SoftBank : Presentation material (earnings presentation q3fy2025 01 en)

Q3 FY2025 Earnings Results

SoftBank Group Corp.

February 12, 2026

2

Nine-month period ended December 31, 2025

To be the No.1 ASI Platform Provider

(= a core pillar of the industry)

3

3

Steadily laying the groundwork

4

4

Dec 2025

$22.5B (¥3.5T) follow-on investment completed

$34.6B (¥5.4T) invested in total for ~11% ownership

Jan 2026

Subsidiary SB Energy formed a strategic partnership to advance Stargate

Converted at USD1= JPY156.17

5

5

$5.4B acquisition Announced (Oct 2025)

Robot

$6.5B acquisition Completed (Nov 2025)

Chip

$3.1B acquisition Announced (Dec 2025)

Digital infrastructure investment company

6

6

AI Model

Stargate

Data Center/ Power

Robo HD

Robot

Chip

7

7

Major step forward

NAV reflects progress in readiness toward ASI realization

3 years ago

Dec 31, 2022

18%

Now

Dec 31, 2025

OpenAI

>60%

Arm

Robot/ Power

¥13.9T NAV

8

The breakdown represents an estimated NAV, based on the proportionate value of each equity holding at each quarter-end. Chip - other: Ampere and Graphcore, Robot/ DC/ Power: Includes SB Energy and portfolio companies managed by Robo HD

Robot/ DC/ Power

Arm

Chip - other

¥30.9T NAV

For details of NAV, see appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing. 8

1	Completed follow-on investment in OpenAI, increasing ownership to ~11% Further reinforced investments across ASI portfolio
2	Q1-Q3 net income reached ¥3.17T (+¥2.54T YoY)
3	NAV at ¥30.9T (-¥2.4T QoQ)
4	Large investments made with financial policy maintained LTV at 20.6% (+4.1ppt QoQ) and cash position at ¥3.8T (-¥0.5T QoQ)

Net income: Net income attributable to owners of the parent 9

Q3 FY2025 Highlights

Consolidated Results

Some figures in this presentation are rounded and may not add up to the figures presented as the total. 10

		FY2025 Q1-Q3	Change
Net sales	5,302.6	5,719.2	+416.7
Gain/loss on investments	2,170.0	4,220.3	+2,050.3
Income before income tax	1,270.9	4,169.2	+2,898.2
Net income	636.2	3,172.7	+2,536.5

(¥ B)

FY2024 Q1-Q3

Net income: Net income attributable to owners of the parent 11

Consolidated Results

(¥ B)

Gain/loss on investments Net income

3,439.7

2,502.2

2,091.3

559.7

-174.3

1,179.6

-481.0

1,531.1

517.2

-369.2

486.9

421.8

293.7

248.6

Q1 Q2

FY2024

Q3 Q4 Q1 Q2 Q3 FY2025

Net income: Net income attributable to owners of the parent 12

Gain/Loss on Investments and Net Income (quarterly)

(¥ B)

2,091.3

1,531.1

3,439.7

Driven by fair value gain on OpenAI

559.7

-481.0

486.9

293.7

639.7

($4.2B)

1,283.4

2,156.3

($14.6B)

-346.0

OpenAI

Other

Q1 Q2

FY2024

Q3 Q4 Q1 FY2025

Q2 Q3

13

Gain/Loss on Investments (quarterly)

150

Valuation of $30B follow-on investment committed in Mar 2025

260

500

($ B)

One of the world's most valuable private companies

Sep 2024

Mar 2025

Oct 2025

$150B: Pre-money valuation in OpenAI's funding round in Sep 2024. See OpenAI's blogpost dated Oct 2, 2024 for details.

14

$260B: Pre-money valuation. See SBG's press release "Announcement Regarding Follow-on Investments in OpenAI" dated Apr 1, 2025 for details.

$500B: Valuation based on employee share sale in Oct 2025.

OpenAI's Valuation

($ B)

Cumulative investment gain

+19.8

	23.8	Investment cost as of Dec 31, 2025 Cumulative investment cost as of Sep 30, 2025	1.0 34.6
	10.8

34.6

54.4

14.6

4.2

Investment gain for Q3 FY2025

$4.2B

Recorded in Q3 FY2025

Recorded in Q2 FY2025

Recorded in FY2024

Cumulative investment cost

累計投資コス ト

（2025年度Q3末 ）

Cumulative investment cost (Dec 31, 2025)

Fair value of investments related to OpenAI

OpenAIに係る投資の 公正価値

（2025年度Q3末）

(Dec 31, 2025)

Cumulative investment cost: net of sale proceeds 15

Investment Gain on OpenAI

Key Indicators

Some figures in this presentation are rounded and may not add up to the figures presented as the total. 16

Mar 31, 2025

Sep 30, 2025

Dec 31, 2025

NAV

(Net Asset Value)

¥25.7 T

¥33.3T

¥30.9T

LTV

(Net debt / Equity value of holdings)

18.0 %

16.5%

20.6%

Cash Position

¥3.4 T

¥4.2T

¥3.8T

17

For details of NAV and LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Mar 31, 2025)," "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2025)," and "Definition and Calculation Method of SBG's NAV and LTV (as of Dec 31, 2025)." Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn borrowing capacity. The undrawn borrowing capacity as of Dec 31, 2025 is ¥945.2B (commitment lines). SBG stand-alone basis. Excludes the outstanding balance of the prime brokerage loan (PB loan) of ¥469.8B by SB Northstar, collateralized primarily by a portion of bond investments included in SBG stand-alone cash position.

Key Indicators

(¥ T)

32.4

33.3

30.9

($197.6B)

33.1

27.8

29.0

29.3

25.7

10.1

12.0

16.5

15.2

19.2

13.2

14.4

10.6

15.5

16.4

6.1

14.4

7.7

8.8

11.1

14.3

7.3

8.1

7.6

1.5 1.8

2.5

1.4

1.8

2.9

1.6

2.0

2.2

2.7

2.2

2.1

2.1

2.6

2.8

2.0

2.9

1.8

2.4

2.8

1.3

2.9

2.3

0.7

3.5

2.3

0.8

3.6

19.4

8.5

2.9

2.2

35.3

13.4

8.3

2.9

2.6

3.9

7.3

2.4

1.1

3.4

7.3

2.2

1.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q3 Pro forma

Arm

SVF1/SVF2/

LatAm Funds SoftBank Corp.

T-Mobile Other

FY2023

FY2024

FY2025 Stock prices and FX rates as of Feb 11, 2026 applied

The breakdown of NAV is based on the proportionate value of each equity holding at the end of each quarter.

18

For details of NAV, see appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing.

The Q3 pro forma values reflect the asset and liability composition as of Dec 31, 2025, and are calculated using the latest available share prices and FX rates as of Feb 11, 2026. These figures are provided as reference values and are not intended to guarantee or imply future values.

NAV

Net of asset-backed finance

35％ (upper limit during emergencies)

Below 25％ (in normal times)

21.6%

18.7%

20.4%

18.2%

18.0%

20.6%

15.9%

14.5%

15.0%

11.5%

12.5%

17.0%

16.5%

11.0%

8.4%

12.9%

10.6%

8.0%

7.8%

40%

Large investments made with financial policy maintained

30%

20%

10%

0%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY2021

FY2022

FY2023

FY2024

FY2025

19

As of the end of each quarter

For the LTV calculation method, see Appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing.

LTV

(¥ T)

6.0

5.0

4.0

3.0

2.0

5.8

5.1

4.4

4.7 4.6

3.8

5.0

3.4

3.7

4.2

3.8

Strong position despite large-scale investments

Bond redemptions over the next 2 years

¥1.8T

1.0

1.2

0.6

0.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Jan-Dec 2026

Jan-Dec 2027

FY2023

FY2024

FY2025

Year 1 Year 2

As of the end of each quarter

20

Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn borrowing capacity. The undrawn borrowing capacity as of Dec 31, 2025 is ¥945.2B (commitment lines). Excludes the outstanding balance of the prime brokerage loan (PB loan) of ¥469.8B by SB Northstar, collateralized primarily by a portion of bond investments included in SBG stand-alone cash position.

Cash Position