Softbank Earnings Results for the 6-month Period Ended September 30, 2024

Softbank Earnings Results for the 6-month Period Ended September 30, 2024

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AI Summary
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Key Insights
  • SoftBank Group's net income exceeded ¥1 trillion, driven by gains from SoftBank Vision Fund (SVF) and T-Mobile investments.
  • Net Asset Value (NAV) remained high at ¥29 trillion despite a quarter-over-quarter decrease.
  • SVF achieved an investment gain of ¥610.4 billion and is now posting cumulative gains.
  • Arm's performance continues to show positive results.
  • The Group has robust stability and ample cash reserves, enabling further investments in Artificial Intelligence (AI).
#MarketAnalysis #InvestmentPerformance #SoftBankEarnings #FinancialResults #Q2Insights
November 12, 2024
Earnings Results
for the 6-month 
Period Ended 
September 30, 2024
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Disclaimers
This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and…
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1 Net income of over ¥1T, driven by gains from SVF 
and T-Mobile investments
3 ¥610.4B investm…
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Consolidated Results
Some figures in this presentation are rounded and may not add up to the figur…
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Consolidated Results
FY2023
H1
FY2024
H1 Change
Net sales 3,227.1 3,469.9 +242.9 
Gain/los…
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-699.0
-264.6
424.6
-20.4
559.7
2,091.3
-477.6
-931.1
950.0
231.1
-174.3
1,179.6
(¥ …
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7
-689.7
276.2
-169.9
124.4 567.9
1,548.8
-13.0
-570.2
531.3
-115.3
32.4
567.4
3.8
29.…
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8 SVF: SoftBank Vision Funds
-689.7
276.2
-169.9
124.4 567.9
1,548.8
-13.0
-570.2
531.3
-1…
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Key Indicators
9 Some figures in this presentation are rounded and may not add up to the figures p…
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For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LT…
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35.3
29.0
31.6
2.4
4.0
0.1 0.3
2.2
NAV
+ -3.1:Arm
-0.1:SoftBank Corp.
+0.4:TMUS/DT
+…
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Historical NAV (Since FY1998)
¥29.0T
(Sep 30, 2024)
Arm
SVF1/SVF2/
LatAm Funds
SoftBank C…
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($)
T-Mobile Share Price
206.36
(Sep 30, 2024)
Mar 31 
2021
Mar 31 Sep 30
2022
Mar 31 
…
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Mar 31
2021
Mar 31
2022
Mar 31
2023
All-time high since merger
(Apr 1, 2020)
Opening pr…
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15
22 
219 
127 
206 
241 
203 
189 
158 
Market Cap of Telecoms
Before SBG's Sprint 
ac…
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16
-2
6
14
22
30
US Telecoms: Free Cash Flow
CAGR 
1.0%
Verizon CAGR 
-8.1%
AT&T
CAGR 
…
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¥3.9T
¥0.4T
¥2.1T
Sprint (T-Mobile) Investment Performance
Return
(Sep 30, 2024)
MOIC
9.…
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0.4 
3.9 
2.3 
19.0 
9.8 
2.1 
5.6 
3.3 
20.0 
Investment Track Record
MOIC 9.6x
IRR…
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-¥1.3T
+¥0.3T
-¥1.9T
On NAV On accounting
Stronger JPY reduced NAV and equity
For details …
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4.6 
3.8 
0.9 1.2 
+0.6 -1.0 
-0.2 
-0.3 
Q1
FY2024
Investmentrelated
(incl. installm…
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14.5%
15.0%
18.2%
11.0%
8.0%
10.6% 11.5%
8.4% 7.8%
12.5%
0%
10%
20%
30%
40%
Q1
FY…
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4.6
4.3
3.8
5.1
5.8
5.1
4.4
4.7 4.6
3.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Q1
FY2022
…
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SVF
SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds.
Some figures in thi…
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4,087
958 785 630 715
2,285 2,869
4,607 3,549 3,768
-8,762
-10,748
2,969
-25,563
13,567…
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($ M)
SVF1 SVF2
-318 
-2,084 
1,703 
-336 
-2,643 
950 913 
2,413 
1,940 
10 
2,827 …
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($ B) Investment cost Fair value
Unrealized
valuation gain/loss
(FY2024Q2)
Highlights of
m…
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($ B) Investment cost Fair value
Unrealized
valuation gain/loss
(FY2024Q2)
Highlights of
m…
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FY22
Q1
FY22
Q3
($ M)
FY22
Q2
FY22
Q4
FY23
Q1
FY23
Q2
FY23
Q3
FY23
Q4
8,526
-…
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Exited
Public companies
(investments
before exit)
Private companies 
(investments
before …
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24.9 25.6
2.9 3.6
3.3 3.4
31.1 32.6
40.8 40.6
5.5 6.0
6.7 7.0
53.0 53.6 
Continuing new…
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A strong pipeline for future public listings
Public listings (since inception)
53 listings Se…
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0.4 0.6
Investment cost Return
1.0
1.2
India’s largest online store for newborn, baby 
and…
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Provides best-in-class search 
functionality and highly userfriendly AI agents for enterprise…
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SVF2
Investment
OpenAI
Post-money
valuation
OpenAI
Total round
size
$500M $6.6B $157B
…
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Expecting 
131%
increase YoY
OpenAI: Revenue
Revenue is based on publicly available informa…
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Strong momentum toward the realization of 
AGI that benefits all of humanity
Weekly active us…
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(B)
Monthly Website Visits Comparison
0
1
2
3
4
 OpenAI
 Meta.ai
 Claude
 Gemini
Web…
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SVF: Leadership Transition
Rajeev Misra will step down 
as Co-CEO
Alex Clavel
to be sole CE…
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Some figures in this presentation are rounded and may not add up to the figures presented as th…
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442 418
514
188
388
630 330
806 844
Q2 Q2 Q2
40
Quarterly Revenue (US-GAAP)
Exceeds up…
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876 818 981 
446 663 
1,322 802 
1,481 
1,783 
H1 H1 H1
YoY
20%
increase
41
H1 Revenu…
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198
384
326
Q2 Q2 Q2
42
Quarterly Non-GAAP Operating Income (US-GAAP)
($ M)
Above analys…
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495
656
774
H1 H1 H1
YoY
18%
increase
43
Quarterly Non-GAAP Operating Income (US-GAAP)
…
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(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).
FY…
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Meta’s new Llama 3.2 LLM
release on Arm-based CPUs
Llama (Large Language Model Meta AI) : A t…
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Looking Back 1 Year Post IPO
Positive 
evaluation from 
the market
CSS:Compute Subsystem. C…
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Financial Strategy
47
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• Effective use of ample cash position
• Active use of nonrecourse financing to support strate…
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Basic Policy for Capital Allocation
Business model: Growth of assets and business 
through ca…
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Invested Amount (SVF+SBG)
($ B)
Invested amounts by SBG: Investment by SBG and its primary wh…
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¥174.8B
Maximum
¥500B
Repurchased 35% Progress 
(Aug 2024 to Oct 2024)
(Until Aug 7, 2025)…
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FY2024H1 Summary
1 Net income of over ¥1T, driven by gains from SVF 
and T-Mobile investments…
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Drive forward with Group-wide efforts
ASI
Artificial Super
Intelligence
53
AI Chip AI 
Da…
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AGI will be realized 
within 2-3 years,
ASI within 
10 years
From SoftBank World 2024 Keynote S…
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ASI will evolve into
Super Wisdom and 
contribute to the 
happiness of all humanity.
From SoftB…
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“Information Revolution
-Happiness for Everyone”
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Appendix
Some figures in this presentation are rounded and may not add up to the figures prese…
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Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024)
1. NAV (Net Asset …
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Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024 Pro forma)
1. NAV (…
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Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)
1. NAV (Net Asset …
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3.9 
3.0 
0.7 0.4 
0.6 0.1 0.8 
0.7 
0.5 
0.7 
0.2 
3.8
Financing, 
repayment, 
etc.…
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SVF: Value Changes in Portfolio c (cumulative) USD basis
(SVF Segment)
Mar 31, 2024 Sep 30, 2…
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SVF: Gain/Loss on Investments USD basis
(SVF Segment)
Markup
Markdown
By main factor
The i…
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SVF1: Gain/Loss on Investments USD basis
(SVF1)
Markup
Markdown
The information contained h…
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SVF2: Gain/Loss on Investments USD basis
(SVF2)
Markup
Markdown
The information contained h…
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(a) (b) (c) = (b) - (a) (d) = (b) / (a)
Company Investment cost
to SVF1
Gross return
to SVF…
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(a) (b) (c) = (b) - (a) (d) = (b) / (a)
Company Investment cost
to SVF2
Gross return
to SVF…
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Change in Composition of Assets Held
Composition of equity value of holdings at each point in …
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Sep 30 
2023
15.8 
8.7 
12.7 
26.2 9.9 
11.0 5.7 
7.0 
(62%)
(44%)
(69%)
(79%) (38%)…
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Footnote
 The amounts of investment and return are calculated using forex rates on each trans…
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Softbank Earnings Results for the 6-month Period Ended September 30, 2024

  • 1. November 12, 2024 Earnings Results for the 6-month Period Ended September 30, 2024
  • 2. 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 or subscribe for any securities in any jurisdiction. This presentation contains forward-looking statements, beliefs or opinions regarding the Group, such as statements about the Group’s future business, future position and results of operations, including estimates, forecasts, targets and plans for the Group. Without limitation, forward-looking statements often include the words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. Any forward-looking statements in this presentation are based on the current assumptions and beliefs of the Group in light of the information currently available to it as of the date hereof. Such forward-looking statements do not represent any guarantee by any member of the Group or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to: the success of the Group’s business model; the Group’s ability to procure funding and the effect of its funding arrangements; key person risks relating to the management team of SBG; risks relating to and affecting the Group’s investment activities; risks relating to SB Fund (defined as below), its investments, investors and investees; risks relating to SoftBank Corp. and the success of its business; risks relating to law, regulation and regulatory regimes; risks relating to intellectual property; litigation; and other factors, any of which may cause the Group’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. For more information on these and other factors which may affect the Group’s results, performance, achievements, or financial position, see “Risk Factors” on SBG’s website at https://group.softbank/en/ir/investors/management_policy/risk_factor. None of the Group nor its management gives any assurances that the expectations expressed in these forward-looking statements will turn out to be correct, and actual results, performance, achievements or financial position could materially differ from expectations. Persons viewing this presentation should not place undue reliance on forward looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this presentation or any other forward-looking statements the Company may make. Past performance is not an indicator of future results and the results of the Group in this presentation may not be indicative of, and are not an estimate, forecast or projection of the Group’s future results. The Company does not guarantee the accuracy or completeness of information in this presentation regarding companies (including, but not limited to, those in which SB Funds have invested) other than the Group which has been quoted from public and other sources. Regarding Trademarks Names of companies, products and services that appear in this presentation are trademarks or registered trademarks of their respective companies. Important Notice – Trading of SBG Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts SBG encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is where its common stock is listed and primarily trades. SBG’s disclosures are not intended to facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts (“ADRs”). SBG has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued thereunder in respect of its common stock. SBG does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) SBG has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) or (ii) SBG’s website will contain on an ongoing basis all information necessary for SBG to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder. To the maximum extent permitted by applicable law, SBG and the Group disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock. The above disclaimers apply with equal force to the securities of any of the Group which are or may in the future be the subject of unsponsored ADR programs, such as SoftBank Corp. or LY Corporation. Notice regarding Fund Information contained in this Presentation This presentation is furnished to you for informational purposes and is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy limited partnership or comparable limited liability equity interests in any fund managed by a subsidiary of SBG, including SB Global Advisers Limited (“SBGA”), SB Investment Advisers (UK) Limited (“SBIA”), and any of their respective affiliates thereof (collectively, the “SB Fund Managers” and each an “SB Fund Manager”) (such funds together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle collectively, the “SB Funds” and each an “SB Fund”). For the avoidance of doubt, the SB Funds include, among other funds, SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “Vision Fund I”), which are managed by SBIA and its affiliates; SoftBank Vision Fund II-2 L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “Vision Fund II”), which are managed by SBGA and its affiliates; and SBLA Latin America Fund LLC (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “SoftBank Latin America Fund”), which are managed by SBGA and its affiliates. None of the SB Funds (including the Vision Fund I, Vision Fund II and SoftBank Latin America Fund), the SB Fund Managers any successor or future fund managed by an SB Fund Manager, SBG or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the SB Funds or any other entity referenced in this presentation, or future performance of any successor or the future fund managed by an SB Fund Manager. Information relating to the performance of the SB Funds or any other entity referenced in this presentation has been included for background purposes only and should not be considered an indication of the future performance of the relevant SB Fund, any other entity referenced in this presentation or any future fund managed by an SB Fund Manager. References to any specific investments of an SB Fund, to the extent included therein, are presented to illustrate the relevant SB Fund Manager’s investment process and operating philosophy only and should not be construed as a recommendation of any particular investment or security. The performance of individual investments of an SB Fund may vary and the performance of the selected transactions is not necessarily indicative of the performance of all of the applicable prior investments. The specific investments identified and described in this presentation do not represent all of the investments made by the relevant SB Fund Manager, and no assumption should be made that investments identified and discussed therein were or will be profitable. The performance of an SB Fund in this presentation is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, and other considerations) that the relevant SB Fund Manager believes are reasonable under the circumstances relating to each particular investment. However, there can be no assurance that unrealized investments will be realized at the valuations indicated in this presentation or used to calculate the returns contained therein, and transaction costs connected with such realizations remain unknown and, therefore, are not factored into such calculations. Estimates of unrealized value are subject to numerous variables that change over time. The actual realized returns on the relevant SB Fund’s unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the relevant SB Fund Manager’s valuations are based. Past performance is not necessarily indicative of future results. The performance of an SB Fund or any future fund managed by an SB Fund Manager may be materially lower than the performance information presented in this presentation. There can be no assurance that each SB Fund or any future fund managed by the relevant SB Fund Manager will achieve comparable results as those presented therein. Third-party logos and vendor information included in this presentation are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that an SB Fund Manager, an SB Fund’s portfolio companies, any future portfolio companies of a future fund managed by an SB Fund Manager or SBG will work with any of the firms or businesses whose logos are included in this presentation in the future. SBGA and SBIA manage separate and independent operations and processes from each other and those of SBG in the management of Vision Fund I, Vision Fund II and SoftBank Latin America Fund, respectively. Any SB Funds managed by SBGA or SBIA are solely managed by SBGA or SBIA respectively.
  • 3. 3 1 Net income of over ¥1T, driven by gains from SVF and T-Mobile investments 3 ¥610.4B investment gain at SVF, now posting cumulative gains 4 Arm performance continues to excel 5 Robust stability and ample cash reserves enable further AI investments FY2024H1 Highlights 2 NAV remains high at ¥29T despite QoQ decrease Net income: Net income attributable to owners of the parent Investment gain at SVF: on SVF segment basis
  • 4. Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 4
  • 5. 5 Consolidated Results FY2023 H1 FY2024 H1 Change Net sales 3,227.1 3,469.9 +242.9 Gain/loss on investments -963.6 2,651.0 +3,614.6 Income before income tax -907.4 1,461.1 +2,368.6 Net income -1,408.7 1,005.3 +2,414.0 Net income: Net income attributable to owners of the parent (¥ B)
  • 6. 6 -699.0 -264.6 424.6 -20.4 559.7 2,091.3 -477.6 -931.1 950.0 231.1 -174.3 1,179.6 (¥ B) Gain/loss on investments Net income Gain/Loss on Investments and Net Income (quarterly) Significant increase in investment gain Net income: Net income attributable to owners of the parent Q2 Q3 Q4 Q2 FY2023 Q1 FY2024 Q1
  • 7. 7 -689.7 276.2 -169.9 124.4 567.9 1,548.8 -13.0 -570.2 531.3 -115.3 32.4 567.4 3.8 29.5 63.2 -29.5 -40.6 -24.9 -699.0 -264.6 424.6 -20.4 559.7 2,091.3 (¥ B) Gain/Loss on Investments (quarterly) Investment Business of Holding Companies SVF Others Consolidated Q2 Q3 Q4 Q2 FY2023 Q1 FY2024 Q1 Gain at SVF1: ¥424.8B SVF2: ¥125.1B ¥387.1B gain on T-Mobile shares SVF: SoftBank Vision Funds
  • 8. 8 SVF: SoftBank Vision Funds -689.7 276.2 -169.9 124.4 567.9 1,548.8 -13.0 -570.2 531.3 -115.3 32.4 567.4 3.8 29.5 63.2 -29.5 -40.6 -24.9 -1,445.8 -699.0 -264.6 424.6 -20.4 559.7 2,091.3 (¥ B) Investment Business of Holding Companies SVF Others Consolidated Q2 Q3 Q4 Q2 FY2023 Q1 FY2024 Q1 Derivative loss related to Alibaba Gain/Loss on Investments (quarterly) ・Monetized through the prepaid forward contracts ・Gains/losses from share price changes are offset between the physical shares and derivatives in USD terms ・However, forex impact led to ~¥400B difference after JPY conversion ¥1,044.4B gain on Alibaba shares Gain at SVF1: ¥424.8B SVF2: ¥125.1B ¥387.1B gain on T-Mobile shares
  • 9. Key Indicators 9 Some figures in this presentation are rounded and may not add up to the figures presented as the total.
  • 10. 10 For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024).” Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents and bond investments) NAV (Net Asset Value) LTV (Loan-to-Value) Cash position Sep 30, 2024 ¥29.0T ($203.3B) ¥35.3T ($219.1B) 7.8% 12.5% ¥4.6T ¥3.8T Jun 30, 2024 Key Indicators (FY2024Q2)
  • 11. 11 35.3 29.0 31.6 2.4 4.0 0.1 0.3 2.2 NAV + -3.1:Arm -0.1:SoftBank Corp. +0.4:TMUS/DT +0.4:SVF + - - + + +0.4:TMUS/DT +0.1:SoftBank Corp. -0.1:Arm Factors of NAV Change (¥ T) Jun 30, 2024 Sep 30, 2024 Pro forma (Sep 30, 2024) Based on share prices and the FX rates as of Nov 11, 2024 Forex Share price Others Share price Forex For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)”, “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024)”, and “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024 Pro forma).” TMUS/DT: Total of T-Mobile and Deutsche Telekom, SVF: Total of SVF1, SVF2, and LatAm Funds Forex: The difference in NAV when the equity value of holdings, interest-bearing debt, and cash position as of Sep 30, 2024, denominated in local currencies, are converted to JPY at the exchange rates applicable at the comparison point in time. (SVF1/2/LatAm Funds/SB Northstar are all calculated as USD assets) Information as of Sep 30, 2024 (pro forma) assumes that the compositions of asset and liability as of Sep 30, 2024 remain unchanged, and is calculated using share prices and the FX rate as of Nov 11, 2024. These figures are provided as reference values and are not intended to guarantee or imply future values.
  • 12. 12 Historical NAV (Since FY1998) ¥29.0T (Sep 30, 2024) Arm SVF1/SVF2/ LatAm Funds SoftBank Corp. T-Mobile/ Deutsche Telekom Alibaba Yahoo Japan Other 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 The breakdown apportions NAV based on the proportionated value of each equity holding at the end of each quarter. 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. Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV. (FY)
  • 13. 13 ($) T-Mobile Share Price 206.36 (Sep 30, 2024) Mar 31 2021 Mar 31 Sep 30 2022 Mar 31 2023 All-time high 238.32 (Nov 11, 2024) $82.99: Opening price on the completion date of the Sprint and T-Mobile merger (Apr 1, 2020) Valuation gains (recorded in P/L): Unrealized valuation gains on T-Mobile shares. Q1: Includes valuation gains from Apr 1, 2024 to the time of sale of the shares sold in Q1. Since merger 2.9x (Apr 1, 2020) Merger date 82.99 Share price increase drives valuation gains (recorded in P/L) Mar 31 2024 Jun 30 Q2: ¥387.1B Q1: ¥190.3B
  • 14. 14 Mar 31 2021 Mar 31 2022 Mar 31 2023 All-time high since merger (Apr 1, 2020) Opening price on merger completion date Mar 31 2024 T-Mobile: 2.9 AT&T: 1.0 Verizon: 0.8 NASDAQ: 2.6 China Mobile: 1.2 $82.99: Opening price on the completion date of the Sprint and T-Mobile merger (Apr 1, 2020) Illustrated with the opening price of each index and stock on Apr 1, 2020 as 1. Created by SBG based on Bloomberg (Opening price on Apr 1, 2020 = 1) Sep 30 T-Mobile Share Price: Indexed Comparison 1 (Nov 11, 2024)
  • 15. 15 22 219 127 206 241 203 189 158 Market Cap of Telecoms Before SBG's Sprint acquisition announcement World’s largest telecom by market cap Created by SBG based on data from Bloomberg World’s largest: Among telecom companies classified under the Telecommunication Services Providers category by the Industry Classification Benchmark (ICB) Oct 12, 2012: Business day immediately prior to SBG’s announcement of the acquisition of Sprint on Oct 15, 2012; T-Mobile + Sprint: Sum of Sprint and T-Mobile market capitalization Sep 30, 2024 ($ B) T-Mobile (+Sprint) Verizon AT&T T-Mobile Verizon (#3) China AT&T Mobile (#2) 17.2 4.3 (Oct 12, 2012) China Mobile Oct 15, 2012 Sprint acquisition press conference
  • 16. 16 -2 6 14 22 30 US Telecoms: Free Cash Flow CAGR 1.0% Verizon CAGR -8.1% AT&T CAGR 31.6% T-Mobile Created by SBG using data from Bloomberg. The definition of each company’s free cash flow is based on Bloomberg’s standards. Analyst consensus as of Oct 31, 2024 Analyst consensus ($ B) 2019 2020 2021 2022 2023 2024 Verizon AT&T T-Mobile Sprint
  • 17. 17 ¥3.9T ¥0.4T ¥2.1T Sprint (T-Mobile) Investment Performance Return (Sep 30, 2024) MOIC 9.6x Equity IRR 26% (Sep 30, 2024) Equity value Borrowings (repaid) Investment ¥5.6T For details on the assumptions regarding investments and returns, see Appendix “Footnote”, “Investment Track Record.”
  • 18. 18 0.4 3.9 2.3 19.0 9.8 2.1 5.6 3.3 20.0 Investment Track Record MOIC 9.6x IRR 26.2% +¥3.5T (¥ T) Investment Consistent investment performance in major investments ¥7.4B Borrowings MOIC 8.1x IRR 29.2% +¥16.6T MOIC 1,340x IRR 57.2% +¥9.8T Alibaba Sprint/ T-Mobile・Deutsche Telekom Arm Equity value Equity value Equity value Borrowings Return Investment Investment (Sep 30, 2024) Return (Sep 30, 2024) Return (Sep 30, 2024) For details on the assumptions regarding investments and returns, see Appendix “Footnote”, “Investment Track Record.”
  • 19. 19 -¥1.3T +¥0.3T -¥1.9T On NAV On accounting Stronger JPY reduced NAV and equity For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024).” On NAV: The difference in NAV when the equity value of holdings, interest-bearing debt, and cash position as of Sep 30, 2024, denominated in local currencies, are converted to JPY at the exchange rates applicable at the comparison point in time. (SVF1/2/LatAm Funds/SB Northstar are all calculated as USD assets) On accounting: Foreign exchange gain/loss in consolidated statement of profit or loss for FY2024H1 and change in exchange differences from the translation of foreign operations that is recorded under accumulated other comprehensive income on the consolidated statement of financial position for FY2024H1. Equity Consolidated net income Impact of Forex (FY2024H1) (Mar 31, 2024) (Sep 30, 2024) $1= ¥151.41 → ¥142.73 → ¥153.14 (Nov 11, 2024)
  • 20. 20 4.6 3.8 0.9 1.2 +0.6 -1.0 -0.2 -0.3 Q1 FY2024 Investmentrelated (incl. installments for Arm shares transaction consideration) Bond redemptions for the next 2 years ¥2.1T Q2 FY2024 Share repurchase Forex impact, etc. Debt financingrelated Key Changes in Cash Position (FY2024Q2) Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents and bond investments) Information on key changes in cash position is provided as a reference for illustrative purposes. Arm shares transaction consideration: In Aug 2023, a wholly owned subsidiary of the Company acquired substantially all of the ordinary shares of Arm held by SVF1 for $16.1B. Out of four installments, the second payment of $4.1B was made in Aug 2024. Well exceeding 2 years' worth of bond redemptions Year 1 Oct 2024 - Sep 2025 Oct 2025 - Sep 2026 (¥ T) Year 2
  • 21. 21 14.5% 15.0% 18.2% 11.0% 8.0% 10.6% 11.5% 8.4% 7.8% 12.5% 0% 10% 20% 30% 40% Q1 FY2022 Q2 Q3 Q4 Q1 FY2023 Q2 Q3 Q4 Q1 FY2024 Q2 As of the end of each quarter For details of LTV, see Appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing. 35% 25% LTV Net of asset-backed finance Maintain low level
  • 22. 22 4.6 4.3 3.8 5.1 5.8 5.1 4.4 4.7 4.6 3.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 Q1 FY2022 Q2 Q3 Q4 Q1 FY2023 Q2 Q3 Q4 Q1 FY2024 Q2 As of the end of each quarter Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents and bond investments) Arm shares transaction consideration: In Aug 2023, a wholly owned subsidiary of the Company acquired substantially all of the ordinary shares of Arm held by SVF1 for $16.1B. Out of four installments, the second payment of $4.1B was made in Aug 2024. Cash Position Maintain a high level despite a payment for Arm shares transaction consideration (¥ T)
  • 23. SVF SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total.
  • 24. 24 4,087 958 785 630 715 2,285 2,869 4,607 3,549 3,768 -8,762 -10,748 2,969 -25,563 13,567 10,910 34,467 5,554 -10,501 952 -22,736 -1,748 FY17 Q1 FY17 Q2 FY17 Q3 FY17 Q4 FY18 Q1 FY18 Q2 FY18 Q3 FY18 Q4 FY19 Q1 FY19 Q2 FY19 Q3 FY19 Q4 FY20 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q4 FY21 Q3 FY22 Q1 FY22 Q3 -9,940 FY22 Q2 -5,174 FY22 Q4 -1,777 FY23 Q1 1,157 FY23 Q2 147 FY23 Q3 -389 FY23 Q4 4,050 FY24Q2 FY24 Q1 12 SVF: Gain/Loss on Investments (quarterly) USD basis (SVF Segment) ($ M) The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/Loss on Investments (quarterly): Quarterly gain and loss on investments at SoftBank Vision Funds segment. Before translation for the Company’s consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. $4B gain in FY2024Q2
  • 25. 25 ($ M) SVF1 SVF2 -318 -2,084 1,703 -336 -2,643 950 913 2,413 1,940 10 2,827 3,021 FY2023 FY2024 Q1 Q2 Q3 Q4 Q1 Q2 SVF: Gain/Loss on Investments (quarterly) USD basis (SVF Segment) Significant improvement in SVF2 FY2023 FY2024 Q1 Q2 Q3 Q4 Q1 Q2 Gain/Loss on Investments (quarterly): Quarterly gain and loss on investments at SVF1 and SVF2. Before translation for the Company’s consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.
  • 26. 26 ($ B) Investment cost Fair value Unrealized valuation gain/loss (FY2024Q2) Highlights of main portfolio companies 1.7 8.6 +1.2 Continued strong revenue growth, up 25% YoY 12.1 4.6 +0.5 Order volume and transaction value reached record highs in Apr - Jun 2024 0.7 0.4 +0.2 Achieved record gross profit, up 36% YoY, and record adjusted EBITDA Others 6.7 6.3 +0.9 Public companies total 21.2 19.8 +2.8 Private companies total 24.2 24.1 -0.0 SVF1 total 45.4 43.9 +2.8 SVF1: Portfolio Performance Breakdown of investments held as of Sep 30, 2024. The classification of portfolio companies as public/private is based on their status as of Sep 30, 2024. Public companies of SVF1 include a portfolio company traded in the over-the-counter market. Source: SBGA/SBIA Analysis based on most recent Company Press Releases and Earnings Calls & Presentations The information herein is presented solely for SVF1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF1 Investments.
  • 27. 27 ($ B) Investment cost Fair value Unrealized valuation gain/loss (FY2024Q2) Highlights of main portfolio companies 0.6 1.0 +0.2 0.0 0.1 +0.1 0.4 0.1 +0.1 Others 5.0 2.4 -0.4 Public companies total 6.0 3.6 +0.0 Private companies total 40.6 25.6 +0.8 SVF2 total 46.6 29.2 +0.8 Recognized 27% YoY revenue growth and AI-driven increases in operational efficiency Valued at $45B in latest secondary sale and obtained UK banking license SVF2: Portfolio Performance Breakdown of investments held as of Sep 30, 2024. The classification of portfolio companies as public/private is based on their status as of Sep 30, 2024. The investment cost and fair value of investments before exit in SVF2 include those related to minor ownership percentage in another portfolio company that was received as part of the consideration for SVF2’s investment in a certain portfolio company. Revolut: (Source) Revolut’s press release (Revolut announces secondary share sale to provide employee liquidity; Aug 16, 2024). Klarna: (Source) Klarna’s press release (Klarna H1 earnings: Compounding growth generates 27% revenue rise, SEK 1.1 billion profit improvement, and over SEK 1 trillion annualized GMV; Aug 27, 2024) The information herein is presented solely for SVF2. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF2 Investments.
  • 28. 28 FY22 Q1 FY22 Q3 ($ M) FY22 Q2 FY22 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 8,526 -1,414 -6,588 -8,365 -7,208 -7,061 FY24Q2 -2,975 698 FY24 Q1 SVF: Gain/Loss on Investments (cumulative) Turned to positive for the first time in 9 quarters USD basis (SVF Segment) -3,364 -3,352 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/Loss on Investments (cumulative): Cumulative gain and loss on investments at SoftBank Vision Funds segment since FY2017Q1. Before translation for the Company’s consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.
  • 29. 29 Exited Public companies (investments before exit) Private companies (investments before exit) Continued progress in monetization, ~$70B exited SVF1: Cumulative Investment Return ($ B) 25.1 24.1 16.7 19.8 67.3 68.2 109.1 112.1 25.1 24.2 21.2 21.2 43.2 44.1 89.5 89.5 Investment cost Cumulative investment return (FV + Sale price) Cumulative investment return: Before deducting third-party interests, taxes, and expenses. The classification of portfolio companies as public/private is based on their status at the end of each quarter. Exited: Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain (including unsettled derivatives), and interest and dividend income from investments. Public companies (investments before exit): Includes a portfolio company traded in the over-the-counter market. For a certain investment that was initially determined to be transferred from the Company to SVF1 but later canceled, any unrealized valuation gains and losses incurred for the period leading up to the decision to cancel the transfer are not included in Cumulative investment return in the presentation. The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Improving in public companies Sep 30 2024 Jun 30 2024 Sep 30 2024 Jun 30 2024
  • 30. 30 24.9 25.6 2.9 3.6 3.3 3.4 31.1 32.6 40.8 40.6 5.5 6.0 6.7 7.0 53.0 53.6 Continuing new investments SVF2: Cumulative Investment Return Sep 30 2024 Jun 30 2024 Sep 30 2024 Jun 30 2024 ($ B) Investment cost Cumulative investment return (FV + Sale price) Exited Public companies (investments before exit) Private companies (investments before exit) Cumulative investment return: Before deducting third-party interests, taxes, and expenses. The classification of portfolio companies as public/private is based on their status at the end of each quarter. Exited: Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain (including unsettled derivatives), and interest and dividend income from investments. The investment cost and fair value of investments before exit in SVF2 include those related to minor ownership percentage in another portfolio company that was received as part of the consideration for SVF2’s investment in a certain portfolio company. The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Improving in FY2024Q2, though still below investment cost
  • 31. 31 A strong pipeline for future public listings Public listings (since inception) 53 listings Select late-stage portfolio companies Public Listings and Pipeline As of Sep 30, 2024. Source: SBGA/SBIA Analysis The number of public listings (since inception) includes the number of IPOs and SPAC mergers (De-SPACs). Includes companies invested in on IPO/public listing date as well as companies that were subsequently exited or delisted. WeWork (fully exited) and Full Truck Alliance are both SVF1 and SVF2 investments. Total fair value of late-stage portfolio includes portfolio companies that have raised Series E onwards or equivalent late-stage rounds. Selected companies include the largest private investments by Unrealized Fair Value that have raised as Series E or equivalent late-stage round as of Sep 30, 2024, or are likely to publicly list in the near-term based on SBGA/SBIA Analysis. Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of investments made by SVF1, SVF2, and LatAm Funds that have raised Series E or other equivalent late-stage rounds and do not purport to be a complete list of investments. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. See visionfund.com/portfolio for a more complete list of SVF1 and SVF2 Investments. See latinamericafund.com/portfolio for a complete list of LatAm Funds investments. It should not be assumed that “Late-Stage Portfolio” companies will go public soon or at any time in the future. Past performance is not indicative of future results. 2 & Total fair value of late-stage portfolio $34B Listings in FY2024Q2
  • 32. 32 0.4 0.6 Investment cost Return 1.0 1.2 India’s largest online store for newborn, baby and kids products Manufactures electric scooters and provides products globally Gross MOIC 3.1X Gross MOIC 1.7X ($ B) Investment cost Return ($ B) Unlock value through IPOs India Portfolio: IPOs in FY2024Q2 Return: the Acquisition Cost plus Cumulative Realized and Unrealized Gross Investment Gains/(Losses) as of Sep 30, 2024 Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment’s total Realized and Unrealized value as of Sep 30, 2024, by the total amount invested. It includes valuation changes that reflect Unrealized estimated amounts, does not take into account taxes or Fundrelated expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Net performance for individual Investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. References to specific Investments should not be construed as a recommendation of any particular Investment or security. Select Investments have been presented to illustrate examples of SVF1 and SVF2 Investments that have undergone public offerings and do not purport to be a more complete list of SVF1 and SVF2 Investments. Please refer to visionfund.com/portfolio for a more complete list of SVF1 and SVF2 Investments. Net performance for the subset of Investments described above cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. Past performance is not necessarily indicative of future results.
  • 33. 33 Provides best-in-class search functionality and highly userfriendly AI agents for enterprise Supports developers in improving work efficiency by building generative AI tools for software development and coding Leads AI research and development of advanced AI models Continue to focus on investing in companies driving the AI revolution SVF2: Major New Investments in FY2024Q2 Includes major new investments funded by SVF2 during the quarter ended Sep 30, 2024 The information herein is presented solely for SVF2. These highlights are provided solely for illustrative purposes and reflects the current beliefs of SBGA and SBIA as of the date hereof. Select investments presented herein are solely for illustrative purposes, have been selected to illustrate investing activity over the last 3 months. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Past performance is not indicative of future results.
  • 34. 34 SVF2 Investment OpenAI Post-money valuation OpenAI Total round size $500M $6.6B $157B The total round size and post-money valuation are referenced from OpenAI's press release (Oct 2, 2024). The information included herein is for informational purposes only. Certain information included herein was provided by a third party and SBG/SBGA/SBIA makes no representation regarding its accuracy or completion. Valuation reflects unrealized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by investors. References to specific investments should not be construed as a recommendation of any particular investment or security. Select investments have been presented to illustrate an example of a SVF2 investment in AI. Please refer to visionfund.com/portfolio for a more complete list of SVF2 investments. Past performance is not necessarily indicative of future results. SVF2 participated in funding round in Sep 2024 OpenAI SVF2: Investment in OpenAI Founded in 2015, engaged in the research, development, and deployment of AI models and services
  • 35. 35 Expecting 131% increase YoY OpenAI: Revenue Revenue is based on publicly available information. 2022 revenue is referenced from The Information (In a Surprise, OpenAI is Selling More if its AI Models Thank Microsoft Is; Jun 2024). 2023 revenue is referenced from Reuters (OpenAI annualized revenue tops $1.6 billion; Dec 2023). 2024 estimated revenue is referenced from New York Times (OpenAI Is Growing Fast and Burning Through Piles of Money; Sep 2024) The information included herein is for informational purposes only. Certain information included herein was provided by a third party and SBG/SBGA/SBIA makes no representation regarding its accuracy or completion. References to specific Investments should not be construed as a recommendation of any particular nvestment or security. Select Investments have been presented to illustrate an example of a SVF2 Investment in AI. Please refer to visionfund.com/portfolio for a more complete list of SVF2 Investments. The metrics regarding select aspects of portfolio company operations were selected by SBGA/SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’s business and operations during the quarter and are not necessarily indicative of the company’s performance or overall operations. Past performance is not necessarily indicative of future results. 28 1,600 3,700 2022 2023 2024 ($ M) Estimate
  • 36. 36 Strong momentum toward the realization of AGI that benefits all of humanity Weekly active users: Referenced from OpenAI’s press release (Oct 2024). Average monthly website visits: Data referenced from Similarweb. Average of monthly website visits from Oct 2022 to Oct 2024. ChatGPT Plus subscribers: Referenced from Bloomberg (OpenAI Raises $6.6Billion in Funds at $157 Billion Value; Oct 2024) The information included herein is for informational purposes only. Certain information included herein was provided by a third party and SBG/SBGA/SBIA makes no representation regarding its accuracy or completion. References to specific investments should not be construed as a recommendation of any particular investment or security. Select investments have been presented to illustrate an example of a SVF2 investment in AI. Please refer to visionfund.com/portfolio for a more complete list of SVF2 investments. The metrics regarding select aspects of portfolio company operations were selected by SBGA/SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’s business and operations during the quarter and are not necessarily indicative of the company’s performance or overall operations. Past performance is not necessarily indicative of future results. 250M 1.7B 11M Average monthly website visits ChatGPT Plus subscribers OpenAI: Business Overview Weekly active users
  • 37. 37 (B) Monthly Website Visits Comparison 0 1 2 3 4 OpenAI Meta.ai Claude Gemini Website visits: Based on Similarweb data (desktop and mobile, global basis) OpenAI: Sum of OpenAI.com and ChatGPT.com. Claude: Sum of Anthropic.com and Claude.ai. 1.7B visits (Average monthly visits): Data referenced from Similarweb. Average of monthly website visits from Oct 2022 to Oct 2024 The information included herein is for informational purposes only. Certain information included herein was provided by a third party and SBG/SBGA/SBIA makes no representation regarding its accuracy or completion. References to specific investments should not be construed as a recommendation of any particular Investment or security. Select Investments have been presented to illustrate an example of a SVF2 investment in AI. Please refer to visionfund.com/portfolio for a more complete list of SVF2 investments. The metrics regarding select aspects of portfolio company operations were selected by SBGA/SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’s business and operations during the quarter and are not necessarily indicative of the company’s performance or overall operations. Past performance is not necessarily indicative of future results. 3.7B visits (Sep 2024) 0 1.7B visits (Average monthly visits) Oct 2022 Jan 2023 Apr 2023 Jul 2023 Oct 2023 Jan 2024 Apr 2024 Jul 2024
  • 38. 38 SVF: Leadership Transition Rajeev Misra will step down as Co-CEO Alex Clavel to be sole CEO of SBIA and SBGA Alex Clavel SoftBank Investment Advisers (SBIA), CEO SoftBank Global Advisers (SBGA), CEO As of Jan 1, 2025 Remains the sole CEO of SBGA as before
  • 39. 39 Some figures in this presentation are rounded and may not add up to the figures presented as the total.
  • 40. 40 442 418 514 188 388 630 330 806 844 Q2 Q2 Q2 40 Quarterly Revenue (US-GAAP) Exceeds upper threshold $830M of FY2024Q2 guidance ($ M) License and other revenue Royalty revenue FY2022 FY2023 FY2024 (Source) Arm For details, see Arm Investor Relations website (https://investors.arm.com/). License and other revenue refers to revenue excluding Royalty revenue.
  • 41. 41 876 818 981 446 663 1,322 802 1,481 1,783 H1 H1 H1 YoY 20% increase 41 H1 Revenue (US-GAAP) ($ M) License and other revenue Royalty revenue FY2022 FY2023 FY2024 (Source) Arm For details, see Arm Investor Relations website (https://investors.arm.com/). License and other revenue refers to revenue excluding Royalty revenue.
  • 42. 42 198 384 326 Q2 Q2 Q2 42 Quarterly Non-GAAP Operating Income (US-GAAP) ($ M) Above analyst consensus $288M (Source) Arm See the end of Arm’s FYE25-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. For details, see Arm Investor Relations website (https://investors.arm.com/). FY2022 FY2023 FY2024 Analyst consensus: Data from Bloomberg (As of Oct 15, 2024)
  • 43. 43 495 656 774 H1 H1 H1 YoY 18% increase 43 Quarterly Non-GAAP Operating Income (US-GAAP) ($ M) (Source) Arm See the end of Arm’s FYE25-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. FY2022 FY2023 FY2024 For details, see Arm Investor Relations website (https://investors.arm.com/).
  • 44. 44 (Source) Arm For details, see Arm Investor Relations website (https://investors.arm.com/). FY2024Q3 FY2024 Revenue YoY $920M - $970M (+12% - +18%) $3,800M - $4,100M (+18% - +27%) Non-GAAP operating expense ~$525M ~$2,050M Non-GAAP fully diluted earnings per share $0.32 - $0.36 $1.45 - $1.65 Guidance (US-GAAP) 44
  • 45. 45 Meta’s new Llama 3.2 LLM release on Arm-based CPUs Llama (Large Language Model Meta AI) : A type of artificial intelligence developed by Meta LLM: Large language model Highly scalable Works on large-scale data centers to consumer edge devices High performance Provides high performance and energy efficiency 45
  • 46. 46 Looking Back 1 Year Post IPO Positive evaluation from the market CSS:Compute Subsystem. Chart of share price of Arm is created by SBG using data from Bloomberg. Strong financials H1 Royalty revenue up 20% YoY License revenue significantly exceeds forecast made at the IPO 46 40 80 120 160 200 Jun 2024 Joined NASDAQ-100 Sep 2024 Joined SOX Share price rises around 3x post IPO New technology developed and deployed Mobile Auto motive Data center PC CSS:Deployed within various devices In addition to mobile, data center chips are also Armv9 based Sep 30 2024 ($) Sep 14 2023
  • 47. Financial Strategy 47
  • 48. 48 • Effective use of ample cash position • Active use of nonrecourse financing to support strategic investments • Enhanced monitoring of portfolio → monetization and reinvestment Steadfast financial philosophy Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2-year worth of bond redemptions in cash Secure recurring distributions and dividend income from SVF and other subsidiaries 1 2 3 Building trust with each stakeholder (Pursuing the optimal balance between shareholder returns and financial improvement) Flexibly respond to all environmental changes Adhering to financial policy FY2024 financial strategy FY2024 Financial Strategy Prioritizing growth investments for future NAV expansion Launched the share repurchase program in response to recent market turmoil
  • 49. 49 Basic Policy for Capital Allocation Business model: Growth of assets and business through capital recycling Current Initiatives • Continue prioritizing growth investments • Ongoing share repurchase • Implement various debt financing: • New loans with consideration for the balance between the direct and indirect financing ratios • Securing cash position Strategically allocate capital while adhering to financial policy Financial improvement Shareholder returns Growth investment for AI Monetization Driving AI business Leveraging debt capacity Reinvestment
  • 50. 50 Invested Amount (SVF+SBG) ($ B) Invested amounts by SBG: Investment by SBG and its primary wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds) + the amount paid to third-party shareholders in connection with the subsidiary acquisitions of Berkshire Grey, Inc. in FY2023Q2, Balyo SA in FY2023Q3, SBE Global, LP in FY2024Q2, and Graphcore Ltd. in FY2024Q2, net of cash and cash equivalents held by these companies. Excludes the amount invested in intragroup transactions. Invested amounts by SVF: Sum of new and follow-on investments by SVF1, SVF2, and LatAm Funds, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG. FY2022 FY2023 2.3 0.4 0.3 0.4 0.9 0.4 0.1 0.1 0.6 0.6 0.2 0.1 0.2 0.1 0.9 1.1 0.2 0.3 1.2 1.4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1.8 2.5 0.5 0.5 0.5 1.5 0.3 0.3 1.9 2.0 FY2024 Steadily executing investments SVF SBG
  • 51. 51 ¥174.8B Maximum ¥500B Repurchased 35% Progress (Aug 2024 to Oct 2024) (Until Aug 7, 2025) Maximum ¥500B: Share repurchase program authorized by the Board of Directors on Aug 7, 2024 For details, refer to the press release dated Aug 7, 2024, "Resolution regarding Share Repurchase.” Share Repurchase
  • 52. 52 FY2024H1 Summary 1 Net income of over ¥1T, driven by gains from SVF and T-Mobile investments 3 ¥610.4B investment gain at SVF, now posting cumulative gains 4 Arm performance continues to excel 5 Robust stability and ample cash reserves enable further AI investments 2 NAV remains high at ¥29T despite QoQ decrease Net income: Net income attributable to owners of the parent Investment gain at SVF: on SVF segment basis
  • 53. 53 Drive forward with Group-wide efforts ASI Artificial Super Intelligence 53 AI Chip AI Datacenter AI Robot
  • 54. AGI will be realized within 2-3 years, ASI within 10 years From SoftBank World 2024 Keynote Speech 54
  • 55. ASI will evolve into Super Wisdom and contribute to the happiness of all humanity. From SoftBank World 2024 Keynote Speech 55
  • 56. 56
  • 57. 57 “Information Revolution -Happiness for Everyone”
  • 58. 58
  • 59. 59 Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total.
  • 60. 60 Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024) 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 price – the payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares. • SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc. • SVF2: SBG's share of SVF2's NAV, etc. • LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees, etc. • SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares. • T-Mobile: the number of T-Mobile shares held by SBG x T-Mobile share price. • Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares. • Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (collar and forward contracts) using Alibaba shares. • Others: (a) + (b) + (c) a. Listed shares: the number of shares held by SBG multiplied by the share price of each share. b. Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG. c. SB Northstar: SBG’s share of SB Northstar‘s NAV. Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans, are treated as a part of the net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV. 3. Net debt (after adjustment for asset-backed financing) • Net debt = SBG net interest-bearing debt • SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments • Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation • Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as Arm, SVF1, SVF2, LatAm Funds, and SoftBank Corp. (including its subsidiaries such as LY Corporation and PayPay Corporation), as well as SB Northstar. ○ Note: Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans of SB Northstar are included in the net interest-bearing debt of SBG. • Other adjustments: the sum of adjustments of (d) to (i) below d. Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds. e. Among the hybrid bonds, perpetual bonds without a redemption date are recorded in full as equity under consolidated accounting. Therefore, 50% of these bonds are included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes. f. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares. g. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares. h. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares. i. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts and forward contracts) using Alibaba shares. 4. LTV (Loan to Value) • LTV = Net debt / Equity value of holdings 5. Other assumptions • Share prices: Closing price as of September 30, 2024 • FX rate: USD 1 = JPY 142.73  SBG = SoftBank Group Corp., Arm = Arm Holdings plc, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Alibaba = Alibaba Group Holding Limited  Before considering tax unless otherwise stated  The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.
  • 61. 61 Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2024 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 price – the payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares. • SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc. • SVF2: SBG's share of SVF2's NAV, etc. • LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees, etc. • SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares. • T-Mobile: the number of T-Mobile shares held by SBG x T-Mobile share price. • Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares. • Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (collar and forward contracts) using Alibaba shares. • Others: (a) + (b) + (c) a. Listed shares: the number of shares held by SBG multiplied by the share price of each share. b. Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG. c. SB Northstar: SBG’s share of SB Northstar‘s NAV. Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans, are treated as a part of the net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV. 3. Net debt (after adjustment for asset-backed financing) • Net debt = SBG net interest-bearing debt • SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments • Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation • Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as Arm, SVF1, SVF2, LatAm Funds, and SoftBank Corp. (including its subsidiaries such as LY Corporation and PayPay Corporation), as well as SB Northstar. ○ Note: Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans of SB Northstar are included in the net interest-bearing debt of SBG. • Other adjustments: the sum of adjustments of (d) to (i) below d. Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds. e. Among the hybrid bonds, perpetual bonds without a redemption date are recorded in full as equity under consolidated accounting. Therefore, 50% of these bonds are included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes. f. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares. g. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares. h. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares. i. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts and forward contracts) using Alibaba shares. 4. LTV (Loan to Value) • LTV = Net debt / Equity value of holdings 5. Other assumptions • Share prices: Calculated using closing prices on November 11, 2024 for Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and Alibaba, and using closing prices on September 30, 2024 for other listed shares. • FX rate: USD 1 = JPY 153.14  SBG = SoftBank Group Corp., Arm = Arm Holdings plc, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Alibaba = Alibaba Group Holding Limited  Before considering tax unless otherwise stated  The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.
  • 62. 62 Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024) 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 price – the payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares. • SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc. • SVF2: SBG's share of SVF2's NAV, etc. • LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees, etc. • SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares. • T-Mobile: the number of T-Mobile shares held by SBG x T-Mobile share price. • Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares. • Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (collar contracts, forward contracts, and call spread) using Alibaba shares. • Others: (a) + (b) + (c) a. Listed shares: the number of shares held by SBG multiplied by the share price of each share. b. Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG. c. SB Northstar: SBG’s share of SB Northstar‘s NAV. Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans, are treated as a part of the net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV. 3. Net debt (after adjustment for asset-backed financing) • Net debt = SBG net interest-bearing debt • SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments • Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation • Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as Arm, SVF1, SVF2, LatAm Funds, and SoftBank Corp. (including its subsidiaries such as LY Corporation and PayPay Corporation), as well as SB Northstar. ○ Note: Cash and cash equivalents, bond investments, and a part of interest-bearing debt except for margin loans and prime brokerage loans of SB Northstar are included in the net interest-bearing debt of SBG. • Other adjustments: the sum of adjustments of (d) to (j) below d. Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds. e. Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes. f. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares. g. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares. h. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares. i. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares. j. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts and forward contracts) using Alibaba shares. 4. LTV (Loan to Value) • LTV = Net debt / Equity value of holdings 5. Other assumptions • Share prices: Closing price as of June 28, 2024 • FX rate: USD 1 = JPY 161.07  SBG = SoftBank Group Corp., Arm = Arm Holdings plc, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Alibaba = Alibaba Group Holding Limited  Before considering tax unless otherwise stated  The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.
  • 63. 63 3.9 3.0 0.7 0.4 0.6 0.1 0.8 0.7 0.5 0.7 0.2 3.8 Financing, repayment, etc. 4.6 SVF+SBG investment Cash settlement of collar transactions using T-Mobile shares Monetization through sale of assets +1.1 -2.0 2nd installment payment for Arm shares transaction Share repurchase Monetization and Capital Allocation (FY2024Q1-Q2) (¥ T) Undrawn commitment line Undrawn commitment line Cash position (Mar 31, 2024) Cash position (Sep 30, 2024) Increase Decrease Others Converted to JPY at average rate at each quarter Cash position: Cash position = cash and cash equivalents + short term investments recorded as current assets + bond investments. SBG stand-alone basis (excl. SB Northstar; however, incl. its cash and cash equivalents and bond investments) SBG stand-alone: Excludes those of self-financing entities from the consolidated group. Major self-financing entities includes SoftBank Corp, SVF1, SVF2, LatAm Funds, and Arm, etc. Monetization through sale of assets includes sale of Fortress shares and T-Mobile shares. Financing, repayment, etc.: Net amount of bonds issued (total of ¥650.0B of domestic bonds and $0.9B and €0.9B of foreign currency-denominated senior notes), and $2.9B of term loan, etc, bonds redeemed and repurchased (total of ¥450.0B of domestic straight bonds redeemed at maturity, $0.8B of USD-denominated bonds prematurely redeemed, and €0.6B of Euro-denominated bonds redeemed at maturity, etc.). Cash settlement of collar transactions using T-Mobile shares: cash settlement (¥548.4B) Share repurchase: Cumulative amount of repurchase as of Sep 30, 2024 (¥153.8B) 2nd installment payment for Arm shares transaction: $4.1B SVF+SBG investment: invested amounts of $1.2B by SVF and $2.6B by SBG. Invested amounts by SVF: Sum of new and follow-on investments by SVF1, SVF2 and LatAm funds, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG. Invested amounts by SBG: Investment by SBG and its primary wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds). Excludes the amount invested in intragroup transactions..
  • 64. 64 SVF: Value Changes in Portfolio c (cumulative) USD basis (SVF Segment) Mar 31, 2024 Sep 30, 2024 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit. and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Value changes in portfolio (cumulative): Gain and loss on investments at SoftBank Vision Funds segment, including derivative gain and loss, before deducting third-party interests, tax, and expenses. Includes Polygon, which is invested through the purchase of MATIC Tokens (counted as no change in value) 121 co 346 co 17 co (25%) (4%) (71%) +$0.7B (484 co) No change Gain +$62.4B Loss -$61.7B 114 co 349 co 14 co (24%) (3%) (73%) -$3.4B (477 co) No change Gain +$57.4B Loss -$60.8B
  • 65. 65 SVF: Gain/Loss on Investments USD basis (SVF Segment) Markup Markdown By main factor The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain and Loss on Investments at SVF: Gain and loss on investments at SoftBank Vision Funds segment. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. The main factors of the change in valuation in FY2024Q1 and FY2024Q2 of each portfolio company are indicated based on the classification determined as reasonable by SBGA and SBIA. Although SBIA and SBGA believe that such determinations are reasonable, they are inherently subjective in nature. (Source) SBGA and SBIA Market factors include the changes in valuation due to the changes in the valuation of public comparable companies, and changes in cost of capital, etc. Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio companies are included. Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc. FY2024Q2 (Total +$4,050M) -$2,016M (131 companies) +$6,066M (148 companies) +$832M +$586M +$880M +$3,405M +$363M (17 co) (20 co) (62 co) (28 co) (21 co) -$40M -$1,088M -$125M -$562M -$201M (5 co) (61 co) (24 co) (13 co) (28 co) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions FY2024Q1 (Total +$12M) -$5,456M (200 companies) +$5,468M (88 companies) +$378M +$258M +$2,637M +$1,950M +$245M (10 co) (24 co) (16 co) (15 co) (23 co) -$342M -$2,082M -$1,020M -$1,647M -$365M (8 co) (50 co) (64 co) (27 co) (51 co) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions
  • 66. 66 SVF1: Gain/Loss on Investments USD basis (SVF1) Markup Markdown The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/loss on Investments at SVF1: Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. The main factors of the change in valuation in FY2024Q1 and FY2024Q2 of each portfolio company are indicated based on the classification determined as reasonable by SBGA and SBIA. Although SBIA and SBGA believe that such determinations are reasonable, they are inherently subjective in nature. (Source) SBGA and SBIA Market factors include the changes in valuation due to the changes in the valuation of public comparable companies, and changes in cost of capital, etc. Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio companies are included. Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc. By main factor +$27M +$100M +$203M +$2,927M +$202M - -$410M -$1M -$28M -$0M (-) (9 co) (1 co) (3 co) (1 co) (4 co) (2 co) (5 co) (15 co) (3 co) FY2024Q2 (Total +$3,021M) +$3,459M (29 companies) -$439M (14 companies) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions +$94M +$34M +$2,459M +$1,815M +$164M -$129M -$1,199M -$28M -$382M -$1M (1 co) (8 co) (5 co) (12 co) (1 co) (1 co) (3 co) (4 co) (8 co) (1 co) FY2024Q1 (Total +$2,827M) +$4,566M (17 companies) -$1,739M (27 companies) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions
  • 67. 67 SVF2: Gain/Loss on Investments USD basis (SVF2) Markup Markdown The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2, and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2, and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/loss on Investments at SVF2: Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. The main factors of the change in valuation in FY2024Q1 and FY2024Q2 of each portfolio company are indicated based on the classification determined as reasonable by SBGA and SBIA. Although SBIA and SBGA believe that such determinations are reasonable, they are inherently subjective in nature. (Source) SBGA and SBIA Market factors include the changes in valuation due to the changes in the valuation of public comparable companies, and changes in cost of capital, etc. Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio companies are included. Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc. By main factor FY2024Q2 (Total +$913M) +$773M +$393M +$577M +$420M +$145M -$40M -$636M -$109M -$432M -$179M (5 co) (46 co) (18 co) (6 co) (11 co) (11 co) (13 co) (41 co) (10 co) (10 co) +$2,309M (85 companies) -$1,396M (86 companies) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions FY2024Q1 (Total -$2,643M) +$266M +$137M +$178M +$82M +$43M -$207M -$881M -$899M -$1,136M -$225M (6 co) (41 co) (52 co) (11 co) (14 co) (6 co) (14 co) (11 co) (5 co) (9 co) +$706M (45 companies) -$3,348M (124 companies) Performance of portfolio companies Market Factors Public portfolio companies Others Recent transactions
  • 68. 68 (a) (b) (c) = (b) - (a) (d) = (b) / (a) Company Investment cost to SVF1 Gross return to SVF1 Gross gain (loss) to SVF1 Gross MOIC Coupang 2,729 13,321 10,592 4.9x Doordash 680 7,928 7,248 11.7x NVIDIA 2,878 5,813 2,936 2.0x Guardant Health 308 2,665 2,358 8.7x Uber 7,666 9,215 1,549 1.2x Slack 334 1,018 684 3.0x BrainBees Solutions (FirstCry) 268 910 642 3.4x Ping An Good Doctor 400 828 428 2.1x PolicyBazaar 199 592 394 3.0x Opendoor 450 824 374 1.8x 10x Genomics 31 338 307 10.9x Delhivery 397 703 306 1.8x Roivant 919 1,085 166 1.2x Vir Biotechnology 199 295 96 1.5x Zomato 309 374 65 1.2x Full Truck Alliance 1,700 1,737 37 1.0x Energy Vault 60 18 (42) 0.3x SVF1 Public Portfolio Companies (as of Sep 30, 2024) Publicly quoted exchange rates may have moved either upwards or downwards, even materially, since the measurement dates indicated herein. The exchange rate for each company on this page and used for calculation of return were taken as of Sep 30, 2024. The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Sep 30, 2024 and do not purport to be a complete list of SVF1 investments. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF1’s investments. Valuations reflect unrealized and partially realized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by SVF1 investors. There is no guarantee that historical trends will continue throughout the life of SVF1. It should not be assumed that investments made in the future will be comparable in quality or performance to investments described herein. There can be no assurance that unrealized and partially realized investments will be sold for values equal to or in excess of the total values used in calculating the returns portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations reported herein are based. Accordingly, the actual realized returns on investments that are partially realized or unrealized may differ materially from the values indicated herein. SVF1 performance metrics are based on final Valuation and Financial Risk Committee (“VFRC”) results. While SVF1 performance figures have been calculated based on assumptions that SBG believes are reasonable, the use of different assumptions could yield materially different results, and the VFRC may adjust any of these values. As such, SVF1 performance figures are subject to change and not necessarily indicative of the performance of SVF1 and are included only for illustrative purposes. Includes investments that were publicly traded at the time of investment and investments that went private after investment. 1. SBG basis refers to SoftBank Vision Funds Segment basis. Includes the impact from hedges on the public securities and the effect of consolidating inter-company transactions. For certain investments that were originally to be transferred from SBG to SVF1 but canceled afterwards, its unrealized gain (loss) incurred for the period leading up to the decision to cancel the transfer are not included in the presentation. Cumulative investment performance is presented on a net basis. 2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges. 3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Sep 30, 2024. 4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. 5. BrainBees Solutions (FirstCry): Investment cost of public shares to SVF1 excludes $127M which was realized in Aug 2024, prior to BrainBees Solutions’ public listing. 6. Roivant: Investment cost of public shares to SVF1 excludes $116M which was realized in Mar 2020, prior to Roivant’s public listing. 7. GoTo: Investment cost of public shares to SVF1 reflects SVF1’s investment in Tokopedia prior to its merger with Gojek and excludes $7M in cost that was realized by SVF1 prior to GoTo’s public listing. 8. WeWork: Investment cost of public shares to SVF1 ($3,468M) includes the investment cost to WeWork Asia Holding Company B.V. (“WeWork Asia”) ($400M). The shares of WeWork Asia were exchanged to WeWork preferred stock in Apr 2020 at a price of $11.60 per share. 9. Public company total (Gross) includes DiDi, which is traded in the over-the-counter market. 10. SVF1 private company, etc. includes Arm. Prior to Arm’s initial public offering in Aug 2023, a wholly owned subsidiary of the Company acquired substantially all of the ordinary shares of Arm held by SVF1. The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit. SBG's Net Paid-in Capital of SVF1 is $27.7B, and the total value is $33.7B as of Sep 30, 2024. See “Earnings Investor Briefing for FY2024Q2 SoftBank Vision & LatAm Funds” for further details. ($ M) $1= ¥142.73 (Sep 30, 2024 TTM) (a) (b) (c) = (b) - (a) (d) = (b) / (a) Company Investment cost to SVF1 Gross return to SVF1 Gross gain (loss) to SVF1 Gross MOIC OneConnect 100 4 (96) 0.0x Aurora Innovation 333 231 (102) 0.7x Relay Therapeutics 300 198 (102) 0.7x ZhongAn 550 400 (150) 0.7x Auto1 741 534 (208) 0.7x Getaround 348 2 (347) 0.0x GoTo 841 488 (354) 0.6x Ginkgo Bioworks 404 5 (399) 0.0x Compass 1,082 667 (415) 0.6x Grab 2,993 2,505 (489) 0.8x Paytm 1,600 1,056 (544) 0.7x SenseTime 1,429 849 (580) 0.6x View 1,175 0 (1,175) 0.0x WeWork 3,468 0 (3,468) 0.0x DiDi 12,073 4,552 (7,521) 0.4x (A) Public company total (Gross) $46,966 $59,151 $12,186 1.3x (B) SVF1 private company, etc. $40,596 $51,012 $10,415 (A)+(B) Total (SBG basis) $87,562 $110,163 $22,601 Fully Exited *1 *2 *3 *4 *2 *3 *4 Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited *5 *7 *8 *9 *10 Fully Exited Fully Exited Fully Exited Fully Exited *6 Fully Exited
  • 69. 69 (a) (b) (c) = (b) - (a) (d) = (b) / (a) Company Investment cost to SVF2 Gross return to SVF2 Gross gain (loss) to SVF2 Gross MOIC Beike 1,350 2,497 1,147 1.8x Ola Electric Mobility 556 957 401 1.7x Symbotic 200 488 288 2.4x QuantumPharm (XtalPi) 35 118 83 3.3x Neumora Therapeutics 60 101 41 1.7x IonQ 61 66 5 1.1x Globalstar 5 6 1 1.2x Qualtrics 24 15 (9) 0.6x Berkshire Grey 115 92 (23) 0.8x Pear Therapeutics 46 0 (46) 0.0x Full Truck Alliance 250 204 (46) 0.8x Beisen 100 20 (80) 0.2x Alnnovation 126 26 (100) 0.2x Zhangmen 105 1 (104) 0.0x Keep 200 49 (151) 0.2x Exscientia 284 93 (192) 0.3x Seer 205 10 (195) 0.0x SVF2 Public Portfolio Companies (as of Sep 30, 2024) Publicly quoted exchange rates may have moved either upwards or downwards, even materially, since the measurement dates indicated herein. The exchange rate for each company on this page and used for calculation of return were taken as of Sep 30, 2024. The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Sep 30, 2024 and do not purport to be a complete list of SVF2 investments. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF2’s investments. Valuations reflect unrealized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by SVF2 investors. There is no guarantee that historical trends will continue throughout the life of SVF2. It should not be assumed that investments made in the future will be comparable in quality or performance to investments described herein. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the returns portrayed herein. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations reported herein are based. Accordingly, the actual realized returns on investments that are unrealized may differ materially from the values indicated herein. SVF2 performance metrics are based on final Valuation and Financial Risk Committee (“VFRC”) results. While SVF2 performance figures have been calculated based on assumptions that SBG believes are reasonable, the use of different assumptions could yield materially different results, and the VFRC may adjust any of these values. As such, SVF2 performance figures are subject to change and not necessarily indicative of the performance of SVF2 and are included only for illustrative purposes. Includes investments that were publicly traded at the time of investment and investments that went private after investment. Investments that went private after the investment include an investment in which SBG acquired all shares. 1. SBG basis refers to SoftBank Vision Funds Segment basis. Cumulative investment performance is presented on net basis. 2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges. 3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Sep 30, 2024. 4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit. 5. QuantumPharm (XtalPi): Investment cost of public shares to SVF2 excludes $10M which was realized in Nov 2023, prior to QuantumPharm’s public listing. 6. Globalstar: Investment cost of public shares to SVF2 excludes $5M which was realized in Aug 2023, prior to Globalstar’s public listing. SBG's Net Paid-in Capital of SVF2 is $56.7B, and the total value is $34.3B as of Sep 30, 2024. See “Earnings Investor Briefing for FY2024Q2 SoftBank Vision & LatAm Funds” for further details. (a) (b) (c) = (b) - (a) (d) = (b) / (a) Company Investment cost to SVF2 Gross return to SVF2 Gross gain (loss) to SVF2 Gross MOIC DingDong Mai Cai 325 49 (275) 0.2x JD Logistics 601 207 (394) 0.3x Better 497 22 (475) 0.0x AutoStore 2,800 1,167 (1,633) 0.4x WeWork 3,033 1 (3,032) 0.0x (A) Public company total (Gross) $10,977 $6,188 ($4,789) 0.6x (B) SVF2 private company, etc. $42,628 $26,377 ($16,251) (A)+(B) Total (SBG basis) $53,605 $32,565 ($21,040) *1 *2 *3 *4 *2 *3 *4 $1= ¥142.73 (Sep 30, 2024 TTM) Fully Exited Fully Exited Fully Exited Fully Exited ($ M) Fully Exited Fully Exited *5 *6
  • 70. 70 Change in Composition of Assets Held Composition of equity value of holdings at each point in time For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing. SVF: Total of SVF1, SVF2, and LatAm Funds 59% 8% 12% 6% 4% 11% Arm 0.02% 50% 26% 9% 9% 6% Others Sep 30, 2020 Sep 30, 2024 SoftBank Corp. SVF T-Mobile/ Deutsche Telekom Alibaba SVF Others Arm Alibaba T-Mobile/ Deutsche Telekom SoftBank Corp. Equity value of holdings basis Net of asset-backed finance
  • 71. 71 Sep 30 2023 15.8 8.7 12.7 26.2 9.9 11.0 5.7 7.0 (62%) (44%) (69%) (79%) (38%) (56%) (31%) (21%) Equity Value of Holdings: Listed Share Ratio Listed share ratio 79% Equity value of holdings basis Net of asset-backed finance Listed share ratio includes shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2, and LatAm Funds and listed companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only. Listed Unlisted Sep 30 2022 Sep 30 2024 Sep 30 2021 (¥ T) *() shows the proportion of the total
  • 72. 72 Footnote  The amounts of investment and return are calculated using forex rates on each transaction day or valuation date.  MOICs are calculated based on equity return gained from the initial investment to Sep 30, 2024 and before tax considerations.  Investment amount is net of costs related to the transactions. The investment amount in Arm does not reflect the impact of intra-group transactions between SBG and SVF.  Return amount • Alibaba: Sum of (i) the amount realized from the sale of and through derivative transactions using Alibaba shares, net of transaction costs, and (ii) equity value of holdings as of Sep 30, 2024, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2024 • Sprint/T-Mobile and Deutsche Telekom: Equity value is the sum of (a) to (d) below, net of borrowings. (a) The amount realized from the sale of T-Mobile shares and through derivative transactions using T-Mobile shares and Deutsche Telekom shares. Net of transaction costs (b) Equity value of holdings as of Sep 30, 2024, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2024. Net of amounts already funded through derivative transactions (c) The amounts of dividends received from Deutsche Telekom and T-Mobile shares • Arm: Equity value is the sum of (i) the amount realized from the sale of Arm shares, net of transaction costs, and (ii) equity value of holdings as of Sep 30, 2024, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2024, net of borrowings.  Borrowings are the amount of funds raised in JPY for the acquisition. Investment track record


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