2024年3⽉期 第3四半期 決算データシート
Data Sheet for the Third Quarter Ended December 31, 2023
ソフトバンクグループ株式会社
SoftBank Group Corp.

連結業績 補⾜データ

Supplemental Consolidated Results Data

■ 連結業績概要

■ Consolidated Results Summary■ 持株会社投資事業■ Investment Business of Holding Companies Segment■ ソフトバンク・ビジョン・ファンド事業■ SoftBank Vision Funds Segment■ SVF1 エグジット前の投資の内訳（公開／未公開別）■ SVF1 Investments Before Exit by Public/Private■ SVF2 エグジット前の投資の内訳（公開／未公開別）■ SVF2 Investments Before Exit by Public/Private■ SVF1&2 エグジット前の投資の内訳（セクター別）■ SVF1&2 Investments Before Exit by Sector■ SVF1 投資先⼀覧■ SVF1 Portfolio■ SVF2 投資先⼀覧■ SVF2 Portfolio■ SVF1&2 投資先の株式公開実績・予定■ Stock Offerings/Offering Plans for SVF1&2 Portfolio Companies■ LatAmファンド 投資先⼀覧■ LatAm Funds Portfolio■ ソフトバンク事業■ SoftBank Segment■ アーム事業／KPI■ Arm Segment / KPIs

■ その他

■ Other

ソフトバンクグループ㈱単体の財務情報

Financial Information of SBG Standalone■ NAVとLTV■ NAV and LTV■ LTV計算（2023年12⽉末）■ LTV Calculation as of December 31, 2023

■ NAVとLTVの定義■ Definition of NAV and LTV■ 債務返済スケジュール■ Debt Repayment Schedule■ 社債・コマーシャルペーパー明細■ Corporate Bonds and Commercial Paper Details-1-連結業績概要 | Consolidated Results Summary（監査前 | Unaudited）

FY2022（百万円 | Millions of JPY）

売上⾼ | Net sales

Q1

Q2

Q3

FY2023Q1 - Q3

Q4

年度 |Full year

Q1

Q2

Q3

Q1 - Q3

1,572,030

1,610,447

1,693,296

4,875,773

1,694,666

6,570,439

1,557,507

1,669,553

1,774,841

5,001,901

883,791

837,538

857,794

2,579,123

748,919

3,328,042

832,075

900,242932,864

2,665,181-2,834,440

1,984,842-511,568-1,361,166

526,107-835,059-698,957-264,598

424,606-538,949

111,223

3,413,432

174,9453,699,600

860,900

4,560,500-689,697

276,167-169,898-583,428-2,919,130-1,434,412-653,213-5,006,755-315,510-5,322,265-13,043-570,239

531,288-51,994-26,533

5,822-33,300-54,011-19,283-73,294

3,783

29,474

63,21696,473

販売費及び⼀般管理費 | Selling, general and administrative expenses-626,513-627,827-666,775-1,921,115-774,213-2,695,328-648,080-705,992-769,519-2,123,591

財務費⽤ | Finance cost

-114,139-200,078-119,291-433,508-122,394-555,902-139,601-155,583-131,612-426,796

為替差損益 | Foreign exchange gain (loss)-819,969-275,457

367,442-727,984-44,286-772,270-464,642-183,444

339,884-308,202

持分法による投資損益 | Income (loss) on equity method investments-158,370

103,500-15,741-70,611-26,066-96,677-18,319-16,301-2,491-37,111

デリバティブ関連損益（投資損益を除く）|
Derivative gain (loss) (excluding gain (loss) on investments)-259,250

1,289,030-410,193

619,587-565,331

54,256

849,629-147,911

478,548

1,180,266

SVFにおける外部投資家持分の増減額 |Change in third-party interests in SVF

631,367

387,374

127,038

1,145,779-17,830

1,127,949-58,081-168,184-152,132-378,397

5,068

86,169-211,379-120,142

96,004-24,138

169,782

10,54051,352

231,674

税引前利益 | Income before income tax-3,292,455

3,585,091-582,673-290,037-179,090-469,127-176,194-731,231

1,171,500

264,075

純利益 | Net income-3,096,321

3,082,759-744,678-758,240-31,561-789,801-316,194-788,959

985,475-119,678

親会社の所有者に帰属する純利益 |Net income attributable to owners of the parent-3,162,700

3,033,602-783,415-912,513-57,631-970,144-477,616-931,111

950,004-458,723

営業活動によるキャッシュ・フロー | Cash flows from operating activities

140,805

414,715

169,326

724,846

16,446741,292-172,574

261,341

60,940149,707

投資活動によるキャッシュ・フロー | Cash flows from investing activities

286,098-14,804

191,918

463,21284,366

547,578-307,791-459,585-151,802-919,178

財務活動によるキャッシュ・フロー | Cash flows from financing activities

175,926-754,254-297,550-875,878

1,067,395

191,517529,565-542,232-251,914-264,581

売上総利益 | Gross profit
投資損益合計 | Total gain on investments
持株会社投資事業からの投資損益 |Gain (loss) on investments at Investment Business of Holding Companies
SVF事業からの投資損益 |Gain (loss) on investments at SoftBank Vision Funds
その他の投資損益 | Gain (loss) on other investments

その他の損益 | Other gain (loss)

-2-

Q4

年度 |
Full year

持株会社投資事業 | Investment Business of Holding Companies Segment（監査前 | Unaudited）

FY2022（百万円 | Millions of JPY）

持株会社投資事業からの投資損益 |Gain (loss) on investments at Investment Business of Holding Companies

Q1

Q2

FY2023Q3

Q1 - Q3

Q4

年度 |Full year

Q1

Q2

Q3

Q1 - Q3

Q4

111,233

3,413,475

175,0083,699,716

860,852

4,560,568-689,697

276,167-169,898-583,428

アリババ株式先渡売買契約決済関連利益 |Gain relating to settlement of prepaid forward contracts using Alibaba shares

97,2634,740,988-

4,838,251-

4,838,251

-

-

-

-

Tモバイル株式売却関連損益 |Gain relating to sales of T-Mobile shares

24,842--

24,842-

24,842

-

-

-

-

7,176

-61,402-15,678-69,904-4,046-73,950-59-88,283-2,343-90,685-69,479

10,676-4,012-62,815-4,238-67,054906

29,097

3,248

33,251-5,246-596

846-4,996-106-5,102

18

-814

10

-786

-400

-147,266-90,193-237,859

2,242-235,617

17,686-12,197-23,822-18,333

投資の未実現評価損益 |Unrealized gain (loss) on valuation of investments-27,605-1,142,854

213,163-957,296

813,098-144,198-620,356

306,585-448,793-762,564

投資に係るデリバティブ関連損益 |Derivative gain (loss) on investments

73,60912,92469,001

155,534

49,972

205,506-97,024

30,529291,887

225,392

為替換算影響額 |Effect of foreign exchange translation

-

-

-

-

-

-

-

6,532

-

6,532

11,073

1,005

1,881

13,9593,930

17,890

9,132

4,718

9,915

23,765

販売費及び⼀般管理費 | Selling, general and administrative expenses-16,657-14,005-13,537-44,199-29,597-73,796-19,633-21,862-26,544-68,039

財務費⽤ | Finance cost

-80,029-160,610-76,563-317,202-81,339-398,541-97,256-112,386-136,361-346,003

為替差損益 | Foreign exchange gain (loss)-822,035-278,108374,787-725,356-46,697-772,053-466,107-184,024

343,456-306,675

持分法による投資損益 | Income (loss) on equity method investments-139,782

115,903-829-24,708

1,872-22,836-1,581-2,481

2,859-1,203

デリバティブ関連損益（投資損益を除く）|
Derivative gain (loss) (excluding gain (loss) on investments)-244,986

1,286,487-410,386

631,115-565,383

65,732

848,775-148,389

478,445

1,178,831-5,797

97,200-179,002-87,599

78,371-9,22830,95944,26345,438120,660-1,198,053

4,460,342-130,522

3,131,767

218,079

3,349,846-394,540-148,712

537,395-5,857

資産運⽤⼦会社からの投資の実現損益*1 |Realized gain (loss) on investments at asset management subsidiaries*1*1

資産運⽤⼦会社からの投資の未実現評価損益 |Unrealized gain (loss) on valuation of investments at asset management
subsidiaries*1
資産運⽤⼦会社からの投資に係るデリバティブ関連損益*1 |Derivative gain (loss) on investments at asset management subsidiaries*1
投資の実現損益 |Realized gain (loss) on investments

その他 | Other

その他の損益 | Other gain (loss)
セグメント利益（税引前利益） |Segment income (income before income tax)
*1 資産運⽤⼦会社︓SB Northstarおよびその⼦会社
Asset management subsidiaries indicate SB Northstar and its subsidiaries.

-3-

年度 |
Full yearソフトバンク・ビジョン・ファンド事業 | SoftBank Vision Funds Segment（監査前 | Unaudited）

FY2022（百万円 | Millions of JPY）

SVF事業からの投資損益 | Gain (loss) on investments at SoftBank Vision Funds
SVF1、SVF2およびLatAmファンドからの投資損益 |Gain (loss) on investments at SVF1, SVF2, and LatAm Funds
投資の実現損益 | Realized gain (loss) on investments
SVF1
SVF2
LatAm Funds
投資の未実現評価損益 | Unrealized gain (loss) on valuation of investments
SVF1
当期計上額 | Change in valuation for the fiscal year
過年度計上額のうち実現損益への振替額 |Reclassified to realized gain (loss) recorded in the past fiscal years
SVF2

Q1

Q2

-2,933,845-1,378,497-2,935,030-1,381,173

FY2023Q1 - Q3

Q4

年度 |Full year

Q1

Q2

Q3

-730,357-5,042,699-236,795-5,279,494

159,773

21,363600,732

781,868-731,938-5,048,141-250,317-5,298,458

134,703

33,763576,814745,280

Q3

Q1 - Q3

Q4-26,72232,12041,64247,04031,57678,616-68,179

923,948

79,226934,995-30,466
3,257
487

33,757-2,466829

44,857-3,486271

48,148-2,695
1,587

33,565-804-1,18581,713-3,499402-86,940
19,713-952

1,004,706-80,741-17

93,577-17,2212,870

1,011,343-78,249
1,901-2,915,895-1,387,185-717,438-5,020,518-246,752-5,267,270

212,237-846,419

525,545-108,637-1,260,869-703,089-365,161-2,329,119

54,648-2,274,471

230,999-580,071

226,630-122,442-1,215,309-630,217-300,022-2,145,548

179,086-1,966,462

124,055-422,115

223,079-74,981-45,560-72,872-65,139-183,571-124,438-308,009

106,944-157,956

3,551-47,461-1,329,634-635,288-282,302-2,247,224-203,431-2,450,655-66,958-251,889

260,727-58,120-1,341,008-639,744-284,989-2,265,741-204,576-2,470,317-50,303-317,834

242,441-125,696

11,374

4,456

2,687

18,517

1,145

19,662-16,655

65,94518,286

67,576-325,392-48,808-69,975-444,175-97,969-542,144

48,196-14,459

38,18871,925-325,155-48,807-70,039-444,001-97,811-541,812

47,135-14,459

42,46275,138

-237

-1

64

-174

-158

-332

1,061

-

-4,274-3,213

415

344

431

1,190

322

1,512

1,491

19,321

459

21,271

投資に係るデリバティブ関連損益 | Derivative gain (loss) on investments

37,650-1,285-20,174

16,191-1,654

14,537

2,453

1,974

-1,5582,869

為替換算影響額 | Effect of foreign exchange translation-30,478-25,167-36,399-92,044-33,809-125,853-13,299-65,061-26,858-105,218

5,442

13,522

18,96425,070-12,400

23,91836,588

当期計上額 | Change in valuation for the fiscal year
過年度計上額のうち実現損益への振替額 |Reclassified to realized gain (loss) recorded in the past fiscal years
LatAm Funds
当期計上額 | Change in valuation for the fiscal year
過年度計上額のうち実現損益への振替額 |Reclassified to realized gain (loss) recorded in the past fiscal years
投資先からの利息及び配当⾦ |Interest and dividend income from investments

1,185

2,676

1,581

販売費及び⼀般管理費 | Selling, general and administrative expenses

その他の投資損益 | Gain (loss) on other investments-18,904-12,079-22,201-53,184-12,815-65,999-18,299-26,389-19,353-64,041

財務費⽤ | Finance cost

-15,401-20,394-23,279-59,074-22,107-81,181-23,628-28,904-11,991-64,523

499

121

245

865

42

907

-

-

-

-

631,367

387,374

127,038

1,145,779-17,830

1,127,949-58,081-168,184-152,132-378,397

5,534

3,571

-11,542-2,437-8,036-10,473

1,276-56,750

5,487-49,987-2,330,750-1,019,904-660,096-4,010,750-297,541-4,308,291

61,041-258,864

422,743

224,920

デリバティブ関連損益（投資損益を除く）|
Derivative gain (loss) (excluding gain (loss) on investments)
SVFにおける外部投資家持分の増減額 | Change in third-party interests in SVF
その他の損益 | Other gain (loss)
セグメント利益（税引前利益）| Segment income (income before income tax)

年度 |Full year*1 SVFによる当社⼦会社（主にアーム、PayPay㈱）への投資に係る投資損益は、ソフトバンク・ビジョン・ファンド事業のセグメント利益において「SVF事業からの投資損益」に含まれるが、連結上消去し、連結業績概要の「SVF事業からの投資損益」には含まれない
Gains and losses on SoftBank Vision Fundsʼ investments in shares in the Companyʼs subsidiaries (mainly Arm and PayPay Corporation) are included in the segment income of the SoftBank Vision Funds segment as "Gain (loss) on at SoftBank Vision Funds" but are eliminated in consolidation and not included
in "Gains (loss) on investments at SoftBank Vision Funds" in the Consolidated Results Summary.

-4-

SVF1 エグジット前の投資（当四半期末に保有する投資）の内訳 （公開／未公開別）|
SVF1 Investments Before Exit by Public/Private (Investments Held at the Quarter-end)
銘柄数 |# of investments

FY2023 Q3（⼗億⽶ドル | Billions of USD）

未実現評価損益計上額 |Unrealized valuation gain/loss recorded
FY2023
累計 | YTD

FY2023 Q3

合計 | Total

69

53.5

42.2

-11.3

1.7

-0.6

公開投資先 | Public companies

21

28.2

18.0

-10.2

0.5

0.0

Coupang, Inc.

1.9

6.4

4.5

-0.3

0.1

DiDi Global Inc.*3

12.1

3.8

-8.3

0.7

0.1

Grab Holdings Inc.

2.4

1.9

-0.5

-0.1

0.2
-0.1

Full Truck Alliance Co. Ltd.

1.3

1.1

-0.2

-0.0

DoorDash, Inc.

0.1

0.9

0.8

0.2

0.3

Roivant Sciences Ltd.

0.7

0.8

0.1

-0.1

0.3

PT GoTo Gojek Tokopedia Tbk

1.0

0.5

-0.5

0.0

-0.2

SenseTime Group Inc.

0.8

0.4

-0.4

-0.1

-0.5

Delhivery Limited

0.2

0.4

0.2

-0.0

0.1

Compass, Inc.

0.8

0.4

-0.4

0.1

0.1

One97 Communications Limited (Paytm)

0.5

0.3

-0.2

-0.1

-0.0

Relay Therapeutics, Inc.

0.3

0.3

0.0

0.1

-0.2

Auto 1 Group SE

0.7

0.3

-0.4

0.0

0.0

Aurora Innovation Inc.

0.3

0.2

-0.1

0.1

0.1

Vir Biotechnology, Inc.

0.1

0.1

0.0

0.0

-0.2

Energy Vault, Inc.

0.1

0.1

-0.0

-0.0

0.0

Ginkgo Bioworks Holdings, Inc.

0.1

0.1

-0.0

-0.0

0.0

Getaround, Inc.

0.3

0.0

-0.3

-0.0

-0.0

View Inc.

1.2

0.0

-1.2

-0.0

-0.0

OneConnect Financial Technology Co., Ltd.

0.1

0.0

-0.1

-0.0

-0.0

WeWork Inc.*3
未公開投資先 | Private companies*1

累計損益 |
Cumulative gain/loss(B) - (A)

公正価値 |
Fair value
(B)

投資額 |
Investment cost
(A)

48

3.2

-

-3.2

-0.0

-0.1

25.3

24.2

-1.1

1.2

-0.6

公開投資先は証券取引所および店頭市場で取引される株式を、未公開投資先は公開投資先に該当しない投資先を指す。投資先の公開／未公開の区分は、FY2023Q3末時点の状態に基づく
Public portfolio companies are shares traded on stock exchanges or over-the-counter markets, while private portfolio companies are those not classified as public. The distinction between public and private portfolio
companies is determined by their status as of the end of FY2023Q3.

*2

各項⽬の⾦額は、単位未満を四捨五⼊しているため、内訳の計と合計は必ずしも⼀致しない
The total and the sum of the breakdown in the table may not match due to rounding each item to the nearest unit.

*3

店頭市場取引銘柄。なお、WeWork株式の帳簿価額は0⽶ドルまで引き下げている。
Traded in the over-the-counter market. The carrying amount of WeWork stocks has been written down to zero U.S. dollars.

-5-

SVF2 エグジット前の投資（当四半期末に保有する投資）の内訳 （公開／未公開別）|
SVF2 Investments Before Exit by Public/Private (Investments Held at the Quarter-end)☆: 共同出資プログラムの対象外の投資 | Investments outside of the co-investment program

銘柄数 |# of investments

投資額 |Investment cost(A)

累計損益 |
Cumulative gain/loss(B) - (A)

公正価値 |
Fair value(B)

FY2023 Q3（⼗億⽶ドル | Billions of USD）

未実現評価損益計上額 |Unrealized valuation gain/loss recorded
FY2023
累計 | YTD

FY2023 Q3

合計 | Total

273

49.5

30.1

-19.4

1.7

-0.9

公開投資先 | Public companies

16

8.6

4.4

-4.2

0.9

-0.6

AutoStore Holdings Ltd.

2.8

2.6

-0.2

0.7

-0.2

Symbotic Inc.

0.2

1.0

0.8

0.4

0.6

Neumora Therapeutics, Inc.

0.1

0.2

0.1

0.0

0.0

☆ Full Truck Alliance Co. Ltd.

0.2

0.1

-0.1

-0.0

-0.0

Exscientia PLC

0.3

0.1

-0.2

0.0

0.0

☆ JD Logistics, Inc.

0.5

0.1

-0.4

-0.0

-0.1

0.2

0.1

-0.1

-0.1

-0.1

0.5

0.1

-0.4

0.0

0.0

0.2

0.1

-0.1

-0.0

-0.0

0.0

0.0

0.0

-0.0

0.0

0.1

0.0

-0.1

-0.0

-0.0

☆ DingDong (Cayman) Limited

0.3

0.0

-0.3

-0.0

-0.0

☆ Seer, Inc.

0.2

0.0

-0.2

-0.0

-0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

-0.0

-0.0

-0.0

3.0

-

-3.0

-0.1

-0.8

40.9

25.7

-15.2

0.8

-0.3

Keep Inc.
☆ Better Holdco Inc.
Qingdao AInnovation Technology Group Co., Ltd.
☆ IonQ, Inc.
Beisen Holding Limited

Globalstar, Inc.
☆ Pear Therapeutics, Inc.

*3

☆ WeWork Inc.*3
未公開投資先 | Private companies*4257*1 公開投資先は証券取引所および店頭市場で取引される株式を、未公開投資先は公開投資先に該当しない投資先を指す。投資先の公開／未公開の区分は、FY2023Q3末時点の状態に基づく
Public portfolio companies are shares traded on stock exchanges or over-the-counter markets, while private portfolio companies are those not classified as public.
The distinction between public and private portfolio companies is determined by their status as of the end of FY2023Q3.
*2 各項⽬の⾦額は、単位未満を四捨五⼊しているため、内訳の計と合計は必ずしも⼀致しない
The total and the sum of the breakdown in the table may not match due to rounding each item to the nearest unit.
*3 店頭市場取引銘柄。なお、WeWork株式の帳簿価額は0⽶ドルまで引き下げている。
Traded in the over-the-counter market. The carrying amount of WeWork stocks has been written down to zero U.S. dollars.
*4 2023年3⽉のWeWorkと主要な債券投資家およびSVF2等における同社の債務リストラクチャリングに対するサポートに係る合意に基づきSVF2が保有する転換社債および額⾯3.0億⽶ドルの債券を含む
Includes the convertible bonds and notes with a face value of $0.30 billion held by SVF2 in accordance with an agreement made in March 2023 among WeWork, its principal bondholders, SVF2, and others to support the
restructuring of WeWorkʼs debt.

-6-

SVF1&2 エグジット前の投資（当四半期末に保有する投資）の内訳（セクター別）|
SVF1&2 Investments Before Exit by Sector (Investments Held at the Quarter-end)
投資額 |Investment cost
(A)

銘柄数 |
# of investments

FY2023 Q3（⼗億⽶ドル | Billions of USD）

合計 | Total

SVF1

未実現評価損益計上額 |Unrealized valuation gain/loss recorded
FY2023
累計 | YTD

FY2023 Q3

69

53.5

42.2

-11.3

1.7

-0.6

コンシューマー | Consumer

16

12.6

25.1

12.5

1.5

1.8

エドテック | Edtech

1

0.6

0.2

-0.4

-

-

エンタープライズ | Enterprise

8

2.5

1.7

-0.8

-0.0

-0.6
-0.1

フィンテック | Fintech

8

3.0

1.0

-2.0

-0.2

フロンティアテック | Frontier Tech

4

0.3

0.1

-0.2

-0.0

0.0

ヘルステック | Health Tech

7

1.7

1.6

-0.1

0.0

-0.1

ロジスティクス | Logistics

11

6.1

3.9

-2.2

0.1

-1.0

プロップテック | Proptech

7

9.4

1.2

-8.2

-0.1

-0.6

トランスポーテーション | Transportation

7

17.3

7.4

-9.9

0.4

0.0

合計 | Total

SVF2

累計損益 |
Cumulative gain/loss(B) - (A)

公正価値 |
Fair value
(B)

273

49.5

30.1

-19.4

1.7

-0.9

コンシューマー | Consumer

49

10.6

5.7

-4.9

-0.2

-0.6

エドテック | Edtech

10

1.5

0.9

-0.6

0.0

-0.1

エンタープライズ | Enterprise

74

8.9

5.5

-3.4

0.1

-0.2

フィンテック | Fintech

37

8.6

5.4

-3.2

0.6

0.8

フロンティアテック | Frontier Tech

17

3.0

1.9

-1.1

-0.3

-0.4

ヘルステック | Health Tech

44

4.7

2.3

-2.4

0.1

-0.2

ロジスティクス | Logistics

19

6.0

5.7

-0.3

1.1

0.4

プロップテック | Proptech

8

3.8

0.1

-3.7

-0.1

-1.3

トランスポーテーション | Transportation

9

2.3

2.5

0.2

0.4

0.7

その他 | Other

6

0.1

0.1

-0.0

-0.0

0.0

*1 セクターはSBIAが合理的と考え決定した区分に基づき定義。FY23Q3に投資先の⼀部のセクターを変更。
Sector categorization is determined as considered reasonable by SBIA. The sector classifications of certain portfolio companies were changed in FY23Q3.
*2 各項⽬の⾦額は、単位未満を四捨五⼊しているため、内訳の計と合計は必ずしも⼀致しない
The total and the sum of the breakdown in the table may not match due to rounding each item to the nearest unit.

-7-

SVF1 投資先⼀覧 | SVF1 Portfolio
2023年12⽉末時点。エグジット済みの投資を除く | As of December 31, 2023. Excludes exited investments.

セクター |
SectorConsumer

会社名（アルファベット順）|
Name (in alphabetical order)■: 公開投資先 | Public companies □: 株式公開予定公表済み | Stock offering plan announced

旧セクター |

初回出資⽇ |
Initial Investment Date

Former sector■ Auto 1 Group SE

FY2017 Q4Transportation□ Brainbees Solutions Private Limited (FirstCry)

FY2018 Q4Consumer*1

セクター | Sector
Health Tech

会社名（アルファベット順）|
Name (in alphabetical order)
CollectiveHealth, Inc.
■ Ginkgo Bioworks Holdings, Inc.

初回出資⽇ |
Initial Investment Date

旧セクター |
Former sector

FY2019 Q1Health Tech

FY2022 Q3Frontier Tech

Bytedance Ltd.

FY2018 Q1ConsumerGood Doctor Technology Limited

FY2019 Q3

Health Tech

■ Coupang, Inc.

FY2018 Q2Consumer

HealthKonnect Medical and Health Technology Management
Company Limited (Ping An Medical and Healthcare)

FY2017 Q4Health Tech

Esquared Capital Limited (Klook)

FY2019 Q1Consumer■ Relay Therapeutics, Inc.

FY2018 Q3Health Tech

Fair Financial Corp.

FY2018 Q4Transportation■ Roivant Sciences Ltd.

FY2017 Q2Health Tech

Fanatics Holdings, Inc

FY2017 Q2Consumer■ Vir Biotechnology, Inc.

FY2017 Q2Health Tech

FY2018 Q4Transportation■ Delhivery Limited

FY2018 Q4

Logistics

GetYourGuide AG

FY2018 Q4Consumer■ DoorDash, Inc.

FY2018 Q3

Logistics

Globalbees Brands Private Limited

FY2021 Q3Consumer

Flexport, Inc.

FY2019 Q1Logistics

Guazi.com Inc.

FY2019 Q1

Transportation■ Full Truck Alliance Co. Ltd.

FY2018 Q1Logistics

FY2017 Q2Consumer

GoBrands, Inc. (goPuff)

FY2019 Q2Logistics■ Getaround, Inc.

□ Oravel Stays Limited (OYO Rooms)

Logistics

OYO Technology & Hospitality (China) Pte. Ltd.

FY2018 Q2Consumer

Local Services Holding Limited (Alibaba Local Services)

FY2018 Q3

Logistics

Plenty Unlimited Inc.

FY2017 Q2Consumer

Loggi Technology International

FY2018 Q1Logistics■ PT GoTo Gojek Tokopedia Tbk

FY2021 Q1Consumer

Parking Aggregator LLC (Parking co)

FY2023 Q1Logistics

Tabist Co., Ltd. (OYO Japan)

FY2018 Q4Consumer

Rappi, Inc.

FY2019 Q1Logistics

EdtechZuoyebang Education Limited

FY2018 Q3

EdtechREEF Proximity Aggregator LLC (Kitchen co)

FY2023 Q1Logistics

Enterprise

Automation Anywhere Inc.

FY2018 Q3Enterprise

ZUME, INC.

FY2018 Q3

Logistics

Cohesity APJ Pte. Ltd.

FY2019 Q1Enterprise■ Compass, Inc.

FY2017 Q4

Proptech

Cohesity, Inc.

FY2018 Q1Enterprise

Katerra Inc.

FY2017 Q4

ProptechGlobality Inc.

FY2018 Q3Enterprise

Improbable Worlds Limited

FY2017 Q3

Frontier Tech

Mapbox, Inc.

FintechFrontier Tech

Proptech■ View Inc.
WeWork Greater China Holding Company B.V.

Proptech

FY2017 Q3

Proptech

FY2017 Q3

Proptech

FY2017 Q3Enterprise■ SenseTime Group Inc.

FY2018 Q2

Frontier Tech

WeWork Japan GK

FY2017 Q3

Proptech

Treasure Data, Inc.

FY2021 Q1

Frontier Tech

Ziroom Inc.

FY2019 Q2

ProptechCreditas Financial Solutions, Ltd.

FY2019 Q2

FintechANI Technologies Private Limited (Ola)FY2019 Q2

Transportation

Greensill Capital Pty. Ltd.

FY2019 Q1

FintechFY2020 Q4

Transportation

Kabbage, Inc.

FY2018 Q3

FintechOakNorth Holdings Limited

FY2018 Q4

Fintech■ One97 Communications Limited (Paytm)

FY2017 Q3

Fintech■ OneConnect Financial Technology Co., Ltd.

FY2018 Q1

FintechNauto, Inc.

Pollen, Inc. (C2FO)

FY2019 Q2

FintechNuro, Inc.

VNLife Corporation Joint Stock Company

FY2019 Q1

FintechBrain Corporation

FY2017 Q2

Frontier Tech

CloudMinds Inc.

FY2018 Q4

Frontier Tech

■ Energy Vault, Inc.

FY2019 Q2

Frontier Tech

Light Labs Inc.

FY2018 Q2

Frontier Tech

■ WeWork Inc.

FY2018 Q3*1Transportation■ Aurora Innovation Inc.
Cambridge Mobile Telematics Inc.

FY2018 Q4Enterprise■ DiDi Global Inc.

FY2018 Q4Transportation■ Grab Holdings Inc.

FY2018 Q3

Transportation

FY2017 Q3Logistics

FY2018 Q4

Logistics

計69件 | Total of 69 investments*1 FY23Q3に投資先の⼀部のセクターを変更。FY23Q2以前に投資した投資先の旧セクターは参考として記載
The sector classifications of certain portfolio companies were changed in FY23Q3. The former sector classifications of portfolio companies
invested in prior to FY23Q3 are presented for reference.

-8-

SVF2 投資先⼀覧 | SVF2 Portfolio (1 of 3)■: 公開投資先 | Public companies □: 株式公開予定公表済み | Stock offering plan announced
2023年12⽉末時点。エグジット済みの投資を除く | As of December 31, 2023. Excludes exited investments.

☆: 共同出資プログラムの対象外の投資 | Investments outside of the co-investment programセクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)

Consumer

Bacasable Global Limited (SandBox)
Baron App, Inc. (Cameo)
Cerebral Inc.

FY2021 Q3Dice FM Ltd.
☆ ■ DingDong (Cayman) Limited
DSM Grup Danismanlik I.V.S.T.A.S (Trendyol)

旧セクター |
Former sector*1

セクター |
Sector

FY2021 Q3Consumer

EdtechFY2020 Q4

Consumer
Consumer

会社名（アルファベット順）|
Name (in alphabetical order)

旧セクター |

初回出資⽇ |
Initial Investment Date

Former sector*1

360Learning S.A.

FY2021 Q2

EdtechApiom, Inc. (Go1)FY2021 Q1

EdtechAtom Learning Ltd.

FY2021 Q3

EdtechEnterprise

FY2021 Q2ConsumerClass Technologies Inc.

FY2021 Q2

FY2021 Q1Consumer

Eruditus Learning Solutions Pte. Ltd.

FY2021 Q2

EdtechFY2021 Q2Consumer

GoStudent GmbHFY2021 Q2

EdtechEdtecheFishery Pte. Ltd.

FY2021 Q4Consumer

Happy_seed (Cayman) Limited (VIPThink)

FY2020 Q2

Embark Veterinary, Inc.

FY2021 Q2Consumer

Paper Education Company Inc.

FY2021 Q4

EdtechEobuwie. PL S.A.

FY2021 Q2Consumer

Riiid Inc.

FY2021 Q1

EdtechExtend, Inc.

FY2021 Q1Consumer

Fetch Rewards, Inc.

FY2021 Q1Consumer

Sorting Hat Technologies Pvt. Ltd (Unacademy)

FY2020 Q2

Edtech6Sense Insights, Inc.

FY2021 Q4Enterprise

Flipkart Private Limited

FY2021 Q2

Get Together Inc. (IRL)FY2021 Q1Consumer

7shifts Inc.

FY2021 Q4Enterprise

Consumer

AccelByte Inc

FY2022 Q1Global Car Group Pte. Ltd. (Cars24)

Consumer

FY2021 Q2ConsumerAdverity GmbHFY2021 Q3InterFocus Cayman Ltd. (PatPat)

Enterprise

FY2021 Q2Consumer

Aiquire Inc. (Pyxis)

FY2021 Q3Enterprise

FY2020 Q3

ConsumerAndela Inc.

FY2021 Q2Enterprise

Keli Network Inc. (Jellysmack)

FY2021 Q1Consumer

Anyvision Interactive Technologies Ltd.

FY2021 Q2Enterprise

Lenskart Solutions Private Limited

FY2019 Q3Consumer

Arkose Labs Holdings, Inc.

FY2021 Q1Enterprise

Live Momentum Ltd. (StreamElements)

FY2021 Q2Consumer

Attentive Mobile Inc.

FY2021 Q1Enterprise

Loop Now Technologies, Inc. (Firework)

FY2022 Q1Consumer

Behavox Ltd.

FY2019 Q4Enterprise

Manticore Games, Inc.

FY2020 Q4

Consumer

Meesho Inc.

FY2021 Q1Consumer

Mmhmm Inc.

FY2021 Q1Modern Clinics Inc. (Sprout)

FY2021 Q2Naver Z Corporation
ODA Group Holding AS■ Keep Inc.

☆

初回出資⽇ |
Initial Investment Date

Enterprise■ Beisen Holding Limited

FY2021 Q1Enterprise

Boomerang Commerce Inc. (CommerceIQ)

FY2021 Q4Enterprise

Consumer

Cato Networks Limited

FY2023 Q2Enterprise

Consumer

CertiK Global Ltd.

FY2022 Q1

Frontier Tech

FY2021 Q3Consumer

Clarity AI, Inc.

FY2021 Q2Enterprise

FY2021 Q1Consumer

Claroty Ltd.

FY2021 Q4Enterprise

OP Invest AS (Gelato)

FY2021 Q2Consumer

CoachHub GmbHFY2022 Q2Enterprise

OrderMark, Inc.

FY2020 Q3

ConsumerCommerce Fabric, Inc.

FY2021 Q4Enterprise

Papa Inc.

FY2021 Q3ConsumerContent Square S.A.S.

FY2021 Q1Enterprise

PerchHQ LLC

FY2021 Q1Consumer

ContractPod Technologies Limited

FY2021 Q2Enterprise

PicsArt, Inc.

FY2021 Q2Consumer

Copado Holdings, Inc.

FY2021 Q2Enterprise

RewardStyle, Inc.

FY2021 Q3Consumer

Cybereason Inc.

FY2021 Q1Enterprise

Ripples Capital Limited (Kitopi)

FY2021 Q2Consumer☆

Digital Arbitrage Inc. (Cloudbeds)

FY2021 Q3Consumer

SCA Investments Limited (Gousto)

FY2021 Q3Consumer

Eightfold AI Inc.

FY2021 Q1EnterpriseSoda, Inc.

FY2021 Q3ConsumerEsusu Financial, Inc.

FY2021 Q4Enterprise

Sorare SAS

FY2021 Q2Consumer

Guangzhou Tungee Technology Co., Ltd.

FY2021 Q2Enterprise

Spotter, Inc.

FY2021 Q4Consumer

Huice Group Holding Limited (Wangdiantong)

FY2021 Q2Enterprise

Tempo Interactive Inc.

FY2020 Q4

Consumer

Icertis, Inc.

FY2021 Q3Enterprise

The Fynder Group, Inc. (Nature's Fynd)

FY2021 Q1Consumer

Improbable MV Limited

FY2021 Q4

Frontier Tech

Trusty Cars Pte. Ltd. (Carro)

FY2021 Q2Transportation

InMobi Pte. Ltd.

FY2021 Q1Enterprise

UPSIDE Foods, Inc.

FY2020 Q3

Consumer

Iyuno Sweden Holding I AB

FY2021 Q2Enterprise

Vestiaire Collective S.A.

FY2021 Q3Consumer

Job and Talent Holding Limited

FY2020 Q4EnterpriseEnterprise

Vuori, Inc.

FY2021 Q3ConsumerLabelbox, Inc.

FY2021 Q3

Whoop, Inc.

FY2020 Q3

Consumer

LegalOn Technologies, Inc.

FY2022 Q1Enterprise

XPX Holdings Limited

FY2021 Q1Consumer

MindTickle Inc.

FY2020 Q3Enterprise

Yanolja Co., Ltd.

FY2021 Q2Consumer--

他3件 | 3 other investments-9-

Minio, Inc.

FY2021 Q3Enterprise

Movai Inc. (XMOV)FY2021 Q4EnterpriseSVF2 投資先⼀覧 | SVF2 Portfolio (2 of 3)■: 公開投資先 | Public companies □: 株式公開予定公表済み | Stock offering plan announced
2023年12⽉末時点。エグジット済みの投資を除く | As of December 31, 2023. Excludes exited investments.

セクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)☆: 共同出資プログラムの対象外の投資 | Investments outside of the co-investment program

初回出資⽇ |
Initial Investment
Date

旧セクター |
Former sector*1

セクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)

初回出資⽇ |
Initial Investment
Date

旧セクター |
Former sector*1

Enterprise

NTEX Transportation Services Private Limited (ElasticRun)

FY2021 Q4Consumer

FintechConsenSys Software Inc.

FY2021 Q4

Fintech(cont'd)OnboardIQ, Inc. (Fountain)

FY2021 Q2Enterprise(cont'd)Digital Currency Group, Inc.

FY2021 Q3

FintechOneTrust LLC

FY2021 Q1Enterprise

Digits Financial, Inc.

FY2021 Q1FintechPantheon Systems, Inc.

FY2021 Q2Enterprise

Drivewealth Holdings, Inc.

FY2021 Q2FintechPatsnap Limited

FY2020 Q4Enterprise

Elliptic Enterprises Limited

FY2021 Q3

FintechPax8, Inc.

FY2021 Q4Enterprise

Envelop Risk Analytics Ltd.

FY2021 Q3

FintechPeak AI Limited

FY2021 Q2Enterprise

Ethos Technologies Inc.

FY2021 Q2FintechPermutive, Inc.

FY2021 Q3EnterpriseeToro Group Ltd.

FY2020 Q4

FintechPlume Design, Inc.

FY2021 Q2EnterpriseFTX Trading Ltd.

FY2021 Q2Fintech■ Qingdao AInnovation Technology Group Co., Ltd.

FY2021 Q1Enterprise

Funding Asia Group Pte. Ltd. (Funding Societies)

FY2021 Q4

FintechQuicko Technosoft Labs Private Limited (Whatfix)

FY2021 Q1Enterprise

Human Interest Inc.

FY2021 Q2FintechR Software Inc. (RapidAPI)

FY2021 Q4Enterprise

Infinity Stones Inc.

FY2021 Q4

FintechRedis Labs Ltd.

FY2020 Q4Enterprise

Juspay Technologies Private Limited

FY2021 Q3

FintechRemote Technology, Inc.

FY2022 Q1Enterprise

Klarna Holding AB

FY2020 Q4

FintechSendBird, Inc.

FY2020 Q4Enterprise

M1 Holdings Inc.

FY2021 Q2FintechFintechSender Inc. (Sendoso)

FY2021 Q2Consumer

Opay Limited

FY2021 Q1

Sense Talent Labs, Inc.

FY2021 Q3Enterprise

OurCrowd International General Partner, L.P.

FY2021 Q3

Other

Shenzhen Dianxiaomi Network Technology Co, Ltd. (DXM)

FY2021 Q4Enterprise

PayPay Corporation

FY2021 Q3

FintechShoplazza Corporation Limited

FY2021 Q3EnterprisePrimaryBid Limited

FY2021 Q4

FintechSkedulo Holdings, Inc.

FY2021 Q1Enterprise

Revolut Ltd.

FY2021 Q2FintechSmooth and Steady Inc. (Ekuaibao)

FY2021 Q2Enterprise

Roofstock, Inc.

FY2021 Q3Proptech

Sobot Technologies Inc.

FY2021 Q4Enterprise

Soul Machines Limited

FY2021 Q3

Frontier Tech

Standard Cognition, Corp.

FY2020 Q4

TigerGraph, Inc.

FY2021 Q1Tractable Inc.

FY2023 Q2

TabaPay, Inc.

FY2021 Q4

FintechVivid Money Holdco Limited

FY2021 Q4

FintechEnterpriseWest Realm Shires Inc. (FTX US)

FY2021 Q2FintechEnterprise

Zeta Investments Holdings Pte. Ltd.

FY2021 Q1FintechEnterprise

Zopa Group Limited

FY2021 Q3

FintechTravelperk, Inc

FY2023 Q3-Trax LtdFY2021 Q1Enterprise

他1件 | 1 other investment
Frontier Tech

Agile Robots AG--

FY2021 Q2

Frontier Tech

Treasure Data, Inc.

FY2021 Q1Enterprise

Cornami, Inc.

FY2021 Q3

Frontier Tech

Unifonic Inc.

FY2021 Q2Enterprise

Enpal GmbHFY2021 Q3

Frontier Tech

Vendr, Inc.

FY2022 Q1Enterprise

FormLabs, Inc.

FY2021 Q1

Frontier Tech

Vianai Systems, Inc.

FY2021 Q1

Frontier Tech

■ Globalstar, Inc.

FY2023 Q2Enterprise

Workboard, Inc

FY2021 Q1Enterprise

Guangzhou Xaircraft Technology Co., Ltd. (XAG)FY2020 Q3

Frontier Tech

Z21 Labs Inc. (Observe AI)

FY2021 Q4Enterprise

Information Grid Ltd.

FY2021 Q1ProptechZaihui Inc.

FY2021 Q2Enterprise

FY2021 Q1

Frontier Tech

ZenBusiness Inc.

FY2021 Q3Consumer--

他1件 | 1 other investment
Fintech☆

☆ ■ IonQ, Inc.
Keenon Robotics Co., Ltd.

FY2021 Q2

Frontier Tech

Kigen (UK) Limited

FY2021 Q4

Frontier Tech

Advance Intelligence Group Limited (Advance.AI)

FY2021 Q2FintechOpentrons Labworks, Inc.

FY2021 Q2

Frontier Tech

Aleo Systems Inc.

FY2021 Q4

FintechSambaNova Systems, Inc.

FY2021 Q1

Frontier Tech

Apollo Agriculture, Inc.

FY2021 Q4

FintechShanghai Eigencomm Technologies Co., Ltd.

FY2021 Q4

Frontier Tech

☆ ■ Better Holdco Inc.

FY2021 Q1FintechShanghai Gaussian Automation Technology Development Co., Ltd.

FY2021 Q3

Frontier TechbKash Limited

FY2021 Q3

FintechBlockdaemon, Inc.

FY2021 Q2FintechbloXroute Labs, Inc.

FY2022 Q1Enterprise

Brex Inc.

FY2021 Q2Fintech

CFT Clear Finance Technology Corp. (Clearco)

FY2021 Q1Chime Financial, Inc.

FY2021 Q2□ Shanghai JAKA Robotics Ltd.

FY2022 Q1

Frontier Tech

Swell Energy Inc.

FY2022 Q2Frontier Tech

Wiliot Ltd.

FY2021 Q2

Frontier Tech

Abogen Therapeutics Limited

FY2021 Q3Health Tech

FintechAculys Pharma, Inc.

FY2021 Q3Health Tech

FintechAI Medical Service Inc.

FY2022 Q1Health Tech

Health Tech

- 10 -

SVF2 投資先⼀覧 | SVF2 Portfolio (3 of 3)■: 公開投資先 | Public companies □: 株式公開予定公表済み | Stock offering plan announced
2023年12⽉末時点。エグジット済みの投資を除く | As of December 31, 2023. Excludes exited investments.

セクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)☆: 共同出資プログラムの対象外の投資 | Investments outside of the co-investment program

初回出資⽇ |
Initial Investment
Date

旧セクター |
Former sector*1

セクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)

初回出資⽇ |
Initial Investment
Date

旧セクター |
Former sector*1

Health Tech

Alto Pharmacy Holdings, Inc.

FY2019 Q3

Health Tech

Logistics

Material Technologies Corporation (Material Bank)FY2021 Q2Logistics(cont'd)Arsenal Biosciences, Inc.

FY2022 Q1Health Tech(cont'd)Misfits Market, Inc.

FY2021 Q2Consumer

Big Health Ltd.

FY2021 Q4

Health Tech

OFB Tech Private Limited (OfBusiness)

FY2021 Q2Enterprise

Biofourmis Holdings Pte. Ltd.

FY2020 Q2

Health Tech

Paack SPV Investments, S.L.

FY2021 Q4Logistics

Cityblock Health, Inc.

FY2021 Q2Health Tech

Reibus International, Inc.

FY2021 Q3Logistics

Clarify Health Solutions, Inc.

FY2022 Q1Enterprise

RightHand Robotics, Inc.

FY2021 Q4Logistics

CMR Surgical Limited

FY2021 Q2Health Tech

SendCloud Global BV

FY2021 Q2Logistics

Deep Genomics Incorporated

FY2021 Q2Health Tech

ShipBob, Inc.

FY2020 Q2

Logistics

Devoted Health, Inc.

FY2021 Q2Health Tech

■ Symbotic Inc.

FY2022 Q1Logistics

Dewpoint Therapeutics, Inc.

FY2021 Q4

Health Tech

Veho Tech, Inc.

FY2021 Q4Logistics☆

EDDA Healthcare and Technology Holding Limited

FY2020 Q4

Health Tech

ElevateBio LLC

FY2020 Q4

Health Tech

Encoded Therapeutics Inc.

FY2020 Q1

Weee! Inc.

FY2021 Q4Consumer

Clicpiso Holdco Global S.à r.l. (Clikalia)

FY2021 Q4

Proptech

Health Tech

Lyra Technologies, Inc. (Block Renovation)

FY2021 Q3Proptech

FY2021 Q1Health Tech

Pacaso Inc.

FY2021 Q2Proptech

GoForward, Inc.

FY2020 Q4

Health Tech

FY2021 Q2ProptechHexagon Bio, Inc.

FY2021 Q1Health Tech

Insitro, Inc.

FY2021 Q1Health Tech

Karius, Inc.

FY2019 Q4

Health Tech

Leyden Laboratories B.V.

FY2021 Q3Health Tech

■ Exscientia PLC☆ ■ WeWork Inc.
他4件 | 4 other investments*2
Transportation

NetraDyne, Inc.
□ Ola Electric Mobility Private Limited
Platform Science, Inc.

--

FY2021 Q2Transportation

FY2021 Q3

Transportation

FY2021 Q3

Transportation

Lumicks Technologies B.V.

FY2021 Q1Health Tech

Rimac Group D.O.O.

FY2022 Q1Transportation

FY2021 Q2Health Tech

Robotic Research OpCo, LLC

FY2021 Q3

Transportation
Transportation

Neuron23, Inc.

FY2021 Q3Health Tech

Tier Mobility GmbHFY2020 Q3

Noah Medical Corporation

FY2021 Q4

Health Tech

Voyager Group Inc. (DiDi AV JV)FY2019 Q4

Transportation

FY2020 Q3

Health Tech

Zum Services, Inc.

FY2021 Q3

Transportation

Plexium, Inc.

FY2021 Q4

Health Tech

Proximie Limited

FY2022 Q1Health Tech

QuantumPharm Inc. (XtalPi)

FY2020 Q2

Quris Technologies Ltd.

FY2022 Q1Repertoire Immune Medicines, Inc.

FY2021 Q1☆ ■ Seer, Inc.

他1件 | 1 other investment--

7wire Ventures Fund II, L.P.

FY2021 Q1

Other

Health TechBrex Technology Opportunities Fund (Master) I LP

FY2021 Q4

Other

Health Tech

Liberty 77 Capital LP

FY2021 Q4

Other

Health Tech

MX Fund II GmbH & Co. KG (Merantix)

FY2021 Q3

Other

Other

FY2020 Q3

Health Tech

NorthStar Equity Partners V Limited

FY2021 Q2

OtherShanghai Fourier Intelligence Co., Ltd.

FY2021 Q4

Health Tech

Paradigm One (Cayman) Feeder LP

FY2021 Q3

Other

Shenzhen XinJuTe Intelligent Medical Devices Co., Ltd. (Futurtec)

FY2021 Q3Health Tech

Synthego Corporation

FY2021 Q4

Health Tech

Tessera Therapeutics, Inc.

FY2020 Q3

Health Tech

Umoja Biopharma, Inc.

FY2021 Q1Health Tech

Variant Bio, Inc.

FY2021 Q3Health Tech

Venn Biosciences Corporation (InterVenn)

FY2021 Q2Health Tech

Ventus Therapeutics U.S.

FY2021 Q4

Health Tech

他3件 | 3 other investments--

FY2021 Q1Logistics

Bundl Technology Private Limited (Swiggy)

FY2021 Q2Consumer

Cargomatic, Inc.

FY2021 Q3Logistics

ezCater, Inc.

FY2021 Q3Logistics

Flock Freight, Inc.

FY2020 Q3

Logistics

Forto GmbHFY2021 Q2Logistics☆ ■ Full Truck Alliance Co. Ltd.

FY2020 Q3

Logistics☆ ■ JD Logistics, Inc.

FY2021 Q1Logistics■ AutoStore Holdings Ltd.
☆

Proptech■ Neumora Therapeutics, Inc.

☆ ■ Pear Therapeutics, Inc.

Logistics☆

- 11 -

計273件 | Total of 273 investments*1 FY23Q3に投資先の⼀部のセクターを変更。FY23Q2以前に投資した投資先の旧セクターは参考として記載
The sector classifications of certain portfolio companies were changed in FY23Q3. The former sector classifications of portfolio
companies invested in prior to FY23Q3 are presented for reference.
*2 2023年3⽉のWeWorkと主要な債券投資家およびSVF2等における同社の債務リストラクチャリングに対するサポートに係る合意に基づき
SVF2が保有する転換社債および額⾯3.0億⽶ドルの債券を含む
Includes the convertible bonds and notes with a face value of $0.30 billion held by SVF2 in accordance with an agreement made in March2023 among WeWork, its principal bondholders, SVF2, and others to support the restructuring of WeWorkʼs debt.

SVF1＆2 投資先の株式公開実績・予定 | Stock Offerings/Offering Plans for SVF1&2 Portfolio Companies
2023年12⽉末時点。投資時に公開済みのものを除く | As of December 31, 2023. Excludes those already were public at the time of investment.

ファンド |Fund
SVF1

株式公開⽇ |
Offering Date (YYYY/MM/DD)

公開⽅式 |
Format

Vir Biotechnology, Inc.

2019/10/11

IPO

OneConnect Financial Technology Co., Ltd.

2019/12/13

Relay Therapeutics, Inc.

会社名 | Name

株式公開⽇ |
Offering Date (YYYY/MM/DD)

公開⽅式 |
FormatSeer, Inc.

2020/12/4

IPO

IPO

JD Logistics, Inc.

2021/5/28

IPO

2020/7/16

IPO

Full Truck Alliance Co. Ltd.

2021/6/22

IPO
IPO

エグジット前の投資 | Investments before exit

ファンド |
会社名 | Name
Fund
SVF2

エグジット前の投資 | Investments before exit

DoorDash, Inc.

2020/12/9

IPO

DingDong (Cayman) Limited

2021/6/29

Auto 1 Group SE

2021/2/4

IPO

Exscientia PLC

2021/10/1

IPO

View Inc.

2021/3/9

De-SPAC

IonQ, Inc.

2021/10/1

De-SPAC

Coupang, Inc.

2021/3/11

IPO

AutoStore Holdings Ltd.

2021/10/20

IPO

Compass, Inc.

2021/4/1

IPO

Full Truck Alliance Co. Ltd

DiDi Global Inc.

2021/6/22

IPO

2021/6/30

IPO

WeWork Inc.

Transferred to the OTC market on 2023/11/8

2022年6⽉13⽇に店頭取引市場に移⾏

2021/12/6

Transferred to the OTC market on 2022/6/13
Roivant Sciences Ltd.

WeWork Inc.

2021/10/21
De-SPAC
2023年11⽉8⽇に店頭取引市場に移⾏

2021/10/1

De-SPAC

2021/10/21

De-SPAC

Pear Therapeutics, Inc.

Transferred to the OTC market on 2023/4/19

2023年11⽉8⽇に店頭取引市場に移⾏
Transferred to the OTC market on 2023/11/8

Aurora Innovation Inc.

2021/11/4

De-SPAC

One97 Communications Limited (Paytm)

2021/11/18

IPO

De-SPAC

2023年4⽉19⽇に店頭取引市場に移⾏

Qingdao AInnovation Technology Group Co., Ltd.

2022/1/27

IPO

Symbotic Inc.

2022/6/8

De-SPAC

Beisen Holding Limited

2023/4/13

IPO

Keep Inc.

2023/7/12

IPO

Better Holdco Inc.

2023/8/24

De-SPAC

Grab Holdings Inc.

2021/12/2

De-SPAC

Neumora Therapeutics, Inc.

2023/9/15

IPO

SenseTime Group Inc.

2021/12/30

IPO

Shanghai JAKA Robotics Ltd.

TBA

IPO

Energy Vault, Inc.

2022/2/14

De-SPACOla Electric Mobility Private Limited

TBA

IPO

PT GoTo Gojek Tokopedia Tbk

2022/4/11

IPO

Delhivery Limited

2022/5/24

IPO

Getaround, Inc.

2022/12/9

De-SPAC

Oravel Stays Limited (OYO Rooms)

TBA

IPO

Brainbees Solutions Private Limited (FirstCry)

TBA

IPO

全部エグジット済みの公開投資 | Fully exited public investments
KE Holdings Inc. (Beike)全部エグジット済みの公開投資 | Fully exited public investments
ZhongAn Online P & C Insurance Co., Ltd.
Ping An Healthcare and TechnologyCompany Limited (Ping An Good Doctor)
Guardant Health, Inc.
Uber Technologies, Inc.
Slack Technologies, Inc.
10x Genomics, Inc.
Opendoor Technologies Inc.
Arm Holdings plc*1
PB Fintech Limited (Policybazaar)*1 SVF1はArm Holdings plcの普通株式1株を引き続き保有
SVF1 continues to hold one ordinary share of Arm Holdings plc.

- 12 -

LatAmファンド 投資先⼀覧 | LatAm Funds Portfolio
2023年12⽉末時点。エグジット済みの投資を除く | As of December 31, 2023. Excludes exited investments.

■: 公開投資先 | Public companies ☆: 共同出資プログラムの対象外の投資 | Investments outside of the co-investment program

初回出資⽇ |
Initial Investment
Date

旧セクター |

会社名（アルファベット順）|
Name (in alphabetical order)

初回出資⽇ |
Initial Investment
Date

旧セクター |

セクター |
Sector

会社名（アルファベット順）|
Name (in alphabetical order)

Consumer

Goody Technologies, Inc.

FY2021 Q3Consumer

FintechBetterfly PBC

FY2021 Q1FintechGympass, Inc. (Gympass)

FY2020 Q2Enterprise(cont'd)

Buk Holdings Limited

FY2021 Q3

FintechKavak Holdings Limited

FY2019 Q3

Transportation

Contabilizei Company

FY2020 Q3

FintechLaika Universe Inc.

FY2021 Q4Consumer

Creditas Financial Solutions, Ltd.

FY2019 Q3

FintechMadeiraMadeira Ltd.

FY2019 Q3Consumer

Digital Currency Group, Inc. (DCG)

FY2021 Q2FintechPetlove Cayman, Ltd.

FY2020 Q1

Consumer

Grupo Bursatil Mexicano

FY2022 Q2Enterprise

PopUP Design, Inc. (GAIA)

FY2021 Q2Consumer

Hashdex, Ltd.

FY2021 Q1FintechSorare SAS

FY2021 Q2Consumer

FY2019 Q3

FintechFY2020 Q3

Consumer

FY2021 Q2Consumer

Tupoe Ltd. (Glorify)

FY2021 Q2Consumer

Kushki Group Holdings, Ltd.

FY2021 Q1FintechZapt Holdings Limited

FY2021 Q4Consumer

Merama, Inc.

FY2021 Q2FintechFY2021 Q3

Fintech☆ ■ Afya Limited

Justo Seguros Holdings Limited

FY2021 Q3

FintechKonfio Limited

FY2019 Q3

Fintech--FY2022 Q4

EdtechOpenCo Holding Limited

FY2021 Q3

FintechFY2020 Q2

EdtechPayClip, Inc.

FY2019 Q3

Fintech☆ ■ Nu Holdings Ltd.

FintechCamino Education Ltd.

FY2020 Q2

EdtechPayStand Inc.

FY2022 Q2FY2020 Q4

EdtechPismo Holdings

FY2021 Q3

FintechUOL EdTech Cayman Ltd

FY2020 Q3

EdtechSolfacil International Ltd.

FY2021 Q4

FintechFintech-EdtechSwile SAS

FY2021 Q3Cortex Intelligence Ltd.

FY2020 Q1Enterprise

Terramagna Ltd.

FY2021 Q3

Fintech

CRMBonus Holding

FY2021 Q3Enterprise

The Badger Technology Company Holdings Ltd. (Bitso)

FY2021 Q1Fintech☆ ■ DOTZ S.A.

FY2021 Q1Enterprise

Gupy Ltd.

FY2021 Q4Enterprise

他3件 | 3 other investments
Frontier Tech

☆ ■ Satellogic Inc.

--

FY2021 Q4

Frontier Tech
Health Tech

Incode Technologies, Inc.

FY2021 Q3Enterprise

Health Tech

Alice Holding

FY2021 Q4

JusBrasil, Ltd.

FY2020 Q4

Consumer

Logistics

Frubana Inc.

FY2019 Q4

Logistics

Omie Ltd.

FY2021 Q2EnterpriseInternational Logistics Holding LLC (CargoX)

FY2021 Q3

Transportation

Pipefy, Inc.

FY2021 Q3Enterprise

Jokr S.a.r.I.

FY2020 Q4

Logistics

Rankmi Holdings Limited

FY2022 Q4Enterprise

Loadsmart, Inc.

FY2021 Q4Logistics

Seraphim Holdings Ltd. (Gabriel)

FY2021 Q3Enterprise

Loggi Technology International

FY2019 Q3

Logistics

Solidarium (Olist)

FY2019 Q3Enterprise

Nowports Inc.

FY2021 Q3

Transportation

Unico Technologies Ltd (Acesso Digital)

FY2020 Q3Enterprise

Rappi, Inc.

FY2019 Q3

Logistics

FY2019 Q3Enterprise

Loft Holdings Ltd

FY2019 Q3

Proptech☆ ■ VTEX☆

☆

Descomplica, Ltd.
他1件 | 1 other investment

Fintech☆ ■ Inter & Co, Inc.

Former sector*1

Tul, Inc.

Achieve Holdings (Arco)Enterprise

Former sector

セクター | Sector

Televisa-Univision

他2件 | 2 other investments
Edtech*1

Proptech

2TM Holding Company Ltd

FY2021 Q2FintechMcN Investments Ltd. (Habi)

FY2021 Q1Proptech

Adelante Financial Holdings Limited (Addi)

FY2021 Q3

FintechQUINTOANDAR, LTD.

FY2019 Q3

Proptech

Aingel Corp. (Tribal)

FY2021 Q4

Fintech

他1件 | 1 other investment

Atom Finance, Inc.

FY2021 Q1FintechAvenue Holding Cayman Ltd.

FY2021 Q2FintechBancar Technologies Limited (Uala)FY2021 Q3

FintechTransportation
Other

-

-

Buser, Ltd.

FY2019 Q3

TransportationFHF Ventures Ltd. (Cobli)

FY2021 Q2Logistics--

12件（LP持分を含む） | 12 investments (including LP interests)*1 FY23Q3に投資先の⼀部のセクターを変更。FY23Q2以前に投資した投資先の旧セクターは参考として記載

計90件 | Total of 90 investments *2

The sector classifications of certain portfolio companies were changed in FY23Q3. The former sector classificationsof portfolio companies invested in prior to FY23Q3 are presented for reference.
*2 普通株式および優先株式を保有する投資先1社については、普通株式への投資と優先株式への投資をそれぞれ1件として投資件数に含めている
For 1 portfolio company invested in common and preferred shares, each holding is counted as 1 investment.

- 13 -

ソフトバンク事業 | SoftBank Segment（監査前 | Unaudited）

FY2022（百万円 | Millions of JPY）

売上⾼ | Net sales
セグメント利益（税引前利益） |Segment income (income before income tax)
減価償却費及び償却費 |Depreciation and amortization
投資損益 | Gain (loss) on investments
財務費⽤ | Finance cost
持分法による投資損益*1 |Income (loss) on equity method investments*1
デリバティブ関連損益（投資損益を除く）|
Derivative gain (loss) (excluding gain (loss) on investments)
その他の損益 | Other gain (loss)

Q1

Q2

FY2023Q3

Q1 - Q3

年度 |Full year

Q4

Q1

Q2

Q3

Q1 - Q3

1,380,802

1,471,429

1,536,001

4,388,232

1,568,305

5,956,537

1,430,067

1,503,974

1,577,511

4,511,552

222,214202,683

120,646545,543

47,239592,782

254,987

260,245

196,299

711,531-184,156-185,716-189,621-559,493-209,219-768,712-181,576-181,322-189,219-552,117

1,133-4,583-22,765-26,215834-25,381

2,217

6,405

-4,474

4,148-15,341-15,738-16,509-47,588-16,432-64,020-16,140-16,881-15,086-48,107-10,351-11,597-10,611-32,559-14,224-46,783-7,599-4,540-5,731-17,870

901

640

-740

801

-109

692

824

398

86

1,308

7,769

-6,804-30,105-29,140-13,613-42,753

30,265

9,631-1,63438,262

Q4

年度 |Full year*1 2022年10⽉よりPayPay㈱はソフトバンク㈱およびLINEヤフー㈱の⼦会社となったため、FY2022Q3より、PayPay㈱の業績は「その他」ではなく「ソフトバンク事業」に含めて表⽰し、FY2022Q2以前の各四半期について遡及修正
Since PayPay Corporation became a subsidiary of SoftBank Corp. and LY Corporation in October 2022, its operating results are no longer included in “Other,” but are presented within the SoftBank segment from FY2022Q3, with the results retrospectively adjusted and presented for the periods
prior to FY2022Q3.

- 14 -

アーム事業／KPI | Arm Segment / KPI(1) 業績 | Results（監査前 | Unaudited）

FY2022
Q1

Q2

売上⾼ | Net sales

92,751セグメント利益（税引前利益）|
Segment income (income before income tax)

29,846（百万円 | Millions of JPY）

*1

（参考）売上⾼FY2023年度 |Full year

Q3

Q1 - Q3

Q4

90,954105,247

288,952

92,794

5,785

19,27054,901-6,238

*1

Q1

Q2

Q3

Q1 - Q3

381,746

88,502

117,295

121,017

326,814

48,663-9,5081,069-8,005-16,444

FY2022| (Reference) Revenue（百万⽶ドル | Millions of USD）

Q1

Q2

Q3

Q4

年度 |
Full year

Q4

年度 |Full year

Q4

年度 |Full year

FY2023Q1 - Q3

年度 |Full year

Q4

Q1

Q2

Q3

Q1 - Q3

ロイヤルティー収⼊ | Royalty revenue

453

463

446

1,362

421

1,783

365

418

470

1,253

ライセンスおよびその他の収⼊ | License and other revenue

266

193

300

758

276

1,034

276

388

354

1,018

合計 | Total

719

656

746

2,120

696

2,817

641

806

824

2,271

(2) KPI
ロイヤルティー・ユニット*2 | Royalty units*2

FY2022（⼗億個 | Billion）

ロイヤルティー・ユニット出荷数（ライセンシーからの報告）|
Royalty units as reported by licensees

Q1

Q2
7.3

Q3
7.5

FY2023Q1 - Q3
7.9

22.8

年度 |
Full year

Q4
7.8

30.6

Q1

Q2
6.8

Q3
7.1

Q1 - Q3
7.7

21.6*1 FY2023Q1より、売上区分の名称を「テクノロジー・ロイヤルティー収⼊」および「⾮ロイヤルティー収⼊」から、それぞれ「ロイヤルティー収⼊」および「ライセンスおよびその他の収⼊」に変更。なお、集計⽅法については従来から変更なし
From FY2023Q1, the names of revenue categories have been changed from “Technology royalty” and “Technology non-royalty” to “Royalty revenue” and “License and other revenue,” respectively. The aggregation method remains unchanged.
*2 ロイヤルティー・ユニット（アームのテクノロジーを含んだチップ）の出荷実績は、出荷の発⽣から1四半期遅れでライセンシーから報告される（ロイヤルティー収⼊は、出荷が発⽣する四半期に⾒積りに基づいて計上）。FY2023Q3のロイヤルティー・ユニットは、2023年7〜9⽉期の出荷実績。
FY2023Q1にライセンシーから受領した最新の情報に基づき、FY2022の出荷数を遡及修正
Based on the actual shipments of royalty units (chips incorporating Arm technology) as reported by Arm licensees. Armʼs licensees report their shipments one quarter in arrears (royalty revenues are accrued in the same quarter the chips are shipped
based on estimates). Royalty unit for FY2023Q3 is based on chips shipped for three months ended September 30, 2023. In FY2023Q1, royalty unit data for FY2022 has been restated based on updated information received from Arm licensees.

- 15 -

その他 | Other（監査前 | Unaudited）

FY2022

FY2023年度 |Full year

Q1

Q2

Q3

Q1 - Q3

Q4

売上⾼ | Net sales

101,625

51,551

54,394

207,570

37,276セグメント利益（税引前利益） |Segment income (income before income tax)

-19,275

7,748

-892

-12,419

減価償却費及び償却費 | Depreciation and amortization-14,112-6,269-5,423

投資損益 | Gain (loss) on investments-27,705

10,242

財務費⽤ | Finance cost

-4,166

持分法による投資損益 | Income (loss) on equity method investments
デリバティブ関連損益（投資損益を除く）|
Derivative gain (loss) (excluding gain (loss) on investments)（百万円 | Milions of JPY）

Q1

Q2

Q3

Q1 - Q3

Q4

244,846

43,902

52,56079,488

175,950-62,839-75,258

88,962-4,62557,713142,050-25,804-5,497-31,301-4,789-5,603-5,943-16,335-10,587-28,050-20,233-48,283

1,480

17,23368,05486,767-4,191-3,838-12,195-3,471-15,666-3,613-4,192-4,174-11,979-3,707

4,014

-431

-124

-11,936-12,060-8,888-9,363587-17,664-14,362---14,362--14,362

-

-

-

-

年度 |
Full year*1 「その他」にはFortress Investment Group LLC、福岡ソフトバンクホークス（株）などの業績が含まれる。
2022年10⽉よりPayPay㈱はソフトバンク㈱およびLINEヤフー㈱の⼦会社となったため、FY2022Q3より、PayPay㈱の業績は「その他」ではなく「ソフトバンク事業」に含めて表⽰し、FY2022Q2以前の各四半期について遡及修正"Other" includes the business results of Fortress Investment Group LLC and Fukuoka SoftBank HAWKS Corp., among others. Since PayPay Corporation became a subsidiary of SoftBank Corp. and LY Corporation in October 2022, its operating results are no longer included in “Other,”
but are presented within the SoftBank segment from FY2022Q3, with the results retrospectively adjusted and presented for the periods prior to FY2022Q3.

- 16 -

NAVとLTV | NAV and LTV（単位の表記がない場合 単位︓兆円 | Trillions of JPY unless otherwise stated）

FY2022Q1(V)(L)

調整後SBG単体保有株式価値 |Adjusted SBG stand-alone equity value of holdings

Q2

FY2023
Q3

Q4

Q1

Q2

Q3

Q4

21.66

19.68

16.93

15.87

16.90

18.35

21.72

Alibaba

4.48

3.03

2.05

0.71

0.02

0.01

0.01

SoftBank Corp.

2.39

2.21

2.29

2.37

2.39

2.67

2.80

SVF1

3.41

3.27

2.79

2.80

3.03

3.29

3.25

SVF2

4.50

4.19

3.71

3.52

4.04

3.89

4.14

LatAm Funds

0.96

0.99

0.86

0.79

0.91

0.94

0.91

T-Mobile

1.00

1.15

1.15

1.23

1.20

1.27

1.62

Deutsche Telekom

0.17

0.13

0.16

0.28

0.23

0.23

0.29

Arm

2.96

3.13

2.63

2.87

3.66

4.33

6.93

その他 | Others

1.79

1.59

1.29

1.30

1.42

1.73

1.77

3.15

2.96

3.08

1.75

1.35

1.94

2.49

連結純有利⼦負債 | Consolidated net interest-bearing debt

17.92

14.13

13.48

13.59

14.70

14.68

14.76

独⽴採算⼦会社等の純有利⼦負債 |Net interest-bearing debt at self-financing entities, etc.

5.90

5.63

5.37

5.38

5.76

4.70

4.74

その他調整 | Other adjustments

8.87

5.54

5.03

6.46

7.59

8.03

7.54

18.52

16.73

13.85

14.13

15.54

16.41

19.23

11,64010,791

9,472

9,656

10,616

11,196

13,119

14.5

15.0

18.2

11.0

8.0

10.6

11.5

5,235

4,900

5,644

5,182

6,773

6,335

6,293

1,590,724,012

1,549,888,403

1,462,458,385

1,463,047,631

1,464,039,190

1,465,715,598

1,465,795,513

136.68144.81132.70133.53144.99149.58141.83

調整後SBG単体純有利⼦負債 |Adjusted SBG stand-alone net interest-bearing debt(V) - (L) NAV
1株当たりNAV （円）| NAV per share (JPY)(L) / (V) LTV（%）（ご参考） | (Reference)
SBGの株価 （円）| Share price of SBG (JPY)
SBGの発⾏済株式総数（⾃⼰株式を除く）|
Total number of SBG shares issued (excluding treasury stock)
USD / JPY
*1

NAVおよびLTVの定義については、「NAVとLTVの定義」を参照
For the definition of NAV and LTV, please refer to "Definition of NAV and LTV."- 17 -

LTV計算（2023年12⽉末） | LTV Calculation as of December 31, 2023
（兆円 | Trillions of JPY）

LTV (Loan-to-Value)(L) 調整後SBG単体純有利⼦負債 |Adjusted SBG stand-alone net interest-bearing debt

2.49(V) 調整後SBG単体保有株式価値 |Adjusted SBG stand-alone equity value of holdings

21.72

LTV = (L) / (V)

11.5%

調整後SBG単体純有利⼦負債 |Adjusted SBG stand-alone net interest-bearing debt(a) 連結純有利⼦負債 | Consolidated net interest-bearing debt

14.76

連結 有利⼦負債 | Consolidated interest-bearing debt

20.93

連結 ⼿元流動性 | Consolidated cash position

-6.17

18.13

Alibaba

3.84

SoftBank Corp.

3.37
2.03

4.74

Deutsche Telekom

0.77

SoftBank Corp.

4.61

Arm

8.13

Arm

-0.31

(e) SVF1

3.25

SVF1

-0.03

(f) SVF2

4.14

SVF2

0.48

(g) LatAm Funds

0.91

LatAm Funds-0.00(h) その他 | Others

1.77

その他 | Other self-financing entities-0.01(i) アセットバック・ファイナンスの調整 | Adjustment on asset-backed finance

-6.48

*2

(c) その他調整 | Other adjustments

7.54

Alibaba

ハイブリッド債・ハイブリッドローンの調整 | Adjustment on hybrid bonds and hybrid loan

0.37

SoftBank Corp.

-0.57

アセットバック・ファイナンス調整 | Adjustment on asset-backed finance

7.17

T-Mobile-0.41

Deutsche Telekom

-0.48

Arm

-1.19

(L) = (a) - (b) - (c) 調整後SBG単体純有利⼦負債 |Adjusted SBG stand-alone net interest-bearing debt

2.49

LTV計算の定義については、「NAVとLTVの定義」を参照
For the definition of LTV calculation, please see "Definition of NAV and LTV."*2(d) 主な上場株式 | Major listed shares

T-Mobile(b) 独⽴採算⼦会社等の純有利⼦負債 | Net interest-bearing debt at self-financing entities, etc.

*1

調整後SBG単体保有株式価値 |Adjusted SBG stand-alone equity value of holdings

LINEヤフー㈱およびPayPay㈱をはじめとする⼦会社を含む
Includes subsidiaries such as LY Corporation and PayPay Corporation.

- 18 -(V) = (d) 〜 (i) 調整後SBG単体保有株式価値 |Adjusted SBG stand-alone equity value of holdings

-3.83

21.72

NAVとLTVの定義（2023年12⽉末）
前四半期末以前のNAVとLTVの定義については、各四半期のデータシートを参照

1 NAV（Net Asset Value︓時価純資産）
NAV = 調整後SBG単体保有株式価値 - 調整後SBG単体純有利⼦負債
1株当たりNAV = NAV ÷ 発⾏済株式総数（⾃⼰株式を除く）

2 調整後SBG単体保有株式価値
Alibaba（アリババ）︓SBGの保有株式数に相当する⽶国預託証券数 × 同証券の株価 ー 同社株式を活⽤した複数の先渡売買契約（フロア契約・カラー契約・フォワード契約・コールスプレッド）のうち未決済分の満期決済⾦額（同社株価で算出）の合計額
SoftBank Corp.（SBKK）︓SBGの保有株式数 × 同社株価 ー 同社株式を活⽤したマージンローンの負債残⾼相当額等
SVF1︓SVF1のNAVに対するSBGの持分 + 成功報酬の⾒込み⾦額等
SVF2︓SVF2のNAVに対するSBGの持分等
LatAm Funds（LatAmファンド）︓LatAmファンドのNAVに対するSBGの持分 + 成功報酬の⾒込み⾦額
T-Mobile（Tモバイル）︓(a) ー (b) ー (c)(a) SBGの保有株式数（ドイツテレコムが保有する株式購⼊オプションの対象株式数を含む）× 同社株価(b) ドイツテレコムが保有する未⾏使の株式購⼊オプションに係るデリバティブ⾦融負債の⾦額(c) Tモバイル株式を活⽤した先渡売買契約（カラー契約）の満期決済⾦額（同社株価で算出）
Deutsche Telekom（ドイツテレコム）︓SBGの保有株式数 × 同社株価 ー 同社株式を活⽤したカラー取引の満期決済⾦額
Arm（アーム）︓SBGの保有株式数 x 同社株価 ー グループ内取引によりSVF1から取得したアーム株式の未払⾦残⾼ ー 同社株式を活⽤したマージンローンの負債残⾼相当額
その他︓(d) + (e) + (f)(d) 上場株式︓SBGの保有株式数に各上場株式の株価を乗じて算出(e) ⾮上場株式︓SBGが保有する未上場株式等の公正価値（公正価値で測定していない株式等はSBGのBS上の簿価）に基づいて算出(f) SB Northstar︓SB NorthstarのNAVに対するSBGの持分 ＋ SBGが保有するNVIDIA Corporation株式の公正価値。なおSB Northstarの現⾦及び現⾦同等物、債券投資、⼀部の有利⼦負債（マージンローンおよびプライムブローカレッジローンを除く）は
SBGの純有利⼦負債の⼀部と⾒なし、同社NAVの算出には含めない。

3 調整後SBG単体純有利⼦負債

調整後SBG単体純有利⼦負債 = 連結純有利⼦負債*1 - 独⽴採算⼦会社等の純有利⼦負債*2 - その他調整
純有利⼦負債 = 有利⼦負債 - ⼿元流動性
⼿元流動性 ＝ 現⾦及び現⾦同等物 + 流動資産に含まれる短期投資 + 債券投資
*1 連結有利⼦負債はSBG連結外部に対する有利⼦負債およびリース負債の合計。PayPay銀⾏㈱の銀⾏業の預⾦は含まない。連結⼿元流動性はPayPay銀⾏㈱の⼿元流動性を含まない。
*2 独⽴採算⼦会社等の純有利⼦負債︓SBKK（LINEヤフー㈱およびPayPay㈱をはじめとする⼦会社を含む）、SVF1、SVF2、LatAmファンドおよびアーム等の独⽴採算⼦会社、ならびにSB Northstarの有利⼦負債合計から現預⾦等合計を減算
なお、SB Northstarの現⾦及び現⾦同等物、債券投資、⼀部の有利⼦負債（マージンローンおよびプライムブローカレッジローンを除く）はSBGの純有利⼦負債の⼀部と⾒なす。同社のマージンローンおよびプライムブローカレッジローンの残⾼は、2023年12⽉末においていずれもゼロ。
その他調整︓以下(g)〜(m)の合計(g) ハイブリッド債およびハイブリッドローンのうち、償還期限のあるものは連結会計上全額が有利⼦負債に計上されるため50％を有利⼦負債から控除（対象社債︓第4回円建ハイブリッド債、第5回円建ハイブリッド債、第6回円建ハイブリッド債）(h) ハイブリッド債のうち償還期限の無い永久債は連結会計上全額が資本計上されているため50%を有利⼦負債に算⼊（対象社債︓⽶ドル建ノンコール10年永久社債）(i) アリババ株式を活⽤した複数の先渡売買契約（フロア契約・カラー契約・フォワード契約）に係る株式先渡契約⾦融負債を控除(j) SBKK株式を活⽤したマージンローンの負債残⾼相当額等を控除(k) Tモバイル株式を活⽤した先渡売買契約（カラー契約）に係る株式先渡契約⾦融負債を控除(l) ドイツテレコム株式を活⽤したカラー取引に係る負債残⾼相当額を控除(m) アーム株式を活⽤したマージンローンの負債残⾼相当額を控除

4 LTV（Loan-to-Value)
LTV = 調整後SBG単体純有利⼦負債 ÷ 調整後SBG単体保有株式価値※別段記載のない限り税⾦考慮前- 19 -

Definition of NAV and LTV as of December 31, 2023
For the definitions of NAV and LTV prior to the end of the previous quarter, see the datasheets for each quarter.

1 NAV（Net Asset Value）
NAV = Adjusted SBG stand-alone equity value of holdings - Adjusted SBG stand-alone net interest-bearing debt
NAV per share = NAV / Total number of shares issued (excluding treasury stock)

2 Adjusted SBG stand-alone equity value of holdings
Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG × Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the companyʼs share price)of the prepaid forward contracts (floor contracts, collar contracts, forward contracts, and call spread) using Alibaba shares.
SoftBank Corp.: the number of shares held by SBG × SBKK share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
SVF1: SBG's share of SVF1ʼs NAV + accrued performance fees, etc.
SVF2: SBG's share of SVF2ʼs NAV, etc
LatAm Funds: SBG's share of LatAm Fundsʼ NAV + accrued performance fees.
T-Mobile: (a) - (b) - (c)(a) The number of T-Mobile shares held by SBG, including the number of shares subject 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 companyʼs share price).
Deutsche Telekom: the number of Deutsche Telekom shares held by SBG × Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
Arm: the number of shares held by SBG × Arm share price - 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.
Other: (d) + (e) + (f)(d) Listed shares: the number of shares held by SBG multiplied by the share price of each listed share.
(e) Unlisted shares: calculated based on the fair value (or the carrying amount in SBGʼs balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG.
(f) SB Northstar: SBGʼs share of SB Northstar's NAV + the fair value of NVIDIA Corporation shares. Cash and cash equivalents, bond investments, and a part of interest-bearing debt with the exception of margin loans and prime brokerage loans,are treated as a part of net interest-bearing debt of SBG therefore not included in the calculation of SB Northstarʼs NAV.

3 Adjusted SBG stand-alone net interest-bearing debt

Adjusted SBG stand-alone net interest-bearing debt = consolidated net interest-bearing debt *1 - net interest-bearing debt at self-financing entities, etc. *2 - other adjustments
Net interest-bearing debt = Interest-bearing debt - Cash position
Cash position = cash and cash equivalents + short-term investments recorded as current assets + bond investments*1 Consolidated interest-bearing debt only includes interest-bearing debt and lease liabilities to third parties, and excludes deposits for banking business at PayPay Bank Corporation.
Consolidated cash position excludes cash position at PayPay Bank Corporation.
*2 Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt minus the sum of cash positions of self-financing entities, such as SoftBank Corp. (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 with the exception of margin loans and prime brokerage loans of SB Northstar
are included in net interest-bearing debt of SBG. There is no balance of margin loans and prime brokerage loans of SB Northstar as of December 31, 2023.
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 from the interest-bearing debt (to be treated as equity).
Applicable bonds: 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds(h) 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 bond: USD-denominated NC10 undated hybrid notes(i) Deduction of financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
(j) Deduction of the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK 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 outstanding balance of the borrowings made through margin loans using Arm shares.

4 LTV（Loan-to-Value)
LTV = Adjusted SBG stand-alone net interest-bearing debt / Adjusted SBG stand-alone equity value of holdings*Before considering tax unless otherwise stated- 20 -

債務返済スケジュール | Debt Repayment Schedule（億円 | 100 millions of JPY）

合計 | Total = (A) + (B)FY2023

FY2024FY2025

FY2026FY2027

FY2028FY2029FY2030

FY2031

FY2032

3,999

7,839

9,990

10,965

4,593

16,011

5,351

-

1,852

667

3,999

4,500

5,000

5,279

-

-

3,850

-

-

-

-

-

-

-

-

10,291

-

-

-

-

-

-

1,770

4,050

-

2,220

-

-

-

-

-

2,499

3,220

1,636

2,111

2,969

1,501

-

1,852

667

-

-

-

-

2,482

-

-

-

-

-

3,999

6,999

9,990

10,965

4,593

15,480

5,351

-

1,852

667

-

840

-

-

-

531

-

-

-

-

-

840

-

-

-

531

-

-

-

-

社債 | Bonds
国内債（シニア）| Domestic (Senior)
国内債（劣後）| Domestic (Subordinated)
国内債（ハイブリッド）
外債（シニア）*3*2| Domestic (Hybrid)*2| Foreign-currency Denominated (Senior)

外債（ハイブリッド）

*2*3

*3

| Foreign-currency Denominated (Hybrid)*2*3(A) ⼩計 | Subtotal
タームローン | Term Loan*4

ハイブリッドローン| Hybrid Loan*4(B) ⼩計 | Subtotal*1 2023年12⽉末時点の発⾏残⾼。バイバックにより取得した社債を除く

Outstanding balance of SBG stand-alone as of December 31, 2023. Excludes the repurchased bonds.
*2 ハイブリッド社債︓すべて初回コール⽇に早期償還するケース
Hybrid Bonds: Assumes that the bonds are redeemed on the dates of the first calls.
*3 外債︓スワップを締結しているものはスワップレートにて換算し、それ以外は1⽶ドル=141.83円、1ユーロ＝157.12円にて換算
Foreign-currency Denominated Bonds: Where swap contracts are applicable, the contracted exchange rate is used for translation. USD 1 = JPY 141.83, EUR 1 = JPY 157.12 are used elsewhere.
*4 ハイブリッドローン︓2017年11⽉2⽇付および2023年4⽉7⽇付の劣後特約付⾦銭消費貸借契約に基づくSBGの借⼊。初回コール⽇（期限前弁済可能⽇）に弁済するケース
Hybrid Loan: The loan made by SBG pursuant to the subordinated loan agreement dated November 2, 2017 and April 7, 2023. Assumes that the loan is repaid on the date of the first call.

- 21 -

社債・コマーシャルペーパー明細（単位の表記がない場合 単位︓百万円）

銘柄

通貨

利率
(％、年)

償還期限

2023年3⽉末
発⾏残⾼

2023年12⽉末
発⾏残⾼

2023年12⽉末
B/S残⾼

コマーシャルペーパー

円

ｰ

ｰ

161,000

183,000

第49回無担保普通社債円

2023年4⽉20⽇

1.940

19,500-183,000-

2023年4⽉満期ドル建普通社債

⽶ドル

2023年4⽉20⽇

5.500$164mn--

2023年4⽉満期ユーロ建普通社債

ユーロ

2023年4⽉20⽇

4.000€635mn--

第52回無担保普通社債円

2024年3⽉8⽇

2.030

47,30047,30047,295

第51回無担保普通社債 (福岡ソフトバンクホークスボンド)

円

2024年3⽉15⽇

2.030

352,612352,612352,506

第54回無担保普通社債円

2024年6⽉12⽇

1.569

40,00040,00039,988

第53回無担保普通社債 (福岡ソフトバンクホークスボンド)

円

2024年6⽉14⽇

1.570

410,000

410,000

409,6432024年7⽉満期ユーロ建普通社債

ユーロ

2024年7⽉6⽇

2.125€640mn€638mn100,047

2024年9⽉満期ドル建普通社債

⽶ドル

2024年9⽉19⽇

4.750$783mn$781mn110,604

2025年1⽉満期ドル建普通社債

⽶ドル

2025年1⽉6⽇

3.125$450mn$449mn63,4342025年4⽉満期ドル建普通社債

⽶ドル

2025年4⽉20⽇

6.125$340mn$337mn47,6442025年4⽉満期ユーロ建普通社債

ユーロ

2025年4⽉20⽇

4.500€272mn€272mn42,649円

2025年4⽉25⽇

1.640

500,000

500,000

498,696

第55回無担保普通社債 (福岡ソフトバンクホークスボンド)
2025年7⽉満期ドル建普通社債

⽶ドル

2025年7⽉30⽇

6.000$575mn$574mn81,2142025年7⽉満期ユーロ建普通社債

ユーロ

2025年7⽉30⽇

4.750€633mn€633mn99,1842025年9⽉満期ユーロ建普通社債

ユーロ

2025年9⽉19⽇

3.125€702mn€702mn110,012円

2026年4⽉20⽇

2.480

30,00030,00029,965⽶ドル

2026年7⽉6⽇

4.000$673mn$669mn94,383

第50回無担保普通社債
2026年7⽉満期ドル建普通社債
第57回無担保普通社債円

2026年9⽉11⽇

1.380

100,000

97,90097,737

第56回無担保普通社債 (福岡ソフトバンクホークスボンド)

円

2026年9⽉17⽇

1.380

400,000

400,000

398,091

2027年1⽉満期ユーロ建普通社債

ユーロ

2027年1⽉6⽇

2.875€445mn€437mn68,254

2027年7⽉満期ユーロ建普通社債

ユーロ

2027年7⽉30⽇

5.250€211mn€211mn32,923

2027年9⽉満期ドル建普通社債

⽶ドル

2027年9⽉19⽇

5.125$1,666mn$1,657mn

233,9132028年4⽉満期ドル建普通社債

⽶ドル

2028年4⽉15⽇

6.250$467mn$466mn65,741

2028年4⽉満期ユーロ建普通社債

ユーロ

2028年4⽉15⽇

5.000€1,058mn€1,054mn

164,775

2028年7⽉満期ドル建普通社債

⽶ドル

2028年7⽉6⽇

4.625$803mn$773mn108,861

2029年7⽉満期ユーロ建普通社債

ユーロ

2029年7⽉6⽇

3.375€504mn€473mn73,6772029年9⽉満期ユーロ建普通社債

ユーロ

2029年9⽉19⽇

4.000€584mn€575mn89,778

第58回無担保普通社債 (福岡ソフトバンクホークスボンド)円

2029年12⽉14⽇

2.840

385,000

385,000

380,9162031年7⽉満期ドル建普通社債

⽶ドル

2031年7⽉6⽇

5.250$1,350mn$1,305mn

183,5632032年7⽉満期ユーロ建普通社債

ユーロ

2032年7⽉6⽇

3.875€446mn€425mn66,128

第4回劣後特約付無担保社債円

2028年9⽉15⽇

2.400

50,00030,10029,971

第3回劣後特約付無担保社債円

2028年9⽉29⽇

2.400

450,000

450,000

445,487

第5回劣後特約付無担保社債円

2029年2⽉2⽇

2.480

550,000

549,000

543,005

第2回利払繰延条項・期限前償還条項付無担保社債（劣後特約付）（ハイブリッド債）

円

2043年9⽉16⽇

3.500

15,400--

第4回利払繰延条項・期限前償還条項付無担保社債（劣後特約付）（ハイブリッド債）

円

2056年2⽉4⽇

3.000

177,000

177,000

175,630

第5回利払繰延条項・期限前償還条項付無担保社債（劣後特約付）（ハイブリッド債）

円

2056年6⽉21⽇

2.750

405,000

405,000

398,172

第6回利払繰延条項・期限前償還条項付無担保社債（劣後特約付）（ハイブリッド債）

円

2058年4⽉26⽇

4.750

-

222,000

合計

218,162
6,085,048（参考）※会計(IFRS)上は「その他の資本性⾦融商品」として資本の部に計上
⽶ドル建ノンコール6年永久劣後特約付社債（利払繰延条項付）*2

⽶ドル建ノンコール10年永久劣後特約付社債（利払繰延条項付）*2

⽶ドル

なし

6.000

$2,000mn

-

-

⽶ドル

なし

6.875

$1,750mn$1,750mn

193,199*1 SBG単体の社債・コマーシャルペーパー明細。バイバックにより取得した社債を除く*2 ⽶ドル建永久劣後特約付社債の初回コール⽇は、ノンコール6年が2023年7⽉19⽇、ノンコール10年が2027年7⽉19⽇- 22 -

Corporate Bonds and Commercial Paper Details(Millions of JPY; unless otherwise stated)

Item

Currency

Interest Rate(%, year)

Maturity Date

Mar 31, 2023
Outstanding Balance

Dec 31, 2023
Outstanding Balance

Dec 31, 2023
B/S BalanceCommercial paper

JPY

-

-

161,000

183,000

183,000

49th series Unsecured Straight BondJPY

Apr 20, 2023

1.940

19,500--

USD-denominated Senior Notes due April 2023

USD

Apr 20, 2023

5.500

$164mn--EUR-denominated Senior Notes due April 2023

EUR

Apr 20, 2023

4.000

€635mn--52nd series Unsecured Straight BondJPY

Mar 8, 2024

2.030

47,30047,30047,29551st series Unsecured Straight Bond (Fukuoka SoftBank HAWKS Bond)JPY

Mar 15, 2024

2.030

352,612352,612352,506

54th series Unsecured Straight Bond

JPY

Jun 12, 2024

1.569

40,00040,00039,98853rd series Unsecured Straight Bond (Fukuoka SoftBank HAWKS Bond)

JPY

Jun 14, 2024

1.570

410,000

410,000

409,643

EUR-denominated Senior Notes due July 2024

EUR

Jul 6, 2024

2.125€640mn€638mn100,047

USD-denominated Senior Notes due September 2024

USD

Sep 19, 2024

4.750

$783mn$781mn110,604

USD-denominated Senior Notes due January 2025

USD

Jan 6, 2025

3.125$450mn$449mn63,434USD-denominated Senior Notes due April 2025

USD

Apr 20, 2025

6.125

$340mn$337mn47,644EUR-denominated Senior Notes due April 2025

EUR

Apr 20, 2025

4.500

€272mn€272mn42,64955th series Unsecured Straight Bond (Fukuoka SoftBank HAWKS Bond)JPY

Apr 25, 2025

1.640

500,000

500,000

498,696

USD-denominated Senior Notes due July 2025

USD

Jul 30, 2025

6.000

$575mn$574mn81,214EUR-denominated Senior Notes due July 2025

EUR

Jul 30, 2025

4.750

€633mn€633mn99,184EUR-denominated Senior Notes due September 2025

EUR

Sep 19, 2025

3.125€702mn€702mn110,01250th series Unsecured Straight BondJPY

Apr 20, 2026

2.480

30,00030,00029,965

USD-denominated Senior Notes due July 2026

USD

Jul 6, 2026

4.000

$673mn$669mn94,38357th series Unsecured Straight Bond

JPY

Sep 11, 2026

1.380

100,000

97,90097,73756th series Unsecured Straight Bond (Fukuoka SoftBank HAWKS Bond)

JPY

Sep 17, 2026

1.380

400,000

400,000

398,091

EUR-denominated Senior Notes due January 2027

EUR

Jan 6, 2027

2.875

€445mn€437mn68,254EUR-denominated Senior Notes due July 2027

EUR

Jul 30, 2027

5.250

€211mn€211mn32,923USD-denominated Senior Notes due September 2027

USD

Sep 19, 2027

5.125

$1,666mn$1,657mn

233,913

USD-denominated Senior Notes due April 2028

USD

Apr 15, 2028

6.250

$467mn$466mn65,741

EUR-denominated Senior Notes due April 2028

EUR

Apr 15, 2028

5.000

€1,058mn€1,054mn

164,775

USD-denominated Senior Notes due July 2028

USD

Jul 6, 2028

4.625

$803mn$773mn108,861

EUR-denominated Senior Notes due July 2029

EUR

Jul 6, 2029

3.375

€504mn€473mn73,677

EUR-denominated Senior Notes due September 2029

EUR

Sep 19, 2029

4.000

€584mn€575mn89,77858th series Unsecured Straight Bond (Fukuoka SoftBank HAWKS Bond)JPY

Dec 14, 2029

2.840

385,000

385,000

380,916

USD-denominated Senior Notes due July 2031

USD

Jul 6, 2031

5.250

$1,350mn$1,305mn

183,563

EUR-denominated Senior Notes due July 2032

EUR

Jul 6, 2032

3.875

€446mn€425mn66,128

4th series Unsecured Subordinated Bond

JPY

Sep 15, 2028

2.400

50,00030,10029,971

3rd series Unsecured Subordinated BondJPY

Sep 29, 2028

2.400

450,000

450,000

445,487

5th series Unsecured Subordinated BondJPY

Feb 2, 2029

2.480

550,000

549,000

543,005

2nd Unsecured Subordinated Bonds with interest deferrable clause and early redeemable option(with a subordination provision) (Hybrid Bonds)

JPY

Sep 16, 2043

3.500

15,400--

4th Unsecured Subordinated Bonds with interest deferrable clause and early redeemable option(with a subordination provision) (Hybrid Bonds)

JPY

Feb 4, 2056

3.000

177,000

177,000

175,630

5th Unsecured Subordinated Bonds with interest deferrable clause and early redeemable option(with a subordination provision) (Hybrid Bonds)

JPY

Jun 21, 2056

2.750

405,000

405,000

398,172

6th Unsecured Subordinated Bonds with interest deferrable clause and early redeemable option(with a subordination provision) (Hybrid Bonds)

JPY

Apr 26, 2058

4.750

-

222,000

Total

218,162
6,085,048(Reference) *Accounted for as equity (other equity instruments) under IFRSs
Undated Subordinated NC6 Resettable Notes*2

USD

N/A

6.000

$2,000mn--

Undated Subordinated NC10 Resettable Notes*2

USD

N/A

6.875

$1,750mn$1,750mn

193,199*1 Corporate bonds and commercial paper details of SBG stand-alone. Excludes the repurchased bonds.
*2 First call dates of undated subordinated resettable notes are July 19, 2023 for NC6 and July 19, 2027 for NC10.

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