Earnings Results
Investor BriefingMay 13, 2026
SoftBank Group Corp.
Fiscal year ended March 31, 2026
Exchange rates per JPY used for translation
Average during quarter | FY2024 | FY2025 | ||||||
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 presentation are outlined below.
In some cases, "Ltd." and "Corporation" etc. are omitted from the company name.
Abbreviations | Definition (Each of the following abbreviations indicates the respective company and its subsidiaries, if any) |
SBG | SoftBank Group Corp. (stand-alone basis) |
The Company | SoftBank Group Corp. and its subsidiaries |
SBKK | SoftBank Corp. |
SB Northstar | SB Northstar LP |
SVF1 or SoftBank Vision Fund 1 | SoftBank Vision Fund L.P. and its alternative investment vehicles |
SVF2 or SoftBank Vision Fund 2 | SoftBank Vision Fund II-2 L.P. |
LatAm | SBLA Latin America Fund LLC |
SVF | SVF1, SVF2 and LatAm |
SBIA | SB Investment Advisers (UK) Limited |
SBGA | SB Global Advisers Limited |
Arm | Arm Holdings plc |
Ampere | Ampere Computing Holdings LLC |
Robo HD | Silver Bands 4 (US) Corp. |
OpenAI | OpenAI Group PBC |
T-Mobile or TMo | T-Mobile US, Inc. |
Deutsche Telekom or DT | Deutsche Telekom AG |
Alibaba | Alibaba Group Holding Limited |
MgmtCo | MASA USA LLC |
Other
Some figures in the report are rounded and may not add up to the figures presented as the total.
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.
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
Key Investments
$32.4B
(¥4.9T)
$6.5B
(¥1.0T)
18.0%
Improved
17.0%
All-time high
+¥14.4T in FY25
Q4 Pro forma*2
¥47.7T
Mar 31, 2026
¥40.1T
Mar 31, 2025
¥25.7T
Key Monetization
Sales, etc.
Margin Loan Increase
$27.2B
(¥4.2T)
$14.1B
(¥2.2T)
2000
2005
2010 2015
2020 2025(FY)
Mar 25 Mar 26
(Note) NAV (Net Asset Value) = Adjusted SBG stand-alone equity value − Adjusted SBG stand-alone net interest-bearing debt.
LTV = Adjusted SBG stand-alone net interest-bearing debt / Adjusted SBG stand-alone equity value.
For details of NAV and LTV as of the end of FY2025, refer to Appendix "LTV Calculation: SBG Stand-alone Equity Value" and "LTV Calculation: SBG Stand-alone Net Interest-bearing Debt".
NAV trends are not a guarantee of future figures and are not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of investment decisions.
*1 Converted using the average rate for each quarter or the rate at execution.
*2 The pro forma values reflect the asset and liability composition as of Mar 31, 2026 and are calculated using FX rates as of May 12, 2026 and share prices of Arm, SBKK, and T-Mobile as of the same date. These figures are provided as reference values and are not intended to guarantee or imply future values.
Finance 2
External Environment (1/2)
A year in which latent risks crystallized into reality, yet the stock market
U.S.-Iran armed conflict, Crude oil prices surge Private credit fund redemption restrictions
remained resilient
300
SOX* 274
250
SaaS stocks plunge
200
150
U.S. announces reciprocal tariffs
U.S. strikes Iran's
nuclear facilities
Private credit anxiety (First Brands bankruptcy)
NIKKEI 176
S&P500
132
100
50
Mar 25 Jun 25 Sep 25 Dec 25 Mar 26
(Note) Indexed to 100 as of Mar 31, 2025, prepared by SBG based on Bloomberg. As of May 12, 2026
* Semiconductor Index: Philadelphia Semiconductor Index (SOX)
Finance 3
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
250
200
150
100
SOX*2 274
NIKKEI 176
S&P500
132
6.0
10-year U.S. Treasury FF rate upper bound 10-Year JGB
BOJ Policy interest rate
5.0
4.0
3.0
2.0
1.0
(%)
4.46%
3.75%
2.56%
0.75%
165
160
155
150
145
140
(¥)
米国債（10年 ）
FF金利上限
日本国債（10年）日本政策金利
May 12
¥157.6
50
Mar 25 Jun 25 Sep 25 Dec 25 Mar 26
0.0
Mar 25 Jun 25 Sep 25 Dec 25 Mar 26
135
Mar 25 Jun 25 Sep 25 Dec 25 Mar 26
(Note) Prepared by SBG based on Bloomberg. As of May 12, 2026
*1 Indexed to 100 as of end of March 2025
*2 Semiconductor Index: Philadelphia Semiconductor Index (SOX)
Finance 4
Historical NAV (Quarterly)
Increases ¥22.0T since Mar 2025
(¥ T)
An increase of ¥22.0T
32.4
33.3
30.9
15.9
47.7
40.1
23.1
25.7
10.6
16.5 15.2 10.1
14.3 17.9
18.2
Arm
7.7 8.8 11.1
2.6 2.9 2.8 2.3 2.4
2.6
SVF SBKK
T-Mobile
2.8 1.8 1.3 0.7
2.0 2.4 2.9 3.5
3.8
3.9
Pro forma*
(May 5, 2026)
Others
Mar
2025
Jun
2025
Sep
2025
Dec
2025
Mar
2026
Q4 Pro forma*
(May 12, 2026)
(Note) The breakdown of NAV is based on the proportionate value of each equity holding at the end of each fiscal year. Before tax. The equity value of holdings and SBG's net debt are both after adjustments for asset-backed finance.
For details of NAV as of the end of FY2025, refer to Appendix "LTV Calculation: SBG Stand-alone Equity Value" and "LTV Calculation: SBG Stand-alone Net Interest-bearing Debt".
NAV trends are not a guarantee of future figures and are not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of investment decisions
* The pro forma values reflect the asset and liability composition as of Mar 31, 2026 and are calculated using FX rates as of May 12, 2026 and share prices of Arm, SBKK, and T-Mobile as of the same date. These figures are provided as reference values and are not intended to guarantee or imply future values.
Finance 5
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
Yahoo Japan
Alibaba
SVF
SBKK
T-Mobile
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 NAV is based on the proportionate value of each equity holding at the end of each fiscal year. Before tax. The equity value of holdings and SBG's net debt are both after adjustments for asset-backed financing.
For details of NAV as of the end of FY2025, refer to Appendix "LTV Calculation: SBG Stand-alone Equity Value" and "LTV Calculation: SBG Stand-alone Net Interest-bearing Debt".
NAV trends are not a guarantee of future figures and are not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of investment decisions
* The pro forma values reflect the asset and liability composition as of Mar 31, 2026 and are calculated using FX rates as of May 12, 2026 and share prices of Arm, SBKK, and T-Mobile as of the same date. These figures are provided as reference values and are not intended to guarantee or imply future values.
Finance 6
Portfolio Evolution
Core assets expand: Arm and OpenAI emerge as drivers of growth
Net of asset-backed finance
T-Mobile
March 2025
Others
8%
SBKK
LatAm
March 2026
Others
10%
Arm and OpenAI Approx.65%
11%
Arm
2% 6%
Arm
SBKK
LatAm
10%
41%
SVF1
7%
10%
40%
3%
SVF1
Equity value of holdings
12%
SVF2
(excl. OpenAI)
14%
OpenAI*
¥31.4T
2%
SVF2
(excl. OpenAI)
OpenAI*
25%
¥48.3T
Finance 7
* Multiply the proportion of OpenAI within the fair value of SVF2's portfolio by the NAV of SVF2 attributable to SBG.
Key Metrics
NAV
Driven by Arm and OpenAI, NAV grew to over ¥40T
Mar 2025
Mar 2026
Key Drivers of Change
Net Debt*2
Cash Position*1
LTV
¥25.7T |
18.0% |
¥3.4T |
¥5.7T |
¥40.1T (+¥14.4T) |
17.0% (-1.0 ppt) |
¥3.5T (+¥0.2T) |
¥8.2T (+¥2.5T) |
|
|
|
|
*1 Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn borrowing capacity. Excludes the outstanding balance of the prime brokerage loan (PB loan) of ¥801.9B by SB Northstar, collateralized primarily by a portion of bond investments included in SBG stand-alone cash position.
*2 Adjusted SBG stand-alone net interest-bearing debt. For details, see Appendix "LTV Calculation: Details of SBG Stand-alone Net Debt."
*3 Asset monetization: For the decrease in net interest-bearing debt, the full Arm margin loan drawdown ($11.5B) is included. For the increase in cash position, only the incremental facility expansion of $6.5B is included, as the $5.0B undrawn balance already included in cash position as of Mar 31, 2025 is excluded.
Finance 8
FY2025: Major Investments and Fundings
Major Investments
Major Fundings
Bridge Loan
$15B ⇒ | $12B | ⇒ 0 |
(Facility size) | Balance as of Mar 31, 2026 | (Repaid in April) |
Asset monetization
TMUS/DT
NVIDIA
Others
$20.6B
$5.8B
$0.7B
Arm
SBKK
+$11.5B
+$2.6B
(¥400B*2)
Sales, etc.
$27.2B
Increase in margin loans
$14.1B
Bonds
(Net increase)
Domestic
bonds Foreign bonds
$4.0B
(¥643.0B)
$4.3B
$8.3B
OpenAI
$30.0B
FY2025
Total $44.0B
$5.0B
Others
$6.5B
Ampere
$32.4B*1
(FY2025 Investment)
OpenAI
FY2026
(Announced projects)
(Of which, $10B already invested)
Bridge Loan
Total $49.6B
$40.0B*2
ABB Robotics Business
Digital Bridge
$5.4B
$3.1B
(Arranged in Mar 2026)
(Note) For changes in amounts, foreign currency-denominated bonds with contracted swaps are converted at the applicable swap rate; all others are converted using the average rate for each quarter or the rate at execution.
*1 The investment amount includes indirect holdings and is presented on a net basis after offsetting divestment proceeds.
*2 $20.0B was drawn in April 2026, of which $2.5B has already been repaid early
Finance 9
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
Finance | Debt funding | Bridge loan agreement executed | $40.0B | ¥6,395.2B | Arranged borrowing facility | |
Commitment line | $6.0B | ¥964.5B | Full drawdown by the end of March 2026 | |||
Asset monetization | PayPay IPO | $0.4B | ¥61.2B | Listing on Mar 12, 2026 | ||
Sales of listed shares, etc. | $5.3B | ¥842.5B | T-Mobile (sales and collar transactions), etc. |
FY2026 Q1 (Major transactions through May 12)
Finance | Debt funding | Repayment of bridge loan (arranged in 2025) | $12.0B | ¥1,918.6B | For investment in OpenAI and Ampere | |
Borrowing of bridge loan (arranged in 2026) | $17.5B | ¥2,797.9B | Borrowed $20.0B, repaid $2.5B | |||
Foreign currency-denominated senior notes | $3.5B | ¥560.8B | $1.2B to refinance foreign-currency senior notes, $2.4B to repay bridge loans | |||
Domestic retail hybrid bonds | $2.6B | ¥418.0B | Domestic hybrid bonds refinancing |
Investment | Investment execution | Additional Investment in OpenAI | $10.0B | ¥1,598.8B | Total Investment: $44.6B (Additional investments of $10.0B each scheduled for July and October) |
Follow-on investment in OpenAI: $20.0B (¥3,197.6B): $10.0B each in July and October 2026 (planned)
ABB Robotics Business: $5.4B (¥859.4B): Second half of 2026 (planned)
DigitalBridge: $3.1B (¥495.6B): Second half of 2026 (planned)
Key Upcoming Investments
(Note) Each amount is converted at an exchange rate of $1=¥159.88 and €1=¥183.41
Finance 10
Historical Equity Value of Holdings
Driven by appreciation in value of Arm and OpenAI, reaching a new all-time high.
Surpassing ¥50T
48.3
(¥ T)
Net of asset-backed finance
Increased by ¥24.5T
55.9
39.0
31.4
12.9
19.8
39.9
18.2 12.7
19.1
39.0
Share price
$151.28
27.1
Share price
$207.92
SVF
9.4 10.6
13.3 18.0 21.6
21.3
T-Mobile
3.2 3.5 3.4 2.9 2.8
3.0
SBKK
3.4 2.2 1.6 0.9
2.5 2.9 3.4 4.5
4.6
4.5
Others
Proportion of listed shares*2
Mar 31
75%
2025
Jun 30
76%
2025
Sep 30
69%
2025
Dec 31
51%
2025
Mar 31
53%
2026
Q4 Pro forma*1
(May 12, 2026)
(Note) For details of equity value of holdings, see Appendix of the Earnings Results Investor Briefing Presentation materials of each quarter.
*1 The pro forma values reflect the asset composition as of Mar 31, 2026 and are calculated using FX rates as of May 12, 2026 and share prices of Arm, SBKK, and T-Mobile as of the same date. These figures are provided as reference values and are not intended to guarantee or imply future values.
*2 Proportion of listed shares: Shares of Arm, SBKK, T-Mobile, listed shares held by SVF, and public companies included in Others. SVF figures are for SBG's interest only.
Finance 11
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%
18.7%
20.4%
15.9%
20.6%
17.0%
14.5%
18.2%
15.0%
18.0%
17.0% 16.5%
12.9%
11.0%
8.0%
11.5%
10.6%
12.5%
8.4%
7.8%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY2021
(Note) As of the end of each quarter
FY2022
FY2023
FY2024
FY2025
Finance 12
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)
3.9
7.9
44.0
Others
10.0
(Paid in Apr)
20.0
(Jul/Oct)
3.1
5.4
38.5 (planned)
3.9
5.7
5.0
2.2
6.5
32.4
FY2023 FY2024 FY2025 FY2026
* Total amount of SBG investments and SVF investments
SBG investment amount: Investments made by SBG, its primary wholly owned subsidiaries, and Robo HD, excluding intragroup transactions and bond investments. In the case of Ampere, the amount represents acquisition-related expenditures, including payments to Arm. For other investments resulting in the acquisition of subsidiaries, the amounts refer to those recorded under "Payments (net) for acquisition of control over subsidiaries" in the Consolidated Statement of Cash Flows.
SVF investment amount: Corresponds to "Payments for acquisition of investments by SVF" in the Consolidated Statement of Cash Flows. The investment amount in OpenAI includes indirect investments and is presented net of disposals.
Finance 13
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 Amount | $40B (¥6.4T equiv.*) ($20B already drawn; remaining $10B each scheduled for drawdown in July and October) |
Initial Lenders | Mizuho Bank, SMBC, MUFG Bank Goldman Sachs, JPMorgan |
Syndication Participants | Citibank, Deutsche Bank, HSBC, Intesa, Morgan Stanley, Natixis, Barclays, CACIB, BNP Paribas (Planned to be syndicated sequentially) |
Maturity Date | Mar 25, 2027 (1-year maturity) |
Other | Includes LTV covenants tailored for the loan (Definition differs entirely from the LTV disclosed by SBG) |
* Converted at $1 = ¥159.88.
Finance 14
The Concept of Bridge Loan Takeout
Debt Financing
(Loans, bonds, etc.)
Asset Monetization
(Margin loans, collar finance, sales, etc.)
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
+Significant impact from external conditions
Increased funding capacity
due to rising stock prices
Stable funding base
With consideration to maturity
diversification and funding costs
Finance 15
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
Deutsche Telekom
(Total: $2.7B)
(Total: $17.9B)
(Total: $5.8B)
1. Sale/Collar (Executable with agility)
($ B)
Equity value of holdings*
Net of asset-backed finance
$302B (¥48.3T)
FY2025 Use Cases
2026
Bridge Loan
$40B
40
* Converted at $1 = ¥159.88. As of Mar 31, 2026
SVF
29
18
135
120
SBKK
Others
¥400.0B increase
(Total: ¥1.2T)
$11.5B increase
(Total: $20B)
Margin loans can be arranged
even before a company goes public
2. Margin loans (Preserving upside exposure)
Driving Further NAV Growth
Finance 16
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)
Providing funds through
loans, bonds, etc.
Payment of electricity
and/or data center usage fees, etc.
Debt repayment backed
by user fees
Providing funds through
equity, etc.
Payment of
development costs, etc.
Dividends
Equity
(Stocks, etc.)
SBG non-recourse
No impact on SBG's LTV
Debt
(Loans, bonds, etc.)
EPC, etc.
(Engineering, procurement, construction)
SBG and others
Financial institutions, bond investors, etc.
External user (Off-taker)
Legend
Development cash flow
Operating cash flow
Business Entity
Finance 17
nded
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SoftBank Group Corp. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 01:22 UTC.
