SoftBank Group (9984) Q2 2027 earnings summary

Executive summary

• H1 FY2026 net sales rose 13.3% YoY to ¥4,235.0bn, while investment gains fell to ¥1,725.8bn; pre-tax loss was ¥438.7bn and parent-attributable net loss ¥768.0bn.

• NAV was ¥59.8T at September-end, then fell to ¥44.7T at the presentation date; September-end LTV was 15.9% and cash was ¥5.0T.

• AI remained the strategic focus across models, chips, data-center infrastructure and physical AI, with $30B of OpenAI follow-on investments completed.

Financial highlights

• H1 investment gain was ¥1,725.8bn, down ¥2,200.9bn YoY; net sales rose ¥498.2bn to ¥4,235.0bn.

• Income before tax was a ¥438.7bn loss; net loss attributable to owners was ¥768.0bn, versus ¥2,924.1bn net income a year earlier.

• Q2 net loss attributable to owners was ¥1,115.3bn; results included a ¥597.2bn loss on U.S. AI data-center power equipment.

• Intel-backed prepaid forwards generated a ¥321.9bn derivative loss; higher finance costs also weighed on earnings.

Outlook and guidance

• Arm Q3 revenue guidance midpoint was $1.54bn, up 24.0% YoY; non-GAAP diluted EPS guidance midpoint was $0.56, up 30.2%.

• Near-term AI investment pacing will balance spending with the aim of keeping LTV below 25% in normal circumstances.

• Malaysia’s phased AI infrastructure plan targets at least 5 GW of long-term compute capacity, with initial investment of $1.85B conditional on agreements, approvals and milestones.

• No consolidated earnings forecast was issued; the FY ending March 2027 dividend forecast remained ¥11.00 per share.