Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

NAV (Net Asset Value) & LTV (Loan to Value)

NAV hits

near-record highs

Boosting NAV Growth by Investing in
the Information Revolution

As of March 31, 2024

NAV

¥27.8 tn

As of March 31, 2024

NAV (Net Asset Value) is the most important indicator for assessing the value of SBG and is calculated

2019
Launched SVF2

as equity value of holdings minus SBG’s adjusted net interest-bearing debt (net debt). SBG aims tomaximize NAV over the medium- to long-term through an increase in the equity value of holdings.
Equity value ofholdings¥30.3 tn-

SBG’s net debt

¥2.6 tn

=

NAV

2016
Acquired Arm
2014
Alibaba listed on the New York Stock Exchange

2013
Acquired U.S.-based carrier Sprint (currently T-Mobile)

SVF1/SVF2/LatAm Funds
T-Mobile / Deutsche Telekom
SoftBank
Other
Alibaba

2017
Launched SVF1

¥27.8 tn

Arm

2023
Arm listed on the
Nasdaq Global
Select Market

2018
SoftBank listed on the Tokyo Stock Exchange（Net Asset Value）

See page 22 for the assumptions used to calculate the equity value of holdings and net debt.

Corporate Information

2006
Acquired Vodafone K.K.
(currently SoftBank)

2004
Acquired JAPAN TELECOM CO., LTD.
(currently SoftBank)

Yahoo Japan*

2000 Invested in Alibaba

1981

1995

2000

PC Software//

The Internet

2005
Broadband

2010
Mobile

2015

2020

(FY)

AI

Note: N
 AV data for each quarter-end. The NAV data are the Company estimates based on the information available to it, and the accuracy or completeness of the information is not guaranteed as the figures are not audited. NAV trends are not a guarantee of future figures andare not indicative of the price of SBG’s common shares or any securities held by the Company and should not form the basis of investment decisions. The figures are based on data before considering taxes unless otherwise stated. In the calculation of NAV, the equity value ofholdings and SBG’s net debt each exclude amounts to be settled at maturity or borrowings that are part of asset-backed finance. See page 22 for the assumptions used to calculate the equity value of holdings and net debt.
* Yahoo Japan Corporation (currently LY Corporation) became a subsidiary of SoftBank in June 2019.

SoftBank Group Report 2024

20

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

NAV (Net Asset Value) & LTV (Loan to Value)

An Important Indicator for Stable Financial Management: LTV
100%

LTV (Loan to Value) is a financial indicator that is calculated as SBG’s adjusted net
interest-bearing debt (net debt) divided by the equity value of holdings. SBG’s financepolicy is to maintain LTV below 25% in normal times with an upper threshold of 35%
that the equity value of holdings is more than sufficient to repay the debt.

SBG’s net debt

÷Equity value ofholdings=

90%

Increased
equity value of holdings
led LTV toeven in times of emergency. An LTV below 25% is a very high level of safety indicating

LTV（Loan to Value）

80%

a historically low level

LTV as of March 31, 2024

70%

60%

100%
50%

40%

35.0%

¥30.3
tn

30%

LTV
8.4 %

25.0%
20%

8.4 %

25.0%

¥2.6 tn
Equity value of holdings

10%

8.4%
0%

SBG’s net debt

See page 22 for the assumptions used to calculate the equity value of holdings and net debt.

Q4

Q1

FY2021

FY2022

Q2

Q3

Q4

Q1

Q2

Q3

Q4

FY2023

Note: LTV data for each quarter-end

Note: T he equity value of holdings and SBG’s net debt each exclude amounts to be settled at maturity or borrowings that are part ofasset-backed finance.

SoftBank Group Report 2024

21

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Calculation of Equity Value of Holdings and Net Debt
As of March 31, 2024

Equity value of holdings¥30.3 tn

Equity value of holdings
Arm: the number of shares held by SBG × Arm share price – the payableamount of the consideration for Arm shares acquired from SVF1 through an
intragroup transaction – the equivalent amount of outstanding liabilities for
margin loans using Arm shares

Net debt¥2.6 tn

Net debt

Alibaba: the number of Alibaba ADSs equivalent to the number of shares heldby SBG × Alibaba ADS price – the sum of the outstanding maturity settlement
amounts (calculated by using the Alibaba share price) of the prepaid forward
contracts (collar contracts, forward contracts, and call spread) using Alibaba shares
SoftBank: the number of shares held by SBG × SoftBank share price – the equivalentamount of outstanding liabilities for margin loans, etc. using SoftBank sharesArm¥14.4 tn

Alibaba¥0.01tn

SoftBank¥3.2 tn

SVF1¥3.4 tn

SVF2¥4.4 tn

LatAm Funds
Deutsche Telekom¥1.0 tn¥1.8 tn¥0.3 tnOther¥1.9 tn

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.
T-Mobile: (a) – (b) – (c)(a) The number of T-Mobile shares held by SBG, including the number of sharessubject to call options held by Deutsche Telekom × T-Mobile share price(b) The amount of derivative financial liabilities related to unexercised call
options held by Deutsche Telekom.
(c) Maturity settlement amount of the prepaid forward contracts (collar contracts)
using T-Mobile shares (calculated by using the T-Mobile share price).
Deutsche Telekom: the number of Deutsche Telekom shares held by SBG
× Deutsche Telekom share price - the maturity settlement amount of a collartransaction using Deutsche Telekom shares
Other: (d) + (e) + (f)(d) Listed shares: the number of shares held by SBG multiplied by the share priceof each listed share.
(e) 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.
(f) SB Northstar: SBG’s share of SB Northstar’s NAV + the fair value of NVIDIA
Corporation shares. Cash and cash equivalents, bond investments, and apart of interest-bearing debt except for margin loans and prime brokerageloans are treated as a part of the net interest-bearing debt of SBG andtherefore not included in the calculation of SB Northstar’s NAV.

SoftBank Group Report 2024

T-Mobile¥27.8 tn NAV• 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 sumof gross interest-bearing debt – the sum of cash positions ofself-financing entities, such as SoftBank (including its subsidiaries
such as LY Corporation and PayPay Corporation), SVF1, SVF2,
LatAm Funds, and Arm, as well as SB Northstar. 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 (g) to (m) below(g) 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 fromthe interest-bearing debt (to be treated as equity).
		 Applicable bonds: 4th JPY-denominated hybrid bonds, 5th JPYdenominated hybrid bonds, 6th JPY-denominated hybrid bonds(h) Among the hybrid bonds, the perpetual bonds without aredemption date are recorded in their entirety as equity inconsolidated accounting. Therefore, 50% is included in theinterest-bearing debt.
		 Applicable bond: USD-denominated NC10 undated hybrid notes(i) Deduction of financial liabilities related to prepaid forward
contracts (collar contracts and forward contracts) using
Alibaba shares.
(j) Deduction of the equivalent amount of outstanding liabilities
for margin loans, etc. using SoftBank shares.
(k) Deduction of financial liabilities related to prepaid forward
contracts (collar contracts) using T-Mobile shares.
(l) Deduction of financial liabilities recorded as borrowings
related to collar transactions using Deutsche Telekom shares.
(m) Deduction of the amount equivalent to the outstandingbalance of the borrowings made through margin loans using
Arm shares.

22

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Message from Arm CEO

Arm Technology Is Defining the Future of AI Computing
The world’s most pervasive
compute platform
Arm is a global leader in the development ofdesigner, and over 1,000 companies thatedge computing. Through our focus on

Access agreements are signed for threepartner with Arm to create billions of digitalenergy efficiency and our history ofyears, and then renewed, providing for Arm

electronics products.

continuous innovation, we have enabledlicense revenue for many years to come.

We fueled the smartphone revolution, andnew categories of “smart” consumer

The value of the royalty fee can be related

semiconductor technology, and we are

now we are redefining what is possible inelectronics. Today, power efficiency is notto the selling price of the chip and willdefining the future of computing. A future

cloud computing, transforming theonly important for enterprises andtypically increase as more Arm processors arethat is being built by one of the mostautomotive industry, enabling a thriving IoT

consumers reducing their energy bills but

included on the chip and as Arm’s mostsuccessful technology ecosystems in theeconomy, and making artificial intelligencealso critical in achieving sustainability for ouradvanced processors are included. As anworld combining Arm, the leading CPU(AI) a reality everywhere from data centers toplanet. This makes Arm’s CPU technology

example, Arm’s latest CPU technology,

ideal for computing applications everywhere

Armv9, is gradually replacing the previous

as the demands for increasing performance

generation Armv8*, especially inare insatiable, especially as more applications

smartphones and data center servers. For

adopt AI, while the need for energy

fiscal 2023, the typical royalty fee for Armv9

efficiency remains critical.

was around double the fee for Armv8.
Each Arm technology design is suitable forArm’s business model

Rene Haas
Board Director, SoftBank Group Corp.
CEO and Director, Arm Holdings plc

a range of end applications and can bereused in a variety of products to address

Arm licenses CPU designs to leading

multiple markets. Each new producttechnology companies that incorporate

generates a new stream of royalties. An Arm

Arm’s design into their computer chips.

design can be used in many different chips,

Customers pay a license fee to gain access toand certain Arm-designed products continue

our technology and a royalty on every chipto generate royalty revenue 25 years afterthat uses one of our technology designs.

their initial development.

The value of the license fee typicallydepends on the amount of Arm technology
being licensed, how advanced the*For the quarter ended March 2024, Arm estimates that Armv9
provided around 20% of royalty revenues, Armv8 around50%, and older architectures around 30%.

technology is, and the period over whichaccess is being granted. In recent years, Arm
introduced Arm Total Access, a
subscription-like business model where
customers get access to a large proportion ofArm’s technology portfolio. Most Arm Total
SoftBank Group Report 202423

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Message from Arm CEO

Investing for the long term

• Expand access to Arm products throughour flexible business model, creating newtechnology can provide.

In our fast-paced world, new applications,ways for customers to include Arm

down slightly year on year as a decline in thedevice categories, and markets aretechnology in their products.

number of smartphones sold was offset by

their capabilities. In contrast, it can takemany years to develop the technology that isused in these new devices. Arm is investing

Revenues today are frominvestments made many
years agocurrently for products that it expects

It takes Arm’s customers time to develop theconsumers and enterprises will start using incomplex chips that contain Arm technology.

5 –10 years.

Licenses signed today are not expected to

Arm has been investing to develop newtechnology toyield royalty revenue for at least 2–3 years.
successful, they can bring additional royalty

growth markets, such as smartphones,

revenue streams that could last for years, andconsumer electronics, cloud servers,

even decades, to come.
investments, in fiscal 2023 Arm saw record

every smart device by providing

revenue growing 13.6% year on year

additional functionality, higher(U.S. dollar–based) as its latest products

performance, higher efficiency, and morecame to market.
Arm’s license and other revenue in fiscal• Expand our product offerings to include

2023 grew 38.5% year on year as leading

more complete systems, such astechnology companies aligned their future

Compute Subsystems (CSS), which are aroadmaps with Arm’s product portfolio,

pre-integrated platform of Arm IP, thatmany signing long-term, high-value Arm

further increase the value of our products

Total Access agreements. This demand has

to our customers.

been accelerated by the need for• Invest in next-generation technologies

energy-efficient AI capability across a widesuch as artificial intelligence and machinerange of end markets, from servers tolearning.

smartphones to sensors, which only Arm’s

SoftBank Group Report 2024

being deployed in high-end smartphones,
and market share gains in automotive
applications and cloud servers.

$2,817 mn$1,431 mn$1,034 mn

After several years of accelerated• Increase the value of Arm processors inspecialized designs.

$3,198 mn

command a higher royalty fee per chip,

However, if the chips are commercially• Gain or maintain share in long-term

automotive, and embedded computing.

Royalty revenue
License and other revenue

Arm’s latest technologies, which typicallycontinually emerging, many of which require
advanced semiconductor chips to provide

RevenueArm’s royalty revenue in fiscal 2023 was$1,783 mn$1,767mn

Fiscal 2022

Fiscal 2023

Note: Revenue refers to the Arm segment’s net sales (IFRSs).

24

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Message from Arm CEO

Royalty revenue split
within end markets
Cloud

Automotive
Automotive

Cloud

IoT
MobileConsumerElectronics

IoT
MobileConsumerElectronics

Fiscal 2023

Fiscal 2015

Photo: Nasdaq, Inc.

Starting a new chapter inArm’s story

Representative Director, Corporate Officer,

provide leadership to Arm’s strategy. Also,
SBG currently holds a large proportion oflisted on the Nasdaq Global Select Market.

Arm shares and so will directly benefit from

This was a historic event for the company

any appreciation in Arm’s valuation.

and its employees, one that we celebrated

Together, we will benefit from the growthacross all our offices around the globe. Armof the semiconductor industry, the increasing

has been developing leading technology for

deployment of AI capability in chips fromover 30 years, but so much has changed incloud to edge computers, and the higher

just the past few years since SBG acquired

value per chip from the latest Arm

Arm in 2016.

technology. These are trends that enable

SoftBank Group Report 2024

$3.2bnposition as Arm’s Chair and continues to

Arm IPO on September 14, 2023, when we

Arm’s future. Masa (Masayoshi Son,

Revenue

Chairman & CEO of SBG) maintains his

For me, the highlight of the year was the

SBG will continue to play a major role in

Note: Based on royalty reports reported to Arm by customers. Differs from royalty revenue reported by Arm. License revenue notincluded. Reference material to explain image

Arm to grow for years, if not decades tocome.

Engineers
Non-Engineers

7,096

Headcount

4,064

Headcount$1.5bnFiscal 2015

Personnel

Fiscal 2023

Note: Based on accounting standards and fiscal year at thetime. Revenue refers to revenue reported by Arm.

FYE2015

FYE2023

Note: Personnel (the number of employees) is as of March 31, 2016,
and March 31, 2024. “Engineers” and “Non-Engineers” arebased on job type. Engineers in fiscal 2015 includes
program management, technical support, and othertechnical positions. Engineers in fiscal 2023 does not include
those positions.

25

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Message from SoftBank Vision Funds Management

Global Uncertainty: Remaining Flexible and Resilient
We have been an early and long-timeworld of venture capital. Higher rates

the “Magnificent Seven”—continued theirchampion of AI and have continued totranslated to higher cost of capital forstrong performance in 2023, driven bybelieve AI will redefine the world as we

execute a disciplined global investment

cash-intensive start-ups looking to expand.

excitement about AI’s endless possibilities.

know it. We have waited a long time to getstrategy in 2023—a year characterized by

These effects were compounded through aAmid mixed performance for the rest of theto this moment, and we are looking forward

persistent uncertainty in private and publicmore challenging funding environment inmarket, these top stocks helped drive up theto witnessing the true power of AI.

markets. Geopolitical tensions persevered

2023, with the December quarter marking

S&P 500 by more than 20% for the year.

and, in some cases, escalated during the year,

the slowest quarter for new private venture

We have invested in the AI megatrend forbackdrop, we continued to strike a careful

including between the U.S. and China, in

capital funding rounds, both in number ofyears and are true believers in the power ofbalance between maintaining strict financial

Ukraine, and across the Middle East. Inflation

rounds and volume of capital invested, in

AI to unlock growth and efficiencies anddiscipline and remaining nimble whencontinued to weigh on growth, and central

more than six years.*1

make the world a better place. Recent andcompelling investment opportunities arose.

significant developments in AI vindicate our

In fiscal 2023, we invested in a handful ofbright spots in the public markets. The

belief that we are on the cusp of a newcompanies that we believe have compellinghighest-performing stocks—referred to as

dawn of technology—all driven by AI.

long-term value creation potential, such as

banks across the globe held interest rates atmultiyear high levels.
The higher-rate environment impacted the

Rajeev Misra
Co-CEO, SoftBank Investment Advisers

SoftBank Group Report 2024

Despite these challenges, there were a few

Just as the Internet did in the 1990s, we

Against a changing macroeconomic

Alex Clavel
Co-CEO, SoftBank Investment Advisers
CEO, SoftBank Global Advisers26

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Message from SoftBank Vision Funds Management

Tractable, Cato Networks, and TravelPerk.

position in Arm,*5 which completed its IPO in

We also participated in 32 follow-on rounds

September 2023.

in existing portfolio companies,

Notwithstanding, the broader market for

demonstrating our conviction in the long-

new listings remained tepid and is expected

term growth of the portfolio.

to stay that way for much of 2024. Our

The hard work behind the scenes in

Equity Capital Markets teams continue tohelping portfolio companies weather

closely monitor market conditions, while oursustained volatility continues to yield results.

operational teams work with portfolio

We saw performance stabilize across thecompanies to ensure they are best positioned

funds, with a combined investment gain of

to enter the public markets at the right time.

$4.8 billion*2 for fiscal 2023. Our investment

Our late-stage portfolio constitutes aand operating teams continue to work closely

combined fair value of $32 billion*4 inwith our portfolio companies to encouragecompanies that are ready to list when thecapital-efficient growth. Specifically, we aretime is right. We know the IPO window will

focused on helping them solidify their market

reopen, and when it does, we believe we’ll

positions and grow revenues in a sustainable

be in a position to take full advantage.

way. With the cost of capital at elevatedHistory has taught us that market cycles

levels, we have worked constructively withcome and go, but our strategy remains theour portfolio management teams to maintainsame: Identify and invest in the nascentstrong cash positions. We are encouraged bymegatrends that will shape the future.

our portfolio companies’ ability to manage

This conviction is underpinned by ourthis environment, a sign of their enduringcommitment to financial discipline. We areresilience.

encouraged by early signs that the tide isContinued progress was also made in

beginning to turn, strengthening ourmonetizing assets at constructive prices.

confidence in our investment principles andDuring fiscal 2023, we monetized more thanin our portfolio company founders, who$22 billion*3 from investments. Total grossappreciate our long-term partnership. We areproceeds now stand at more than $68 billion

committed to generating sustainable returns,

since inception,*4 at a gross MOIC of 1.71x.

and, looking forward to fiscal 2024, we areThis is a strong achievement against a

optimistic for what is to come.

choppy market backdrop, in part realized bysuccessfully exiting SoftBank Vision Fund 1’s
SoftBank Group Report 2024

TODAY

AI
Revolution

Information
Industrial Revolution
Revolution

Agricultural
Revolution

SoftBank Vision Funds fiscal 2024 priorities
01-

Investing in the AI
Revolution

02-

Unlocking Portfolio Value

03-

Disciplined & Consistent
Monetization*1 Source: State of Venture 2023 Report. CB Insights. January
2024.
*2 Based on gain (loss) on investments at SVF1, SVF2, and
LatAm Funds recorded in the SoftBank Vision Funds
segment. All other figures in this section are on an SVF
stand-alone basis. Before deducting third-party interests, tax,
and expenses.
*3 Net total of gross consideration from monetization in fiscal
2023, including derivatives, dividend income and interest.
Includes deferred proceeds from Arm transaction - payments
to be made in installments over a two-year period.
*4 As of March 31, 2024
*5 This gain is eliminated in consolidation, as it resulted from an
intragroup transaction of subsidiary shares.

27

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

SoftBank Vision Funds In Focus

Crystallizing a Long-Term Investment Strategy
See SoftBank Vision Funds’ website for further details.

While we are not immune to broader market

from our broad exposure to businesses$52.4 billion, with a total cumulative

challenges, the current conditions have

utilizing AI technology.

return*2 of $33.1 billion. Despite a grossunderscored the importance of constructing

SoftBank Vision Funds primarily invest

loss primarily due to markdowns of a

Performance snapshot

a diversified portfolio centered on resilientacross nine key sectors to maintain exposure

wide range of private investments, fiscal

As of March 31, 2024

business models and clear paths to value

to the technologies that are powering secular

2023 saw the loss partially offset bycreation. These conditions have also

growth. We also continue to balance ourincreased fair values from a recovery invalidated our decision to maintain caution in

geographic exposure while prioritizing

public assets and private up rounds.

the near term. Although we largely remained

investments in the U.S., EMEA, and India.

– SoftBank Latin America Funds havein “defensive mode,” in fiscal 2023,

Notably, in India, SoftBank Vision Funds

invested in 105 companies at an

SoftBank Vision Funds executed a handful ofcompanies accounted for 50% of all growthacquisition cost of $7.4 billion, with aselect investments with an eye toward

capital invested in fiscal 2023 and 60% of all

total cumulative return*2 of $6.3 billion.

continued diversification of our AI portfolio

capital raised at IPOs since 2021.

LatAm Funds demonstrated continued

LatAm Funds
SVF2
SVF1

$149.4 bn $145.7bn$7.4 bn$6.3bnacross a spectrum of geographies, sectors,$52.4 bn

$33.1bn$89.6bnby the investment performance ofinvestment gain. We were able to unlock the

Nubank and VTEX, as well as strategic

from businesses deploying AI as a corevalue of our funds through notable exits,

M&A, including the acquisition of Pismo

service offering to customers— including

including Arm and Zomato.

by Visa for $1 billion.

We have invested across the full AI stack,

From inception through March 31, 2024,

developed by companies such as Picsart and

SoftBank Vision Funds have built an

Labelbox—to other companies utilizing AI in

unprecedented portfolio ecosystem of moretheir normal-course business operations tothan 470 investments (including exited

help increase profitability and efficiency, suchinvestments), at an acquisition cost ofas Klarna. Though the creative capabilities of$149.4 billion:

generative AI have driven the most buzz, we– SoftBank Vision Fund 1 has made 94

believe we are still in the early stages of theinvestments at an acquisition cost of

era of AI and that the vast potential of its$89.6 billion, with a total cumulative
return*2 of $106.3 billion. It benefitted

applications is still emerging. With a

SoftBank Group Report 2024

Cumulative
investment return(Fair value + Sale price)*1 Source: Goldman Sachs. Generative AI could raise global
GDP by 7%. April 2023.
*2 Includes the fair value of investments held as of March 31,
2024 and the sale price of exited investments.
Note: The figures in this section are based on gain (loss) on
investments at SVF1, SVF2, and LatAm Funds recorded in the
SoftBank Vision Funds segment. Figures in subsequent
sections are presented on an SVF stand-alone basis. Before
deducting third-party interests, tax, and expenses. The
classification of public/private investments is as of March 31,2024.

Green shoots on the horizon

projected global GDP uplift of up to 7%,*from strong performances across certain

the economic impact of AI will be

public and private investments, notably

Our financial results reflect broader trends intremendous. As AI grows and its applications

ByteDance and Coupang.

the market. We have seen growing revenue

become more universal, we anticipate– SoftBank Vision Fund 2 has invested inin public companies, generating high cash

significant benefits for ourselves and our LPs

277 companies at an acquisition cost offlow and creating strong cash positions

1

Investment cost

momentum in fiscal 2023, in part driven

fiscal 2023, with a cumulative $4.8 billion

and technologies.

pioneering generative AI technologies$106.3bn

Fund performance stabilized markedly in28

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

SoftBank Vision Funds In Focus
Top 10 public investments by fair value
As of March 31, 2024

Current Investments*1

45

Unrealized FV – Public*2$21.0 bn

% of Total Unrealized FV*3

27%

SVF
1
SVF
1
SVF
2
SVF
1
SVF
1
SVF
2
SVF
1
SVF
1
SVF
1
SVF
1

OthersFV($ bn)*2

NTM CONSENSUS
REVENUE GROWTH*4

CURRENT MARKET CAP($ bn)*4

PEAK MARKET CAP($ bn)*4

6.2

17%

31.9

86.5

3.7
2.4
1.3
1.2
0.9
0.8
0.8
0.4
0.4
2.8

9%
9%
17%
22%
42%
18%
26%
20%
-2%
10%*5

18.4
6.2
12.4
7.8
26.5
55.6
8.5
3.9
4.7

79.1
18.0
33.7
23.3
31.6
84.4
10.4
6.3
31.3

*1 Current Investments includes publicly listed portfolio companies that had not been fully realized as of March 31, 2024.
*2 “Unrealized FV” and “FV” are the unrealized value of SoftBank Vision Funds’ stakes as of March 31, 2024. Full Truck Alliance is both an SVF1 and SVF2 investment. Total figures may differ due to rounding.
*3 % of Total Unrealized FV is the sum of the current public portfolio companies’ Unrealized FV divided by SoftBank Vision Funds’ total Unrealized FV.
*4 Source: Capital IQ*5 Median NTM consensus revenue for other publicly listed portfolio companies

across our portfolio companies,

drivers of success, such as strong product-

Overall, improvement in the quality of thedemonstrating signs of recovery for themarket fit and notable commercial traction.

portfolio, particularly in SoftBank Vision Fund

broader market.

As evidence of our disciplined approach:2, reflects a successful strategy marked by

We are cautiously optimistic that even theContinued focus on exit
opportunities —for the rightprice– The median reduction in cash burn

positive developments within the businesses

valuations of public companies, which haveacross our private portfolio companies

and beneficial industry headwinds. We have

The total value of our late-stage portfolio

dipped recently, will recover. We believe

was 43% year over year.*3

continued to invest prudently where we haveamounted to $32 billion as of March

there is significant upside to be realized, and– 41%*4 of our private portfolio

seen opportunities at appropriate valuations.

31, 2024, including a strong pipeline of

we remain vigilant in seeking monetizationcompanies achieved year-over-year
revenue growth of more than 40%.

warrant.

– 53%*4 of our private portfolio*3 Source: SBIA Analysis. Includes latest available year-over-year
quarterly cash burn data comparisons for private portfolio
companies. As of March 31, 2024.
*4 Based on portfolio company fair value. Source: SBIA
Analysis. Includes latest available year-over-year quarterly
revenue data comparisons for private companies. As of
March 31, 2024.
*5 Based on portfolio company fair value. Source: SBIA
Analysis. Excludes portfolio companies where cash runway
data is unavailable and investments in funds. As of March
31, 2024.

established businesses with well-tested

opportunities when market conditions
Looking back at fiscal 2023, we arecompanies achieved year-over-year

revenue flows and customer bases. For
example, e-scooter maker Ola Electric isseeking to raise $662 million through its

pleased to see our commitment to capital-

revenue growth of more than 25%.

efficient growth and financial discipline has– More than 90%*5 of our private portfolio

helped us weather volatility and positioned

companies maintain a cash runway in

us well for future success. We are focused on

excess of 12 months, ensuring stability and

The market anticipates a potentially moreinvesting in companies that demonstrate key

strategic maneuverability in the market.

consistent flow of public offerings in 2024,

SoftBank Group Report 2024

planned initial public offering expected later
this year—a float predicted to be India’s
largest offering to date.*629

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

SoftBank Vision Funds In Focus
with companies eyeing public listings being

connectivity for financial institution clients

stand at more than $68 billion, with 50

and public markets in fiscal 2023, we feelviewed as indicators of the state of the IPO

across Latin America, Asia-Pacific, andportfolio companies publicly listed on global

well-positioned to adapt to the changes thatlandscape. We will remain highly selective

Europe. In addition, it was announced in

exchanges. We have demonstrated an ability

fiscal 2024 will undoubtedly bring. Throughabout the opportunities we pursue andFebruary 2024 that Cohesity intended toto pick winners and identify potential early inour diversified portfolio, disciplined approachensure that our portfolio companies have themerge its data protection business withthe company life cycle. We remain focused

to investing, and strong track record of asset

right controls in place before going public.

Veritas to become a market leader in dataon identifying transformative leaders andmonetization, we believe our investment

security and management, valued at $7

helping them scale sustainably, all with anplatform is well-equipped to identify andbillion.

eye toward maximizing gains for our LPs,

capitalize on growth opportunities acrossincluding SBG.

AI-enabled verticals.

M&A represents an additional pathway toreturns beyond public listings. As of the endof fiscal 2023, 14 of our portfolio companies

We remain disciplined with respect

were sold or merged with other businesses.

to monetization, with gross proceeds ofWhile remaining cautiously optimistic

For example, Pismo completed a $1 billion

more than $22 billion in fiscal 2023. The

about the encouraging signs we are starting

merger with Visa to provide support andtotal gross proceeds since inception now

to see emerge from the uncertainty in private

Achieved listings & late-stage portfolio

50

As of March 31, 2024

45

CUMULATIVE PUBLIC LISTINGS SINCE INCEPTION*1

38+5
Listings*6 Ola Electric Prospectus: https://cdn.olaelectric.com/sites/
evdp/pages/investor/Ola_Electric_Mobility_Limited_DRHP.pdf$32 bnLate-Stage Portfolio*2
SELECT COMPANIES

*3

SVF1

SVF2

13

LatAm Funds

8
1
2017

3
2018

2019

2020

2021

2022

2023

2024 & Beyond*1 Listings since inception include companies invested in on the IPO / public listing date. WeWork and Full Truck Alliance are both SVF1 and SVF2 investments.
*2 Includes portfolio companies that have raised as Series E or equivalent late-stage round as of March 31, 2024, or are likely to publicly list in the near term based on SBIA Analysis.
*3 SVF1 continues to hold one ordinary share of Arm Holdings plc.
Note: S elect investments presented herein are solely for illustrative purposes and have been selected in order to provide examples of investments made by SVF1, SVF2, and LatAm Funds that have gone public or, in the opinion of SBIA, may go public in the future 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. Past performance is not indicative of future results.

SoftBank Group Report 202430

Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

SoftBank Vision Funds In Focus

Outline of SoftBank Vision Funds
As of March 31, 2024

SVF1

SVF2

$98.6 billion$59.8 billion*$7.8 billion*1

Limited partner

The Company, external investors

The Company, management*2

The Company, management*2

Fund manager

SB Investment Advisers (UK) Limited(SBG’s wholly owned foreign subsidiary)

SB Global Advisers Limited(SBG’s wholly owned foreign subsidiary)

SB Global Advisers Limited(SBG’s wholly owned foreign subsidiary)

2017

2019

2019

Fund life

Until 2029
+ Up to two 1-year extensions by SBIA

Until 2032
+ Up to two 1-year extensions by SBGA

Until 2032
+ Up to two 1-year extensions by SBGA

Current cycle

Value creation and realization period

Investment period

Investment period

Total committed capital

Start of operation

Returned nearly 70%of the preferreddrawn capital

Capital Structure of SVF1
Preferred equity (fixed distribution)• A fixed rate of 7% on outstanding
preferred equity contributions is
distributed in proportion to theinvestment principal, regardless of
the investment performance

Ongoing coupon payment
is significantly reduced• SBG is positioned for agreater share of future
returns•$98.6 bn
$40.0 bn

• Prioritized over equity upon distribution$49.9 bn
$13.3 bn$59.8 bn

Equity (performance-based distribution)• Distribution to limited partners is fully
dependent on investment performance$57.3 bn

$58.6 bn

• Has lower priority during distribution,compared to preferred equity interest
SBG has committed to equity interests

LatAm Funds
1$36.6 bn
$28.1 bn*3

(48% of equity)

Committed capital$17.5 bn*3

(48% of equity)

Outstanding capitalCommitted capital

Drawn capital$7.8 bn$7.4 bn

Committed capital

Drawn capital*1 Effective September 27, 2023, SBGA, the manager of SVF2 and LatAm Funds, may allocate the remaining committed capital from SVF2 to LatAm Funds up to the amount of $4 billion and in such circumstances, the total commitment to SVF2 will be reduced.
*2 A co-investment program has been introduced for SBG’s management. An investment entity for the co-investment program participates in both funds.
For further details of the program, see “a. Co-investment program with restricted rights to receive distributions” in “(1) Related party transactions and balances” under “Note 45. Related party transactions” in “Notes to Consolidated Financial Statements” in “Financial Report 2024.”*3 Excludes committed capital for an incentive scheme related to SVF1.

SoftBank Group Report 202431