Presentation material (investor presentation q4fy2025 01 en)

May 13, 2026

SoftBank Group Corp.

Fiscal year ended March 31, 2026

Exchange rates per JPY used for translation

Abbreviations

Abbreviations utilized within this presentation are outlined below.

In some cases, "Ltd." and "Corporation" etc. are omitted from the company name.

Other

Some figures in the report are rounded and may not add up to the figures presented as the total.

Index

• Accounting & Sustainability
• Finance
• SoftBank Vision Funds
• Arm

Consolidated Results

FY2025 Year-End Investments in OpenAI

($ B)

79.6

34.6

Recorded in FY2025

32.4

Investment in FY2025

2.2

Investment in FY2024

1.1

43.9

Recorded in FY2024

Valuation gain:

$45.0B

FY2025

Cumulative investment cost*1

FY2025

Fair value

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 investment will be funded through the bridge facility agreed in Mar 2026.

• Upon completion, SBG's cumulative investment in OpenAI will reach $64.6B.

  Total investment by the Company	$30B
  The Company's investment entity	SVF2
  Investment target	OpenAI Group PBC
  Type of securities to be acquired	Preferred shares (Automatically convertible into OpenAI common shares upon transactions related to a listing)

  
  
  

  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/L

No impact

(remains a subsidiary)

Consolidated B/S

Cash ¥153.9B

New issued by PayPay: ¥96.3B Disposal from SVF2: ¥57.6B

【Equivalent gain on sale】 ¥114.3B

Capital surplus

(SBG's share)

Non-controlling interests

¥81.5B

¥32.8B

*1 American depositary share

*2 The aggregate ownership interest in PayPay held by SBG's subsidiaries, namely SoftBank Corp., LY Corporation, B Holdings Corporation (joint holding company of SoftBank Corp. and LY Corporation), and SVF2.

Investment Business of Holding Companies Segment

FY2024

FY2025

Change

(¥ B)

Gain on investments

3,413.8

1

218.1

(3,195.7)

SG&A

(131.9)

(125.2)

6.7

Finance cost

(531.3) 2 (645.6)

(114.3)

Foreign exchange gain/loss

19.3

(282.0)

(301.2)

Derivative gain/loss

(excl. gain/loss on investments)

(2,041.8)

192.5

2,234.4

Other gain

66.1

170.0

103.9

Segment income

(income before income tax)

794.3

(472.1) (1,266.3)

1

Gain on investments*1

*1 Excludes dividend income.

*2 Includes interest expenses of wholly owned subsidiaries conducting fund procurement.

T-Mobile: Shareholding & Fair Values

$220.73

$238.26

$239.38

$203.04

$210.03

$266.71

Share price

- 21.5

- 18.7

- 16.7

- 18.5

Number of shares held

(M)

Fair value

($ M)

85.4 85.4 63.9 45.2 28.5 10.0

FY25

Sold 75.4M shares for $16.2B

In FY2025 Q4, entered into prepaid forward contracts using 10.0M shares and raised $1.6B

(All 10M shares were used in prepaid forward contracts)

Q3 FY2024

Q4 Q1 Q2 Q3 Q4 FY2025

SoftBank Vision Funds Segment

1

Gain on investments at SVF1

• Divestment:

  Gains on divestment

• Public:

  Share price declines (e.g., Coupang, DiDi)

• Private:

  Higher valuations in recent transactions

  2

  
  
  

  Gain on investments at SVF2

• Investment gains related to OpenAI:

  ¥6,465.5B / $42.1B

  
  
  

  3

  
  
  

  Finance cost

• SVF2: ¥(159.4)B (¥126.7B increase)

  Of which ¥117.5B relates to interest expenses on the loan from SBG to SVF2*1 (eliminated in consolidation)

  4

  
  
  

  Change in third-party interests in SVF

• SVF2: ¥(489.7)B

• SVF1: ¥(50.5)B

*1 In Apr 2025, SBG borrowed $8.5B from financial institutions for the purpose of investing in OpenAI, and on-lent the same amount to SVF2.

Investment Performance of SVF1 and SVF2

* From FY2025 Q3, performance is presented on a net basis, and the effects of transactions such as share exchanges that were previously included in both "investment cost" and "returns" have been excluded. In addition, derivatives that were previously presented separately are now included in "exited investments" and "investments before exit." Returns and gross gains and losses are before deducting third-party interests, taxes and expenses. Investment returns represent the exit price for exited investments, the fair value for investments before exits and the respective amounts received for interest or dividends.

*1 The amount of gains and losses for exited investments in FY2025 represents the exit price, net of the investment cost of such investments.

Consolidated P/L

1

Investment Business of Holding Companies

• NVIDIA: ¥339.1B

• Intel: ¥278.6B

• OpenAI Forward Contract: ¥264.9B

• Alibaba: ¥(169.7)B

• T-Mobile: ¥(656.8)B

  2

  
  
  

  SoftBank Vision Funds

• SVF2: ¥6,511.4B (incl. OpenAI: ¥6.5T)

  3

  
  
  

  Other gain

• Fair value increase in Robo HD portfolio companies:

  ¥309.6B

  4

  
  
  
  
  

  (¥ B)		FY2024	FY2025	Change
  Net sales		7,243.8	7,798.7	554.9
  Gross profit		3,754.2	4,016.1	261.9
  Total gain on investments		3,701.1	7,286.5	3,585.4
  	Investment Business of Holding Companies	3,413.8	1 218.1	(3,195.7)
  	SoftBank Vision Funds	387.6	2 6,638.6	6,251.0
  	Other	(100.3)	3 429.8	530.1
  SG&A		(3,024.4)	(4,020.9)	4 (996.5)
  Finance cost		(581.6)	5 (771.8)	(190.2)
  Foreign exchange gain/loss		27.1	(271.0)	(298.1)
  Derivative gain/loss (excl. gain/loss on investments)		(2,034.0)	6 204.3	2,238.4
  Change in third-party interests in SVF		(491.9)	(534.6)	(42.7)
  Other gain		354.3	226.3	(128.0)
  Income before income tax		1,704.7	6,134.9	4,430.2
  Income taxes		(101.6)	(502.9)	(401.3)
  Net income		1,603.1	5,632.0	4,028.9
  Net income attributable to non-controlling interests		449.8	629.7	179.9
  Net income attributable to owners of the parent		1,153.3	5,002.3	3,848.9

  SG&A

  • Energy Global: ¥368.3B increase

  • AI Computing segment : ¥213.6B increase

  • SBKK segment : ¥179.4B increase

    5

    
    
    

    Finance cost

  • Interest expenses of SBG*1: ¥(602.4)B (¥158.7B increase)

    6

    
    
    

    Derivative gain/loss

  • Alibaba prepaid forward contracts: ¥142.8B

    Share price changes of consolidated subsidiaries (incl. Arm and SBKK) do not impact consolidated P/L.

Consolidated B/S - Assets

1

Other financial assets

• SB Northstar: +¥314.0B

  (Corporate bonds acquisitions, partially offset by NVIDIA shares sales)

  2

  
  
  

  PP&E

  
  
  

• Energy Global: +¥399.6B (Solar power generation facilities, etc.)

  3

  
  
  

  Goodwill

• See p13

  
  
  

  4

  
  
  

  Investments of SVF (FVTPL)

• Investments related to OpenAI in SVF2:

  Total +$76.3B / ¥12.2T

  From follow-on investments +$44.5B*1 / ¥6.8T From a fair value increase +$31.9B / ¥4.9T

  5

  
  
  

  Investment securities

• See p12

  
  
  

  6

  
  
  

  Other financial assets (Non-current)

• LINE Bank Taiwan and PayPay Bank's loans: +¥658.1B

  
  
  

  7

  
  
  

  Other non-current assets

• Advance payments for power plant

  
  
  

  and AI infrastructure projects in the U.S.: ¥678.7B

• Lease incentives under Energy Global's

  lessor lease arrangements: ¥583.0B

  
  
  

  Investment Securities in Consolidated B/S (Main Investments)

  1

  
  
  

  (¥ B)				Mar 2025	Mar 2026	Change
  Investment securities				8,040.1	4,264.6	(3,775.4)
  	FVTPL			7,124.4	2,815.7	(4,308.7)
  		Intel		-	613.5	１ 613.5
  					$3,837M	$3,837M
  		T-Mobile		3,404.1	335.8	2 (3,068.3)
  				$22,767M	$2,100M	($20,666M)
  		Symbotic*1		81.3	199.2	3 117.8
  				$544M	$1,246M	$702M
  		Alibaba		1,025.1	9.5	４ (1,015.6)
  				$6,856M	$59M	($6,797M)
  		Deutsche Telekom		1,122.0	-	５ (1,122.0)
  				$7,504M		($7,504M)
  		NVIDIA*2		311.6	-	6 (311.6)
  				$2,084M		($2,084M)
  		Holdings by Robo HD		258.4	727.9	7 469.5
  				$1,728M	$4,553M	$2,824M
  		Holdings by SBKK group		176.0	215.8	39.8
  		Others		745.9	714.0	(31.9)
  			Public (12 investments) *3	203.9	168.7	(35.2)
  			Private (~230 investments)	542.0	545.3	3.3
  	FVTOCI and others			915.7	1,448.9	533.3

  Intel

  
  
  

  • $2.0B investment in Sep 2025 and higher share price

    2

    
    
    

    T-Mobile

  • Sale of 75.4M shares and lower share price

    3

    
    
    

    Symbotic

  • Higher share price

    4

    
    
    

    Alibaba

  • Physical settlement of all prepaid forward contracts using Alibaba shares

    ５

    
    
    

    Deutsche Telekom

  • Sale of all shares

    ６

    
    
    

    NVIDIA

  • Sale of all shares

    7

    
    
    

    Robo HD

  • Fair value increase of portfolio companies from recent funding rounds

* Includes the increase in carrying amount of investments due to a 6.9% depreciation of the yen against USD in the foreign currency exchange rate used for translations on Mar 31, 2026.

*1 Excludes Symbotic shares held by SVF2 and SB Northstar.

*2 Excludes NVIDIA shares held by SB Northstar.

*3 Tempus AI, Eutelsat, etc.

Accounting 12

Consolidated B/S - Goodwill / Intangible assets

*1 These amounts represent goodwill recognized by SBG at the respective acquisition dates. They exclude goodwill recognized as a result of M&A executed by the relevant subsidiaries after their acquisition.

Consolidated B/S - Liabilities

1

Interest-bearing debt

(total of current and non-current)

• SBG

  Borrowings: ¥3,960.7B (+¥2,185.3B) Corporate bonds: ¥8,170.4B (+¥1,502.0B)

• Wholly owned subsidiaries conducting fund procurement

  
  
  

  Borrowings: ¥4,365.1B (+¥1,901.3B)

• SB Northstar

  Borrowings: ¥801.9B (+¥772.1B)

• SVF

  
  
  

  Borrowings: ¥814.3B (+¥313.1B)

  2

  
  
  

  Derivative financial liabilities

• Prepaid forward contracts using Alibaba shares:

  
  
  

  ¥551.9B decrease (physical settlement of all such contracts)

• Collar transactions using DT shares:

  ¥308.4B decrease (physical settlement of all such transactions) (total of current and non-current)

• Warrants granted by Energy Global:

  ¥583.0B recorded (total of current and non-current)

  
  
  

  Consolidated B/S Summary - Equity

  1

  
  
  

  (¥ B)		Mar 2025	Mar 2026	Change
  Equity		13,953.0	20,468.4	6,515.4
  	Common stock	238.8	238.8	-
  	Capital surplus	3,376.7	3,510.7	1 134.0
  	Other equity instruments	193.2	193.2	-
  	Retained earnings	2,701.8	7,323.8	2 4,622.0
  	Treasury stock	(256.3)	(24.8)	3 231.5
  	Accumulated other comprehensive income	5,307.3	6,380.1	4 1,072.8
  	Total equity attributable to owners of the parent	11,561.5	17,621.8	6,060.3
  	Non-controlling interests	2,391.5	2,846.6	455.1
  Ratio of equity attributable to owners of the parent (equity ratio)		25.7%	29.0%	3.3%

  Capital surplus

  Equivalent gain on sale attributable to owners of the parent associated with PayPay's IPO (see p5): +¥81.5B

  
  
  

  2

  
  
  

  Retained earnings

  Net income attributable to owners of the parent: +¥5,002.3B

  
  
  

  3

  
  
  

  Treasury stock

• Repurchase of 13.2M shares based on Aug 2024 Board resolution

• Retirement of 42.0M shares, equivalent to the total number of shares repurchased under the resolution

4

Accumulated other comprehensive income

¥1,087.0B increase in exchange differences from the translation of foreign operations due to the weaker yen (see p16-17)

Cf. Foreign exchange loss recorded in consolidated P/L for FY2025: ¥(271.0)B (see p17)

Impact of the Weaker Yen on P/L & B/S (Illustration)

nded