Softbank Group Corp. · TSE:9984
Softbank — Q2 FY2025 Earnings Presentation
38 slides from Softbank's earnings presentation, Nov 11, 2025
Slide 1: Q2 FY2025 Earnings Results Investor Briefing
Q2 FY2025 Earnings Results Investor Briefing November 11, 2025 SoftBank Group Corp. Six-month period ended September 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 156.53 150.26 151.32 152.95 145.19 147.50 EOQ Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 149.52 148.88 Abbreviations Abbreviations used in Finance section of this present
Slide 4: 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 SoftBank Corp. (including its subsidiaries), Arm, SVF1, SVF2, LatAm Funds, etc.
Slide 5: Market Environment
Market Environment Equity markets strengthened reflecting growing expectations for AI Our share price, after reaching an all-time high, has since pulled back Stock Indices and SBG*1 Key Portfolio Companies*1 FX Rate (USD/JPY) (JPY) 300 160 160 250 SBG 140 155 JPY 242 154.1 Arm 126 200 120 150 SoftBa
Slide 6: Historical NAV
Historical NAV NAV reached a new record high Q2 Pro forma (Nov 10)* ¥36.2T Sep 30, 2025 ¥33.3T Sep 2023 Arm IPO Arm SVFs Alibaba SoftBank Corp. T-Mobile/ Yahoo! Deutsche Telekom Japan Others 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 (FY) Internet Broadband Mobile AI
Slide 7: FY2025 Q2 Key Indicators
FY2025 Q2– Key Indicators NAV continues to grow, with all key indicators showing improvement FY2025 Q1 Q2 Key Drivers of Change SVF (incl. OpenAI) value increase (+¥2.6T), NAV ¥32.4T ¥33.3T JPY depreciation/USD appreciation (+¥1.0T), Arm share price decline (-¥2.7T) (+¥0.9T) Monetization of T-Mobile
Slide 8: FY2025 Q2 Financial Summary
FY2025 Q2 – Financial Summary Leveraging diverse funding channels for large-scale investments Key Activities Debt funding Foreign senior bonds issuance $4.2B ¥624.1B Domestic hybrid bonds issuance $1.3B ¥200.0B Of which ¥126.0B allocated to replacement Commitment line $6.0B ¥900.6B Refinanced and in
Slide 9: Historical Equity Value of Holdings
Historical Equity Value of Holdings Hit a record high, expanding to around ¥40T, driven by increase in the values of OpenAI and Arm (¥ T) Net of asset-backed finance 42.8 39.0 39.9 33.1 33.7 31.4 20.7 18.2 19.8 Share price Share price $154.84 16.5 15.4 12.9 $141.49 SVFs 13.3 13.7 9.5 9.4 10.6 8.6 So
Slide 10: Historical LTV
Historical LTV LTV remained stable, supported by increasing equity value of holdings and monetization, while investments progressed 35% (times of emergency) 25% (normal times) 21.6% 20.4% 18.7% 18.0% 18.2% 17.0% 16.5%* 15.9% 14.5% 15.0% 12.5% 12.9% 12.2% 11.5% 11.0% 10.6% 8.0% 8.4% 7.8% Mar Jun Sep
Slide 11: Investment Amounts (SBG+SVF)
Investment Amounts (SBG+SVF) Investment in OpenAI progressed ($ B) 8.4 7.5 3.4 3.2 2.0 1.7 1.1 0.5 Other 0.6 1.7 2.1 1.5 Investments 0.6 0.9 FY2024 Q2 FY2024 Q3 FY2024 Q4 FY2025 Q1 FY2025 Q2 • SBG investment amount: Investment (excluding bond investments) by SBG, SBG’s primary wholly owned subsidiar
Slide 12: Key Upcoming Investments
Growth Investments and Source of Funds: Key Upcoming Investments Driving investments to achieve ASI Key Investment Amounts (Announced) FY2025 ($ B) Q1 Q2 Q3 Q4 Total 7.5 1.1 24.0 - 32.6 Additional investment 1st Closing completed: $1.45B Bridge loan drawn 2nd Closing: $22.5B* 6.5 6.5 By the end of 2
Slide 13: Funding Methods for Investment Capital
Growth Investments and Source of Funds: Funding Methods for Investment Capital Accessing diverse financing markets while maintaining LTV discipline Utilizing Assets Held Utilizing Debt Cash Position* Equity Value of Holdings Domestic and Foreign Bonds ¥39.9T Loans ¥4.2T ($268B) ($29B) Hybrid funding
Slide 14: Progress in Long-term Financing and Asset Monetization
Growth Investments and Source of Funds: Progress in Long-term Financing and Asset Monetization Financing for growth investments progressing steadily, with consideration to LTV Utilizing Assets Held Hybrid Funding Utilizing Debt (50% treated as equity capital) LTV Improvement - Total Funding Amount $
Slide 15: Upsize of Margin Loan Using Arm Shares
Growth Investments and Source of Funds: Utilizing Assets Held Upsize of Margin Loan Using Arm Shares Implemented upsize of $6.5B, bringing the total to $20B Confirmed strong commitments from financial institutions, backed by solid share price performance since IPO Margin Loan Using Arm Shares Compar
Slide 16: Utilization of Bonds and Loans
Growth Investments and Source of Funds: Utilizing Hybrid Debt Funding Utilization of Bonds and Loans Executed financing across diverse markets supported by a wide range of investors and financial institutions Past Initiatives FY2025 Achievements Bridge loan $15.0B (of which $1B repaid) Long term rel
Slide 17: Hybrid Funding
Growth Investments and Source of Funds: Hybrid Funding Hybrid Funding Actively executed hybrid financing with equity treatment, leveraging favorable market conditions amid continued investment activity First foreign currency-denominated hybrid bond issuance in seven years Hybrid Bonds Issuance (Sep–
Slide 18: Bond Redemption Schedule
Bond Redemption Schedule Completed refinancing for FY2025 Domestic senior bonds Domestic subordinated bonds (¥ B) Domestic hybrid bonds 1,631.4 Foreign currency-denominated senior bonds 1,459.3 1,424.2 Foreign currency-denominated hybrid bonds 380.3 89.3 134.0 200.0 1,097.4 222.0 370.2 999.0 164.5 8
Slide 19: SBG Stand-alone Interest-bearing Debt
SBG Stand-alone Interest-bearing Debt*1 Increased mainly due to bond issuance Main changes from Jun 30, 2025 (¥ B) Subsidiaries’ debt 13,249.7 12,951.9 Settlement of collar transactions using Deutsche Telekom shares 12,326.1 12,605.9 • -¥341.4B 12,139.2 Non-recourse SBG stand-alone interest-bearing
Slide 20: SBG Stand-alone Cash Position
SBG Stand-alone Cash Position Cash position increased amid ongoing investments, supported by asset monetization, distribution received, and bond issuances (¥ B) 3,502.4 SB Northstar*1 3,307.0 2,986.2 2,933.9 2,623.3 3,502.4 Main changes from Jun 30, 2025 3,289.9 2,974.4 2,933.9 Increase Decrease 2,6
Slide 21: Cash Position and Future Bond Redemptions
Cash Position and Future Bond Redemptions Maintain ample cash position, well over 2 year's worth of bond redemptions Cash Position Bond Redemption Schedule (Incl. the first call of hybrid bonds) ¥ 4.2 T ($29B) (¥ B) Undrawn Arm margin loan 744.4 borrowing capacity ＞ Bond redemptions for the next 2 y
Slide 22: SBG Stand-alone Net Interest-bearing Debt
SBG Stand-alone Net Interest-bearing Debt Slightly decreased due to asset monetization and receipts from distributions, despite ongoing investment activity (¥ B) 10,275.3 9,662.0 9,516.0 9,392.2 9,103.5 Finance-related adjustments 2,750.1 2,544.5 Asset-backed finance, etc.: ¥2,053.3B 3,853.4 6,144.4
Slide 23: Historical Credit Ratings
Historical Credit Ratings JCR A Acquisition of Acquisition Acquisition Acquisition Listing of Listing A+ 14 Japan Telecom of Vodafone KK of Sprint of Arm SoftBank Corp. of Arm 800 A 13 700 A- 12 600 (Negative) BBB+ 11 BBB10 500 S&P BB+ BBB-9 400 BB+ 8 300 BB 7 (Stable) 200 BB- 6 B+ 5 100 4 0 (CY) '0
Slide 24: SBG Share Price (Since IPO)
SBG Share Price (Since IPO) Oct 29, 2025 Closing price: ¥27,315 Intraday high: ¥27,695 (record high) Latest closing price Sep 30, 2025 Nov 10, 2025 ¥18,685 ¥22,255 Q1 Earnings Aug 7, 2025 Feb 18, 2000 ¥12,560 ¥10,111 Jul 22, 1994 IPO Jul 1994 Jul 1999 Jul 2004 Jul 2009 Jul 2014 Jul 2019 Jul 2024 Fin
Slide 25: Share Split
Share Split Share split ratio １:４ (Effective date: Jan 1, 2026) Minimum investment amount: from ¥2.23M to ¥0.56M after the share split (one unit = 100 shares) (Based on closing price as of Nov 10, 2025) (Note) See “Share Split and Subsequent Partial Amendment to Articles of Incorporation, and Divide
Slide 26: 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 ma
Slide 27: Appendix
Appendix
Slide 28: SBG Credit Spreads
SBG Credit Spreads Foreign currency-denominated senior bonds spreads 5-year CDS bps USD 2.7Y USD 3.4Y USD 3.7Y USD 5.2Y 450 bps 700 USD 5.7Y USD 5.7Y USD 6.7Y USD 9.7Y SBG 5Y CDS (JPY) EUR 1.2Y EUR 3.7Y EUR 3.2Y EUR 3.9Y EUR 5.7Y EUR 6.7Y EUR 6.7Y EUR 7.7Y 400 600 350 500 300 400 250 200 300 150 200
Slide 29: Calculation of Equity Value of Holdings
Sep 30, 2025: Calculation of Equity Value of Holdings $1=¥148.88 ¥41.9T Equity value of holdings (¥ T) Equity value of holdings Adjustment for (unadjusted) ＝ ー (adjusted) (unadjusted) asset-backed finance Margin loans 2.1 ¥18.2T＝ 923M Share price Margin loan ¥19.4T shares held*1 × $141.49*1 ー ¥1.3T
Slide 30: LTV Calculation: SBG Stand-alone Equity Value of Holdings
LTV Calculation: SBG Stand-alone Equity Value of Holdings (L) Adjusted ¥6.56T SBG stand-alone net debt =16.5% (V) Adjusted SBG stand-alone equity value of holdings*1 39.87T (¥ T) Adjusted SBG Major SBG’s interest in Other investments = + + stand-alone equity value of holdings assets SVF1&2 & LatAm F
Slide 31: Details of SBG Stand-alone Equity Value of Holdings
LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings (¥ T) Assets Value Calculation method (a) Arm 18.18 Multiplying the number of Arm ADSs equivalent to SBG‘s holdings by the ADS price ($130.6B; Before adjustment 19.44 ¥19,437.4B) Equivalent amount of outstanding debt for margin loa
Slide 32: LTV Calculation: SBG Stand-alone Net Debt
LTV Calculation: SBG Stand-alone Net Debt (L) Adjusted SBG stand-alone net debt*1 ¥6.56T (V) Adjusted SBG stand-alone ¥39.87T =16.5% equity value of holdings (¥ T) Adjusted SBG Consolidated Other Net debt at self- stand-alone net debt = net debt - financing entities - adjustments 6.56 14.41 5.31 2.5
Slide 33: 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) 9.10 at self-financing entities For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt; Adj
Slide 34: 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% (Sep 30, 2025) 18% APAC (excl. China Others 41% and Japan) 47% 46% 15% China 6%3% 6% 10% SoftBank 1
Slide 35: Currency composition of investments and debt
Market Environment Investment and monetization flows are primarily in USD, while debt refinancing is conducted principally in the same currency Investments and monetization Debt composition Cash position: ¥3.5T*1 Equity value of holdings: ¥39.9T*2 Interest-bearing debt*3: ¥10.5T EUR, etc. JPY EUR, e
Slide 36: Breakdown of NAV・LTV Change
Breakdown of NAV・LTV Change NAV LTV (¥ T) Share Sales of Others FX* Price 17.0% Assets Others 16.5% SVF +1.0 +0.2 -0.2 distribution +0.05% -2.7: Arm -1.9% +2.6: SVF -0.8% +2.1% +0.2: Others Investments, etc. 32.4 33.3 -1.3%: T-Mobile -0.6%: Deutsche -1.0%: New investment -1.1%: Installments for Tele
Slide 37: Increase/Decrease in Cash Position (FY2025 Q1-Q2)
Increase/Decrease in Cash Position (FY2025Q1-Q2 ) (¥ T) +4.1 0.1 Share repurchase 0.6 4th installment payment for Arm Financing and shares transaction consideration 2.0 debt repayment 1.7 SVF+SBG investments 4.2 3.4 -2.3 Arm margin loan 0.9 0.7 2.1 undrawn capacity Arm margin loan undrawn capacity 0
Slide 38: Consolidated Interest-bearing Debt/Cash Position/Net Debt
Consolidated Interest-bearing Debt/Cash Position/ Net Interest-bearing Debt Consolidated Interest-bearing Debt*1 (¥ B) Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 SBG stand-alone 13,249.7 12,951.9 12,139.2 12,326.1 12,605.9 SVF1&2 and LatAm Funds 508.3 540.4 501.3 460.9 647.1 SoftBank Segment 6,263