: Public Listings and Pipeline
Public Listings and Pipeline A robust pipeline for future public listings Public Listings Late-Stage Portfolio Since Inception Total Fair Value: (Jun 30, 2026) $133B (+$15B QoQ) 62 listings ($89.6B) Filed for IPO (Formerly OYO) Select portfolio companies (Source) SBGA/SBIA analysis The number of pub
Slide 51: Prism (Formerly OYO)
Prism (Formerly OYO) Operates a global hospitality platform. SVF1 Supports accommodation partners with demand generation, dynamic pricing, revenue management and day-to-day operations Initial Investment Q2 FY2017 Global Storefronts 294,000 (as of Dec 31, 2025) Revenue ~$730M (Apr - Dec 2025) EBITDA
Slide 52: Klook
Klook Offers an online platform for travelers to discover and book tours, SVF1 activities, transportation, hotels and more around the world Initial Investment Q1 FY2019 GTV $2.3B (Jan - Sep 2025) (+30.9% YoY) Revenue $407M (Jan - Sep 2025) (+43.5% YoY) (Source) Klook website and registration stateme
Slide 53: Making T&D Financial Life a Subsidiary
Making T&D Financial Life a Subsidiary (Announced on Jun 4, 2026) Announced the acquisition of T&D Financial Life. Aims to provide comprehensive financial services Current Structure After Completion of the Share Acquisition (Expected in Oct 2027) Asset management company 70.2% 14.9% 14.9% (Acquisiti
Slide 54: Capital and Business Alliance with Seven & i HD
Capital and Business Alliance with Seven & i HD (Announced on Jul 31, 2026) Combining the strengths of each company to shape next-generation customer experiences and infrastructure for everyday convenience Capital Alliance Overview Customer Base Integration and Data Utilization No.1 Retailer ✕ No.1
Slide 55: Physical AI
Physical AI 55
Slide 56: Physical AI Deployment Accelerates
Physical AI Deployment Accelerates Commercial deployment accelerating across the portfolio Acquisition planned in 2026 Select robotics-related portfolio companies held by SBG, its major wholly owned subsidiaries, and SVF. 56
Slide 57: Financial Policy
Financial Policy Some figures in this presentation are rounded and may not add up to the figures presented as the total. 57
Slide 58: Financial Policy
Financial Policy Financial policy remains unchanged Maintain LTV below 25% in normal circumstances (upper threshold of 35% even in extraordinary circumstances) Maintain at least 2 years’ worth of bond redemptions in cash position 58
Slide 59: Investment Amount (SBG + SVF)
Investment Amount (SBG + SVF) ($ B) 32.3 23.8 18.5 10.0 10.3 Planned in Oct 8.3 Ampere 5.4 7.5 3.2 6.5 10.0 10.0 1.1 0.1 Funded in Apr Funded in Jul Others 0.8 2.1 1.9 3.1 0.3 Committed Q1 Q2 Q3 Q4 Q1 Jul 1, 2026 Investment Amount FY2025 FY2026 SBG investment amount: Investments made by SBG, its maj
Slide 60: Key Financings since July
Key Financings since July Entered into a financing agreement Arranged LBO financing ahead of the using OpenAI shares acquisition of ABB’s robotics business (Aug 2026) (Aug 2026) $ 10B $ 1.8B For details of the financing using OpenAI shares, see “(3) Financing at SVF2” under “16. Significant subseque
Slide 61: Historical Credit Ratings
Historical Credit Ratings S&P revised its outlook from Negative to Stable JCR A A+ 14 Acquisition of Japan Telecom Acquisition of Vodafone KK Acquisition of Sprint Acquisition of Arm Listing of SBKK Listing of Arm Announced follow-on investments in OpenAI A 13 A- 12 (Outlook: Negative) BBB+ 11 BBB10
Slide 62: To become the No.1 ASI platform provider
AI Model AI Chip AI Infrastructure Physical AI Robo HD To become the No.1 ASI platform provider This slide uses images for illustrative purposes. They do not represent actual products or indicate future realization. 62
Slide 63: latorineltior Revolution
latorineltior Revolution —Happiness for 5 Er 7”
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: Monetization and Capital Allocation (Q1 FY2026)
Monetization and Capital Allocation (Q1 FY2026) SVF (¥ T) Asset distributions Investments monetization Debt finance 0.3 0.1 0.9 1.6 Expenditures to acquire assets related to power generation and data centers in the U.S. ’25 bridge loan repayment -1.9 0.1 Others ’26 bridge loan drawdown +3.2 1.0 ’26
Slide 67: SVF1 Public Portfolio Companies (As of Jun 30, 2026)
SVF1 Public Portfolio Companies (As of Jun 30, 2026) (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 68: SVF2 Public Portfolio Companies (As of Jun 30, 2026)
SVF2 Public Portfolio Companies (As of Jun 30, 2026) (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 69: Definition and Calculation Method of NAV and LTV (As of Jun 30, 2026)
Definition and Calculation Method of NAV and LTV (As of Jun 30, 2026) 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 Arm ADS
Slide 70: Definition and Calculation Method of NAV and LTV (Q1 FY2026 Pro forma)
Definition and Calculation Method of NAV and LTV (Q1 FY2026 Pro forma) 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 Arm ADS
Slide 71: Definition and Calculation Method of NAV and LTV (As of Mar 31, 2026)
Definition and Calculation Method of NAV and LTV (As of Mar 31, 2026) 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 Arm ADS