SoftBank Group (9984) investor relations material

Executive summary

• Net income attributable to owners of the parent surged 398.7% year-over-year to ¥3,172.7 billion for the nine months ended December 31, 2025, driven by significant investment gains, especially from OpenAI and Vision Funds.

• Net sales increased 7.9% year-over-year to ¥5,719.2 billion, with growth in both the SoftBank and AI Computing segments.

• Major follow-on investments in OpenAI were completed, with SVF2's cumulative investment reaching $34.6 billion and an 11% ownership stake.

• A new AI Computing segment was established, consolidating Arm, Graphcore, and Ampere, reflecting a strategic focus on AI and semiconductor assets.

• Major strategic moves included the acquisition of Ampere for $6.5 billion and the announcement of ABB's robotics business and DigitalBridge acquisitions.

Financial highlights

• Total gain on investments reached ¥4,220.3 billion, up 94.5% year-over-year, with Vision Funds contributing ¥3,595.2 billion and OpenAI-related investments ¥2,796.5 billion.

• Net income for the first three quarters reached JPY 3.17 trillion, up JPY 2.54 trillion year-over-year.

• Income before income tax increased 228.0% year-over-year to ¥4,169.2 billion.

• Cash and cash equivalents at period-end were ¥4,406.7 billion, up ¥693.6 billion from the previous fiscal year-end.

• Net asset value (NAV) at December 31, 2025, was ¥30.9 trillion, recovering to ¥33 trillion as of the announcement.

Outlook and guidance

• Arm forecasts Q4 revenue of $1.47 billion ± $50 million, non-GAAP operating expense of $745 million, and EPS of $0.58 ± $0.04.

• The group maintains a disciplined financial policy, targeting LTV below 25% and at least two years' worth of bond redemptions in cash.

• No consolidated earnings forecasts were provided due to uncertainties affecting earnings.