This English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original
Japanese version.

SoftBank Group Corp.
Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024 (IFRS)Tokyo, August 7, 2024

1.

Financial Highlights(Millions of yen; amounts are rounded to the nearest million yen)

(1) Results of Operations(Percentages are shown as year-on-year changes)

Net sales

Three-month period ended
June 30, 2024
Three-month period ended
June 30, 2023

Incomebefore income tax

Net income

AmountAmount%

Net income
attributable toowners of the parent

Amount%%Amount%¥1,701,747

9.3¥225,698-¥10,465-¥(174,281)¥1,557,507(0.9)¥(176,194)-¥(316,194)-¥(477,616)

Total
comprehensive
incomeAmount%-¥1,136,142

21.4

-

¥935,862-

Basic earnings per
share (Yen)

Diluted earnings per
share (Yen)¥(122.35)¥(123.67)¥(332.75)¥(333.97)

Total assets

Total equity

Equityattributable toowners of theparentRatio of equity
attributable toowners of the parent
to total assets (%)

As of June 30, 2024

¥47,834,174¥14,203,030¥12,117,207

25.3

As of March 31, 2024

¥46,724,243¥13,237,169¥11,162,125

23.9

Three-month period ended
June 30, 2024
Three-month period ended
June 30, 2023

(2) Financial Position

2.

Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fourth quarter

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Fiscal year ended
March 31, 2024

-

22.00

-

22.00

44.00

Fiscal year ending
March 31, 2025

22.00

-

22.00

44.00

Fiscal year ending
March 31, 2025 (Forecasted)

Note:* Revision of the latest forecasts on the dividends: No

* Notes(1) Significant changes in scope of consolidation during the period: Yes
Newly consolidated: None
Excluded from consolidation: 427 companies (Fortress Investment Group LLC and its 426 subsidiaries)(2) Changes in accounting policies and accounting estimates[1]

Changes in accounting policies required by IFRS: No

[2]
[3]

Changes in accounting policies other than those in [1]: No
Changes in accounting estimates: No(3) Number of shares issued (common stock)[1] Number of shares issued (including treasury stock):
As of June 30, 2024:
1,469,995,230 shares
As of March 31, 2024:
1,469,995,230 shares
[2]

[3]

Number of shares of treasury stock:
As of June 30, 2024:

4,022,766 shares

As of March 31, 2024:

4,069,831 shares

Number of average shares outstanding during the three-month period (April-June):
As of June 30, 2024:
As of June 30, 2023:

1,465,946,567 shares
1,463,178,016 shares* Review of the Japanese-language originals of the attached condensed interim consolidated financial statements by certified
public accountants or an audit firm: Yes (voluntary)* Note to forecasts on the consolidated results of operations and other items
Descriptions regarding the future are estimated based on the information that the Company is able to obtain at the present point intime and assumptions, which are deemed to be reasonable. However, actual results may be different due to various factors.
On August 7, 2024 (JST), the Company will hold an earnings results briefing for the media, institutional investors, and financial
institutions. This earnings results briefing will be broadcasted live on the Company’s website in both Japanese and English athttps://group.softbank/en/ir. The data sheet will also be posted on the website on the same date at the same site.

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(Appendix)
Contents

1. Results of Operations .....................................................................................................................................

P.3(1) Overview of Results of Operations ..........................................................................................................

P.3

a. Consolidated Results of Operations .......................................................................................................

P.5

b. Results by Segment ................................................................................................................................

P.9(a) Investment Business of Holding Companies Segment ..................................................................... P.10(b) SoftBank Vision Funds Segment ...................................................................................................... P.14
(c) SoftBank Segment ............................................................................................................................ P.22(d) Arm Segment .................................................................................................................................... P.23
(2) Overview of Financial Position ................................................................................................................ P.25
(3) Overview of Cash Flows .......................................................................................................................... P.33
(4) Forecasts ................................................................................................................................................... P.36
2. Condensed Interim Consolidated Financial Statements and Primary Notes .................................................. P.37
(1) Condensed Interim Consolidated Statement of Financial Position .......................................................... P.37
(2) Condensed Interim Consolidated Statement of Profit or Loss
and Condensed Interim Consolidated Statement of Comprehensive Income .......................................... P.39
(3) Condensed Interim Consolidated Statement of Changes in Equity .......................................................... P.41
(4) Condensed Interim Consolidated Statement of Cash Flows ..................................................................... P.45
(5) Basis of Presentation of Condensed Interim Consolidated Financial Statements .................................... P.47
(6) Significant Doubt about Going Concern Assumption .............................................................................. P.48
(7) Notes to Condensed Interim Consolidated Financial Statements ............................................................. P.48
Independent Accountant’s Review Report ......................................................................................................... P.77

Disclaimer
This material does not constitute an offer to sell, or a solicitation of an offer to buy, limited partnership interests or comparable
limited liability equity interests in any funds (including SoftBank Vision Fund 1, SoftBank Vision Fund 2, and SoftBank Latin
America Funds) managed by any of the subsidiaries of SoftBank Group Corp. (“SBG”), including SB Global Advisers Limited, SB
Investment Advisers (UK) Limited, or their respective affiliates, or any securities in any jurisdiction, nor should it be relied upon as
such in any way.
Notice Regarding PFIC Status
It is possible that SBG (and certain subsidiaries of SBG) may be a “passive foreign investment company” (“PFIC”) under the U.S.
Internal Revenue Code of 1986, as amended, for its current fiscal year due to the composition of its assets and the nature of its
income. We recommend that U.S. holders of SBG’s shares consult their tax advisors with respect to the U.S. federal income tax
consequences to them if SBG and its subsidiaries are classified as PFICs. SBG is not responsible for any tax treatments orconsequences thereof with respect to U.S. holders of SBG’s shares.

1

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Definition of Company Names and Abbreviations Used in This Appendix

Company names and abbreviations used in this appendix, unless otherwise stated or interpreted differently in thecontext, are as follows:
Company names/Abbreviations
Definition
SoftBank Group Corp. or SBG
SoftBank Group Corp. (stand-alone basis)
The Company
SoftBank Group Corp. and its subsidiaries*Each of the following names or abbreviations indicates the respective company and its subsidiaries, if any.
SB Northstar or
SB Northstar LP
asset management subsidiary
SoftBank Vision Fund 1 or SVF1
SoftBank Vision Fund L.P. and its alternative investment vehicles
SoftBank Vision Fund 2 or SVF2
SoftBank Vision Fund II-2 L.P.
SoftBank Latin America Funds or
SBLA Latin America Fund LLC
LatAm Funds
SoftBank Vision Funds or SVF
SVF1, SVF2, and LatAm Funds
SBIA
SB Investment Advisers (UK) Limited
SBGA
SB Global Advisers Limited
Arm
Arm Holdings plc
Fortress
Fortress Investment Group LLC
WeWork
WeWork Inc.
T-Mobile
T-Mobile US, Inc.
Alibaba
Alibaba Group Holding Limited
MgmtCoMASA USA LLC
The first quarter
Three-month period ended June 30, 2024
The first quarter-end
June 30, 2024
The fiscal year
Fiscal year ending March 31, 2025
The previous fiscal year
Fiscal year ended March 31, 2024
The previous fiscal year-end
March 31, 2024

Exchange Rates Used for Translations

USD/JPY
Average rate for the quarter
Rate at the end of the period

Q1¥138.11Q2¥145.44

2

Fiscal year ended
March 31, 2024
Q3
Q4¥147.00¥147.87¥151.41

Fiscal year ending
March 31, 2025
Q1
¥156.53¥161.07

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

1. Results of Operations(1) Overview of Results of Operations
1. Results highlights◆ ¥559.7 billion investment gain (¥699.0 billion loss for the same period of the previous fiscal year)- ¥567.9 billion investment gain at Investment Business of Holding Companies*1· Investment gains of ¥235.7 billion on Alibaba shares and ¥179.1 billion on T-Mobile shares- ¥32.4 billion investment gain at SoftBank Vision Funds (excluding losses associated with SVF’s
investments in the Company’s subsidiaries)· The fair values of a portion of investments, including ByteDance, Coupang, and DiDi, increased;
however, these gains were offset by decreases in the fair values of other investments, reflecting weakerperformance indicators and share price decreases among market comparable companies.
· Since inception, the gross performance has been a gain of $19.6 billion for SVF1 and a loss of $21.9*2billion for SVF2.
Note: Since Arm, SoftBank Corp., and other subsidiaries are consolidated, changes in the fair value of their shares are notrecorded in the Company’s consolidated statement of profit or loss.
◆ ¥225.7 billion income before income tax (improvement of ¥401.9 billion YoY)

reflecting the recordings of:- Selling, general and administrative expenses of ¥719.7 billion- Finance cost of ¥137.6 billion- Foreign exchange loss of ¥443.9 billion due to the impact of the weaker yen. This resulted from a net excessof U.S. dollar-denominated liabilities over U.S. dollar-denominated cash and cash equivalents and loans
receivable, primarily within SBG.
- Increase in third-party interests in SVF of ¥205.3 billion. This was due to the recording of an investment
gain of ¥442.5 billion at SVF1 (on an SVF segment basis), where the proportion of third-party interests issignificant, resulting in an increase in third-party interests of ¥175.6 billion (attributable to investors entitledto performance-based distribution).
◆ ¥174.3 billion net loss attributable to owners of the parent (improvement of ¥303.3 billion YoY)

reflecting the recordings of:- Income taxes of ¥215.2 billion- Net income attributable to non-controlling interests of ¥184.7 billion
2. Sequentially implement growth investments◆ SBG and its wholly owned subsidiaries*3
Total investment of ¥193.2 billion, primarily strategic investments.
Examples of investments during the first quarter:- Wayve Technologies: A U.K. technology company developing autonomous driving platforms based on data
learning using AI- Tempus AI: A U.S. technology company conducting genomic testing and collecting medical data for
analysis by AI to provide physicians with treatment option proposals. Listed on the Nasdaq Global SelectMarket in June 2024. In August 2024, SB TEMPUS started its operations as a joint venture between
Tempus AI and the Company to provide services in Japan.
◆ SVF
*4

Total investment of $0.60 billion, primarily in the Frontier Tech and Enterprise sectors, net of investmentsin the Company’s subsidiaries that were eliminated in consolidation.
3. Refinance of bonds◆ Domestic straight bonds
The Company issued domestic straight bonds of ¥100.0 billion to wholesale markets in April 2024 and¥550.0 billion to retail markets in June 2024. The Company redeemed domestic straight bonds of ¥450.0
billion upon maturity in June 2024.
◆ Foreign currency-denominated senior notes

In July 2024, following the first quarter, the Company issued U.S. dollar-denominated senior notes of $0.9
billion and euro-denominated senior notes of 0.9 billion euros. Additionally, the Company redeemed U.S.
dollar-denominated senior notes of $767 million prior to maturity and euro-denominated senior notes of 638
million euros upon maturity, both in the same month.
3

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

4. Resolved a share repurchase program with a maximum of ¥500 billion
On August 7, 2024, following the first quarter, the Board resolved to repurchase the Company’s shares with amaximum of ¥500 billion.
Notes:
1. Includes derivative gains and losses on investments and effects of foreign exchange translation
2. Gross amounts before deductions, such as third-party interests and taxes
3. The amount comprises the investment outlay by SBG and its primary wholly owned subsidiaries (excluding investments in U.S.
Treasury Bonds), as accounted for under “Payments for acquisition of investments” in the consolidated statement of cash flows.
4. The amounts recorded in the consolidated statement of cash flows.

WEWORK’S EMERGENCE FROM CHAPTER 11 OF THE U.S. BANKRUPTCY CODE
(1) Backgrounds
The Company made its initial investment in WeWork in March 2017. After WeWork’s planned initial public
offering was withdrawn in September 2019, which led to significant management difficulties, the Company
provided additional investments, purchased notes, and offered credit support for a letter of credit facility provided
to WeWork by financial institutions. Although WeWork achieved a listing on the New York Stock Exchange in
October 2021 through a merger with a Special Purpose Acquisition Company (SPAC), the company faced a severe
decline in office demand due to the COVID-19 pandemic. Consequently, WeWork filed for protection under
Chapter 11 of the U.S. Bankruptcy Code in November 2023 and emerged from Chapter 11 in June 2024.
(2) Major impacts on consolidated financial statements
As of March 31, 2024, the Company recorded a cumulative loss of $14.36 billion on investments and financial
support for WeWork in the consolidated statement of profit or loss. Upon WeWork emerging from Chapter 11, theCompany received 12.2% of the stock of the newly restructured WeWork in exchange for the claims it held against
WeWork prior to the filing and recovered part of the cash contributed to fulfill the guarantee obligations for thecredit support for a letter of credit facility provided to WeWork by financial institutions. Additionally, the Company
reassessed the recoverability of loans to WeWork, which had been written down to zero, and recorded the expected
recoverable amount as of the first quarter-end. As a result, the Company recorded gains totaling $0.15 billion(investment loss of ¥2,830 million and other gain of ¥22,569 million) for the first quarter in the condensed interim
consolidated statement of profit and loss. This brought the cumulative losses recorded in the consolidated statementof profit or loss to $14.21 billion as of June 30, 2024.
The investments in the old WeWork stocks, warrants, and notes were canceled and therefore deemed realized.
This resulted in the reclassification of $10.57 billion in unrealized losses, from a cumulative investment loss of$14.36 billion, to realized losses under investment gains and losses at Investment Business of Holding Companies
and SoftBank Vision Funds in the first quarter. The difference from the cumulative loss of $14.36 billion had beenrecorded as derivative losses and other losses by March 31, 2024.

4

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

a. Consolidated Results of Operations(Millions of yen)Three months ended June 30
2023
2024
Net sales
Gross profit
Gain on investments

ChangeChange %1,557,507
832,075

1,701,747
920,621

144,240
88,546

9.3%
10.6%

A

Gain (loss) on investments at Investment
Business of Holding Companies(689,697)

567,933

1,257,630-

B

Gain (loss) on investments at SoftBank
Vision Funds
Gain (loss) on other investments
Total gain on investments(13,043)
3,783(698,957)

32,386(40,607)559,71245,429(44,390)
1,258,669-

C
D

Selling, general and administrative
expensesFinance cost
Foreign exchange loss

(648,080)(139,601)(464,642)(719,686)(137,604)(443,907)(71,606)
1,997
20,735

11.0% E
(1.4%) F- G

Derivative gain
(excluding gain (loss) on investments)
Change in third-party interests in SVF
Other gain
Income before income tax
Income taxes
Net income

849,629(58,081)
151,463(176,194)(140,000)(316,194)

60,504(205,254)
191,312
225,698(215,233)
10,465(789,125)(147,173)
39,849401,892(75,233)
326,659(92.9%) H
253.4% I
26.3% J
53.7% K-

161,422

184,746

23,32414.4%(477,616)(174,281)

303,335-

935,862

1,136,142

200,280

21.4%

779,754

950,484

170,730

21.9%

Net income attributable to non-controllinginterests
Net income attributable to owners of
the parent
Total comprehensive income
Comprehensive income attributable toowners of the parent

The following is an overview of the primary and noteworthy components.
A Net Sales
Net sales increased in the SoftBank segment and the Arm segment. For details, see “(c) SoftBank Segment” and“(d) Arm Segment” under “b. Results by Segment.”
B Gain on Investments at Investment Business of Holding Companies
Investment gain of ¥567,933 million was recorded at Investment Business of Holding Companies. This primarily
included investment gains of ¥235,700 million on Alibaba shares and ¥179,149 million on T-Mobile shares(including derivative gains and losses on investments and effects of foreign exchange translation). For details, see“(a) Investment Business of Holding Companies Segment” under “b. Results by Segment.”

5

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

C Gain on Investments at SoftBank Vision Funds
Investment gain of ¥32,386 million was recorded at SoftBank Vision Funds. This comprised a gain of ¥417,087
million at SVF1, and losses of ¥357,709 million at SVF2, ¥12,991 million at LatAm Funds, and ¥14,001 million onother investments.
The investment gain at SVF1 was primarily due to unrealized valuation gains (net) totaling ¥402,183 million forinvestments held at the first quarter-end. Of this, an unrealized gain (net) totaling ¥209,413 million was recorded
for public portfolio companies, mainly attributed to higher share prices of Coupang, Inc. (“Coupang”) and DiDi
Global Inc. (“DiDi”). For private portfolio companies, despite decreases in the fair values of some investments due
to weaker performances, the unrealized gain (net) totaled ¥192,770 million. This was primarily driven by theincrease in the fair value of Bytedance Ltd. (“ByteDance”) due to share price increases among its market
comparable companies and its strong performance.
The investment loss at SVF2 was primarily due to unrealized valuation losses (net) totaling ¥356,308 million forinvestments held at the first quarter-end. This was largely due to a decline in the share prices of public portfolio
companies, including AutoStore Holdings Ltd. (“AutoStore”) and Symbotic Inc. (“Symbotic”), as well as adecrease in the fair values of private portfolio companies, reflecting markdowns due to weaker performances andshare price decreases among market comparable companies.
For details, see “(b) SoftBank Vision Funds Segment” under “b. Results by Segment.”
D Loss on Other Investments
Loss on other investments amounted to ¥40,607 million. This mainly reflected a valuation loss on Symbotic shares
held by a wholly owned subsidiary of the Company, due to a decrease in the company’s share price.
As a result of B through D, the total gain on investments was ¥559,712 million.
E Selling, General and Administrative Expenses
Selling, general and administrative expenses increased by ¥42,913 million year on year to ¥135,009 million in the
Arm segment and by ¥33,294 million year on year to ¥504,938 million in the SoftBank segment. The increase in
the Arm segment was primarily due to higher personnel expenses, including stock compensation schemes, driven
by the growth in the number of engineers and other employees, mainly to enhance its R&D capability. The increasein the SoftBank segment was primarily due to higher sales-related expenses aimed at boosting the acquisition ofsmartphone subscriptions and promoting the continued use of commerce services by existing customers.
Additionally, expenses were incurred due to the strategic business realignment initiatives implemented at LY
Corporation.
F Finance Cost
Interest expenses at SVF decreased by ¥13,800 million year on year to ¥8,912 million, due to a significant decrease1

in borrowings. In contrast, interest expenses at SBG increased by ¥10,139 million year on year to ¥106,789
million. This increase at SBG was primarily due to higher interest expenses from prepaid forward contracts using
Alibaba shares, driven by the depreciation of the yen and other factors, as well as increased interest expenses fromfinancings using Arm shares, mainly due to a higher base rate and the depreciation of the yen. Additionally, interest
expenses increased due to the issuance of domestic hybrid bonds in April 2023 and domestic straight bonds in
March and April 2024.

6

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

G Foreign Exchange Loss
Foreign exchange loss of ¥443,907 million (net) was recorded due to the weaker yen. This was mainly because
SBG and domestic subsidiaries used for fund procurement had U.S. dollar-denominated liabilities, such as
borrowings from subsidiaries and foreign currency-denominated senior notes, that exceeded their U.S. dollardenominated cash and cash equivalents and loans receivable.
The depreciation of the yen in exchange rates used for translation resulted in an increased yen-translated value ofnet assets of foreign subsidiaries and associates, such as SoftBank Vision Funds, whose functional currency is
primarily U.S. dollars, rather than yen. However, this positive impact is not reflected as a foreign exchange gain;
instead, it is accounted for in the ¥1,119,701 million increase in exchange differences from the translation of foreign
operations. This amount is recorded under accumulated other comprehensive income in equity on the condensed
interim consolidated statement of financial position.
H Derivative Gain (Excluding Gain or Loss on Investments)
Derivative gain of ¥40,435 million was recorded for the prepaid forward contracts and associated contracts using
Alibaba shares.
I Change in Third-party Interests in SVF“Change in third-party interests in SVF” represents the gains and losses attributable to third-party investors,
calculated based on the gains and losses on investments at SoftBank Vision Funds, net of management andperformance fees payable to the fund managers (which are wholly owned subsidiaries of the Company) andoperating and other expenses of SoftBank Vision Funds. In the consolidated statement of profit or loss, gains on
investments at SoftBank Vision Funds typically contribute to an increase in third-party interests, which negatively
impacts profit; conversely, losses on investments result in a decrease in third-party interests and positively impact
profit.
In the first quarter, “Change in third-party interests in SVF” was negative by ¥205,254 million, which exceeded“Gain on investments at SoftBank Vision Funds” of ¥32,386 million, in the condensed interim consolidated
statement of profit or loss. This was mainly due to the recording of an investment gain of ¥442,542 million at SVF1
(on an SVF segment basis), where the proportion of third-party interests is significant, resulting in an increase inthird-party interests of ¥175,592 million (attributable to investors entitled to performance-based distribution).
J Other Gain
A gain of ¥93,139 million relating to loss of control over subsidiaries was recorded due to the loss of control overFortress, following the sale of all interests in Fortress held by SBG through its subsidiary to a subsidiary of
Mubadala Investment Company PJSC. For further breakdown, see “13. Other gain” under “(7) Notes to Condensed
Interim Consolidated Financial Statements” in “2. Condensed Interim Consolidated Financial Statements andPrimary Notes.”Primarily as a result of A through J, income before income tax was ¥225,698 million, an improvement of¥401,892 million year on year.
K Income Taxes
SoftBank Corp., Arm, LY Corporation and other operating companies recorded income tax expenses. Additionally,
income taxes (deferred tax expenses) were recorded due to the increase in the value of Alibaba shares and other7SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

held assets.
With the application of the Income Inclusion Rule of the Global Minimum Tax starting the fiscal year, theestimated top-up tax has resulted in no corporate income tax being payable by the Company for the fiscal year.
Primarily as a result of A through K, net loss attributable to owners of the parent was ¥174,281 million, an
improvement of ¥303,335 million year on year.

8SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

b. Results by Segment
The Company’s reportable segments are the components of its business activities for which decisions on resource
allocation and assessments of performance are made. At the first quarter-end, there are four reportable segments:
Investment Business of Holding Companies, SoftBank Vision Funds, SoftBank, and Arm.
The following is a summary of the reportable segments.
Segments
Reportable segments
Investment Businessof Holding
Companies

Main businesses

Core companies·Investment activities by SBG and its
subsidiaries

SoftBank Group Corp.
SoftBank Group Capital Limited
SoftBank Group Japan Corporation
SoftBank Group Overseas GK
SB Northstar LP

SoftBank Vision
Funds·Investment activities by SVF1, SVF2, and
LatAm Funds

SB Investment Advisers (UK)
Limited
SoftBank Vision Fund L.P.
SB Global Advisers Limited
SoftBank Vision Fund II-2 L.P.
SBLA Latin America Fund LLC

SoftBank·Consumer business: Provision of mobile
SoftBank Corp.
LY Corporation
services, sale of mobile devices, andPayPay Corporation
provision of broadband services to retailcustomers in Japan·Enterprise business: Provision of mobile
communications and solutions services toenterprise customers in Japan·Distribution business: Provision of ICT(Information and Communication
Technology) services products to enterprisecustomers and provision of communication
device-related products and IoT (Internet ofThings) equipment to retail customers·Media & EC (e-commerce) business:
Provision of media-related services,
advertising and commerce-related services·Financial business: Provision of payment
and financial services

Arm·Design of microprocessor intellectual
property and related technology·Sale of software tools and provision ofrelated services

Arm Holdings plc·Fukuoka SoftBank HAWKS-related
businesses

Fukuoka SoftBank HAWKS Corp.

*1

Other

Note:
1. On May 14, 2024, SBG sold all interests in Fortress, held through its subsidiary, to a subsidiary of Mubadala Investment Company
PJSC. Following the completion of the transaction, Fortress ceased to be a subsidiary of SBG.

9

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(a) Investment Business of Holding Companies Segment*1

1. Investment gains of ¥235.7 billion on Alibaba shares and of ¥179.1 billion on T-Mobile shares
2. Segment income amounted to ¥38.0 billion, after recording finance cost of ¥136.1 billion and foreignexchange loss of ¥442.6 billion.
Note:
1. Includes derivative gains and losses on investments and effects of foreign exchange translation

OVERVIEWThis segment is led by SBG, which conducts investment activities either directly or through its subsidiaries, acting
as a strategic investment holding company. The segment comprises SBG, SoftBank Group Capital Limited,
SoftBank Group Japan Corporation, SoftBank Group Overseas GK, SB Northstar (the asset management
subsidiary), and certain other subsidiaries engaged in investment and financing activities. Gains and losses oninvestments at Investment Business of Holding Companies encompass gains and losses on investments held by
SBG either directly or through its subsidiaries, excluding gains and losses on investments pertaining to subsidiaries’
shares, such as dividend income from subsidiaries or impairment losses related to subsidiaries’ shares.
This segment holds investments in portfolio companies, such as Alibaba, T-Mobile, and Deutsche Telekom AG(“Deutsche Telekom”), most of which are classified as financial assets at FVTPL (Fair Value Through Profit orLoss). Investments classified as financial assets at FVTPL are measured at fair value every quarter, with any change
in fair value recorded in the consolidated statement of profit or loss as gains and losses on investments.

Investment in listed stocks, corporate bonds, and other instruments by the asset management subsidiary
SB Northstar engages in the acquisition and sale of listed stocks, corporate bonds (primarily those of investment
grades with short time to maturity), and other instruments, utilizing the surplus funds of SBG. Investment gain(including interest received from bond investments) at the asset management subsidiary for the first quarter*1

amounted to ¥2.7 billion, bringing the cumulative investment loss since inception to ¥948.4 billion. The balanceof investments at the first quarter-end stood at ¥492.6 billion, including ¥408.8 billion in corporate bonds.
SBG indirectly holds a 67% stake in SB Northstar, while SBG’s Representative Director, Corporate Officer,
Chairman & CEO Masayoshi Son, indirectly holds a 33% interest. The portion corresponding to Masayoshi Son’s
interest is deducted from the gains and losses on investments at SB Northstar as a non-controlling interest;
therefore, 67% of the gains and losses on investments impact net income attributable to owners of the parent. In theevent that, at the end of the fund life (12 years + 2-year extension), SB Northstar has any unfunded repayment
obligations to SBG, Masayoshi Son will cover his pro rata share of any such unfunded obligations based on his
relative ownership percentage in SB Northstar.
Note:
1. The cumulative investment loss includes dividend income and interest received from bond investments, but excludes the impact of
SB Northstar’s investments in three SPACs controlled by SB Investment Advisers (US) Inc.

10

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

FINANCIAL RESULTS(Millions of yen)Three months ended June 30
2023
2024
Gain (loss) on investments at Investment Businessof Holding Companies
Realized gain (loss) on investments at asset
management subsidiaries
Unrealized gain (loss) on valuation of
investments at asset management
subsidiaries*1
Realized gain on investments
Unrealized gain (loss) on valuation of investments
Change in valuation for the fiscal year
Reclassified to realized gain (loss)*1
recorded in the past fiscal years
Derivative loss on investments*2
Effect of foreign exchange translation
Other
Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Derivative gain
(excluding gain (loss) on investments)
Mainly due to prepaid forward contracts using
Alibaba shares
Other gain

Segment income (income before income tax)

Change Change %(689,697)

567,933

1,257,630

-

(59)

159

218

-

906
17,686(620,356)(620,343)(989)
32,728531,085502,605(1,895)15,042
1,151,441
1,122,948

85.1%
-

(13)
(97,024)
9,150(19,633)(97,256)(466,107)

28,480(12,022)(11,066)
28,038(37,171)(136,075)(442,568)

28,49385,002(11,066)
18,888(17,538)(38,819)
23,539206.4%
89.3%
39.9%
-

848,775
29,37858,77827,072(789,997)(2,306)(93.1%)(7.8%)(394,540)

37,969432,509-

A

B
C

Notes:
1. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in thefiscal year are reclassified to “Realized gain (loss) on investments.”
2. Unrealized gains and losses on valuation of investments are translated using the average exchange rate for the quarter in which thegains and losses were incurred, while realized gains and losses on investments are translated using the average exchange rate for thequarter in which the shares were disposed. “Effect of foreign exchange translation” is the amount that arose due to the use ofdifferent foreign currency exchange rates for these unrealized and realized gains and losses.

A Gain on investments at Investment Business of Holding Companies: ¥567,933 million· On June 7, 2024, the Company sold 6.7 million T-Mobile shares in conjunction with the exercise of a portion of
the call options on T-Mobile shares granted to Deutsche Telekom. As a result, in relation to T-Mobile shares, inthe first quarter, the Company recorded a realized gain of ¥78,277 million on investment, an unrealized loss of¥50,043 million on the valuation of investment (the amount reclassified to realized gain from the amounts
recorded in the past fiscal years), a derivative loss of ¥17,753 million on investment, and a loss of ¥11,066 million
as an effect of foreign exchange translation. The remaining unexercised portion of the call options expired on June22, 2024.
· Realized gain of ¥32,728 million on investments was recorded. This was primarily due to a gain of ¥78,277
million realized on T-Mobile shares, as described above, partially offset by a loss of ¥45,022 million realized on
Alibaba shares.
· Unrealized gain of ¥531,085 million was recorded on the valuation of investments. This mainly included
unrealized gains of ¥205,715 million on Alibaba shares and ¥173,166 million on T-Mobile shares, both of which
continued to be held at the first quarter-end. Although the share price of Alibaba slightly decreased, the fair valueof the shares increased on a yen basis due to the depreciation of the yen, resulting in the recording of an unrealized
gain on valuation.
11

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

B Finance cost: ¥136,075 million (increase of ¥38,819 million year on year)
1· Interest expenses at SBG increased by ¥10,139 million year on year to ¥106,789 million. This was primarily due
to higher interest expenses from prepaid forward contracts using Alibaba shares, driven by the depreciation of the
yen and other factors, as well as increased interest expenses from financings using Arm shares, mainly due to ahigher base rate and the depreciation of the yen. Additionally, interest expenses increased due to the issuance ofdomestic hybrid bonds in April 2023 and domestic straight bonds in March and April 2024.
· An amortized cost of ¥28,633 million was recognized for the unpaid portion of the consideration for theacquisition of Arm shares from SVF1 in August 2023. This amortized cost is eliminated in consolidation.

C Foreign exchange loss: ¥442,568 million
Foreign exchange loss of ¥442,568 million (net) was recorded due to the weaker yen. This was primarily because
U.S. dollar-denominated liabilities (such as borrowings from subsidiaries and foreign currency-denominated seniornotes) of SBG and domestic subsidiaries used for fund procurement exceeded their U.S. dollar-denominated cash
and cash equivalents and loans receivable.

Reference: Impact of the asset management subsidiary on the condensed interim consolidated statement offinancial position(Millions of yen)
June 30, 2024
Cash and cash equivalents
702,294
Investments from asset management subsidiaries
492,586
including corporate bonds
408,805
Derivative financial assets at asset management subsidiaries
12
Other financial assets
1,427
Other
6,409
Total assets
1,202,728
Other financial liabilities
1,427
Other
86
Total liabilities
1,513
*1

1,971,699
39,786

Investments from Delaware subsidiaries
Equivalent amount of cash investments by SBG in Delaware subsidiaries
Equivalent amount of loans to Delaware subsidiaries held by SBG(the amount entrusted by SBG related to asset management)
Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries
Retained earnings
Exchange differences

1,912,020
19,893 A(1,012,425) B
241,941

Equity1,201,215 C

Note:
1. Investments from the Company’s subsidiaries, Delaware Project 1 L.L.C., Delaware Project 2 L.L.C., and Delaware Project 3 L.L.C.
(the “Delaware subsidiaries”), to SB Northstar, the asset management subsidiary.

12SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(Calculation of non-controlling interests)(Millions of yen)
19,893 A(337,375)
90,552Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries*2
Cumulative loss attributable to non-controlling interests
Exchange differences on translating foreign operations

Non-controlling interests (interests of Masayoshi Son)

(226,930) D

Note:
2. One-third of B in the above table(Interests in equity (C above))
Interests of SBG
Non-controlling interests (interests of Masayoshi Son)

(Millions of yen)
1,428,145(226,930) D

Equity1,201,215

C

Main interest-bearing debt and lease liabilities in this segment

Borrower
SBG

Wholly owned subsidiaries*1
conducting fund procurement

Balance as of June 30, 2024
in condensed interim
consolidated statement offinancial position¥465.6 billion

Type
Borrowings
Corporate bonds
Lease liabilities
Commercial paper¥6,457.9 billion¥9.0 billion¥168.0 billion

Borrowings using Arm shares(margin loan)¥1,357.0 billion

Prepaid forward contracts using Alibaba shares(collar and forward contracts)¥4,645.5 billion

Borrowings using SoftBank Corp. shares(margin loan)¥499.1 billion

Prepaid forward contracts using T-Mobile shares(collar contracts)¥87.0 billion

Collar transactions using Deutsche Telekom shares¥525.0 billion

Note:
1. Borrowings of wholly owned subsidiaries conducting fund procurement are nonrecourse to SBG.

13

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(b) SoftBank Vision Funds Segment*1

1. Since inception, SVF1 has had a gross gain of $19.6 billion; SVF2 has had a gross loss of $21.9 billion.
*2
SVF1: $109.1 billion in cumulative returns on $89.5 billion investments, with $19.6 billion gross gain
· Investment gain was $2.8 billion (¥442.5 billion) for the first quarter.
*3· The fair value of investments held at the first quarter-end increased by 6.5% from the previous quarter-end.
*4- Up 8.7% QoQ for public portfolio companies, mainly due to an increase in the share prices of Coupang
and DiDi*4- Up 5.2% QoQ for private portfolio companies, primarily driven by the markup of ByteDance, reflecting
share price increases among its market comparable companies and its strong performance. This waspartially offset by the decrease in the fair values of some other investments due to weaker performances
SVF2: $31.1 billion in cumulative returns on $53.0 billion investments, with $21.9 billion gross loss
· Investment loss was $2.6 billion (¥413.6 billion) for the first quarter.
· The fair value of investments held at the first quarter-end decreased by 8.8% from the previous quarter-end.
- Down 26.7% QoQ for public portfolio companies, mainly due to a decrease in the share prices of
AutoStore and Symbotic- Down 6.1% QoQ for private portfolio companies, mainly reflecting markdowns due to weakerperformances and share price decreases among market comparable companies
In the first quarter, following WeWork’s emergence from Chapter 11 of the U.S. Bankruptcy Code, theWeWork stocks previously held by SVF1 and SVF2 were canceled. Additionally, a portion of the prepetition
claims SVF2 held against WeWork was also canceled, while the remaining portion of these claims wasconverted into stocks of the newly restructured WeWork. As a result, the investments in the old WeWorkstocks, warrants, and notes held by SVF1 and SVF2 were considered realized, and the unrealized investment
losses of $6.71 billion (SVF1: $3.18 billion, SVF2: $3.53 billion) recorded in past fiscal years werereclassified as realized losses.
(As of June 30, 2024; in billions of U.S. dollars)*5

Since Inception
Investment
*6
cost

*6

Returns
SVF1
Exited investments
43.2
64.8
Investments before exit
46.3
41.8
Reversal of valuation gain/loss recorded in prior periods for exitedinvestments in the fiscal year
Derivatives/Interests/Dividends
(0.0)
2.5

Total

89.5

109.1

The Fiscal Year
Gain/loss

Gain/loss
Apr - Jun

21.6
(4.5)

(4.4)
2.6

2.5

4.6
0.0
2.8

19.6

¥442.5 billion

SVF2
Exited investments
6.7
3.4
Investments before exit
46.3
27.8
Reversal of valuation gain/loss recorded in prior periods for exitedinvestments in the fiscal year
Derivatives/Interests/Dividends
(0.0)
(0.1)
Total

53.0

31.1

(3.3)
(18.5)

(3.6)
(2.6)

(0.1)
(21.9)

3.6
(0.0)
(2.6)
¥(413.6) billion

2. Continued monetization and investment under a disciplined approach· SVF2 made investments totaling $0.62 billion in sectors such as Frontier Tech and Enterprise in the first2
quarter.
· SVF1 and SVF2 sold investments for a total of $0.84 billion in the first quarter, including full exits from six
2
portfolio companies, including SenseTime and Paytm, and partial exits from several portfolio companies.

14

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Notes:
1. Cumulative gross gains and proceeds from realized investments are before deducting third-party interests, taxes, and expenses. The
same applies to the presentation of cumulative investment performance hereinafter.
2. Exit price, etc., plus fair value of investments held. The same applies hereinafter.
3. Represents changes in U.S. dollar-based fair values, excluding those from investments or exits made during the first quarter. The
classification of portfolio companies as public/private is based on their status as of the first quarter-end. For portfolio companies
with a change in the classification of public/private during the first quarter, comparisons are made by adjusting their status at theprevious fiscal year-end to that of the first quarter-end. The same applies to the change in fair value of investments held at thequarter-end in this section.
4. Public portfolio companies are shares traded on stock exchanges or over-the-counter markets. Private portfolio companies are thosethat do not fall under the category of public portfolio companies. The same applies hereinafter.
5. The amount of gains and losses for exited investments in the fiscal year represents the exit price, net of the investment cost of suchinvestments. Unrealized valuation gains and losses of such investments, recorded in prior years, are presented as a reversal ofvaluation gain/loss recorded in prior periods for exited investments in the fiscal year.
6. For derivatives, the investment costs represent the costs of the derivatives. Investment returns represent the exit price for exitedinvestments, the fair value for investments before exits, the settlement amount of settled contracts or the fair value of open contracts
for derivatives, and the respective amounts received for interest or dividends.

OVERVIEW
Segment results mainly include the results of the investment and operational activities of SoftBank Vision Fund 1(SVF1), SoftBank Vision Fund 2 (SVF2), and SoftBank Latin America Funds (LatAm Funds).

Outline of principal funds in the segment
As of June 30, 2024
The funds aim to maximize returns from a medium- to long-term perspective through investments in high-growthpotential companies leveraging AI. SVF1’s investment period has ended, and the remaining undrawn capital isreserved for fixed distributions and operating expenses.

Primary limited
partnership
Total committed capital(billions of U.S.
dollars)
Manager

Investment period
Fund life

SVF1
SoftBank Vision Fund L.P.

SVF2
SoftBank Vision FundII-2 L.P.

98.6

59.8
7.8
*3
The Company: 7.4
The Company: 57.2
Third-party investor
Third-party investor*4*4(MgmtCo): 2.6(MgmtCo): 0.4
SBGA(The Company’s wholly owned
U.K. subsidiary)
To be determined by the manager
Until October 4, 2032 + up to two one-year
extensions option by SBGA

*2, 3

*1

The Company: 33.1
Third-party investors: 65.5
SBIA
(The Company’s wholly owned
U.K. subsidiary)Ended on September 12, 2019
Until November 20, 2029 + up
to two one-year extensions
option by SBIA

LatAm Funds
SBLA Latin America
Fund LLC*2

Notes:
1. The Company’s committed capital to SVF1 includes approximately $8.2 billion of an obligation that was satisfied by using Arm
shares (all said shares have been contributed) and $2.5 billion to be used for an incentive scheme related to SVF1.
2. 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
correspondingly.
3. On July 9, 2024, the Company’s committed capital to SVF2 increased to $58.2 billion, bringing the total committed capital for SVF2
to $60.8 billion.
4. A co-investment program has been introduced for SVF2 and LatAm Funds for the Company’s management. MASA USA LLC(“MgmtCo”), an investment entity for the co-investment program, participates in the two funds. The interest attributable to MgmtCo

15

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

is treated as a third-party interest in the Company’s consolidated financial statements. For details, see “Co-investment program withrestricted rights to receive distributions” under “16. Related party transactions” in “(7) Notes to Condensed Interim Consolidated
Financial Statements” in “2. Condensed Interim Consolidated Financial Statements and Primary Notes.”

Financing at SVF
SVF1, SVF2, and LatAm Funds may independently engage in borrowings that are nonrecourse to SBG, with theaim of leveraging and maintaining liquidity. Such borrowings include asset-backed finance, which utilizes held
assets to enhance returns and distribute to limited partners.

Fair value measurement of investments
SVF1, SVF2, and LatAm Funds calculate the fair value of their investments at each quarter-end in accordance withIFRS 13 Fair Value Measurement and based on the SBIA Global Valuation Policy and the International Private
Equity and Venture Capital Valuation Guidelines. For public portfolio companies, fair values of portfolio companies
that are traded on stock exchanges are determined using quoted prices, while fair values of those traded on over-thecounter markets are determined using single or multiple factors, such as quoted prices and other observable inputs.
For private portfolio companies, one or more valuation methods are used, including the market approach using
figures of market comparable companies, the income approach using estimated future cash flows, and the recent
transactions method using prices of recent funding rounds and similar transactions.

FINANCIAL RESULTS(Millions of yen)

Gain on investments at SoftBank Vision Funds
Gain on investments at SVF1, SVF2,
and LatAm Funds*1

Three months ended June 30
2023
2024
159,773
1,911*2Realized loss on investments
Unrealized gain on valuation of investments
Change in valuation for the fiscal year
Reclassified to realized loss recorded*2
in the past fiscal years
Interest and dividend income from investments
Derivative gain on investments
Effect of foreign exchange translation
Gain (loss) on other investments
Selling, general and administrative expenses
Finance cost
Change in third-party interests in SVF
Other gain

Segment income (income before income tax)

Change Change %(157,862)(98.8%) A

134,703(68,179)
212,237
120,887

15,912(1,259,047)
1,025,806(22,679)(118,791)(1,190,868)
813,569(143,566)

91,3501,491
2,453(13,299)
25,070(18,299)(23,628)(58,081)
1,276

1,048,485
5,579
1,767
241,807(14,001)(19,190)(10,524)(205,254)
28,756957,135
4,088(686)
255,106(39,071)(891)
13,104(147,173)
27,480274.2%(28.0%)
4.9%(55.5%)
253.4% B-

61,041(204,301)(265,342)-(88.2%)
383.3%-

Notes:
1. Gains and losses on investments associated with the change in valuation of SoftBank Vision Funds’ investments in shares in the
Company’s subsidiaries (mainly Arm and PayPay Corporation) are included in segment income of the SoftBank Vision Funds
segment as gains and losses on investments at SoftBank Vision Funds but are eliminated in consolidation and not included in gains
and losses on investments at SoftBank Vision Funds in the consolidated statement of profit or loss.
2. Unrealized gains and losses on valuation of investments recorded in previous fiscal years related to the investments realized in thefiscal year are reclassified to “Realized gain (loss) on investments.”

16

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Investments and disposals by SVF1 and SVF2
(Billions of U.S. dollars)
3

SVF1
SVF2

Investments madeduring the first quarter
0.62

Disposals madeduring the first quarter
0.81
0.03

Total

0.62

0.84

Note: Investments include new and follow-ons.

Segment income
A Gain on investments at SoftBank Vision Funds: ¥1,911 million(Millions of yen)Three months ended June 30
2023
2024

ChangeGain on investments at SVF1
Loss on investments at SVF2
Gain (loss) on investments at LatAm Funds
Gain (loss) on other investments, etc.

131,175(43,968)

442,542(413,649)

311,367(369,681)

47,49625,070(12,991)(13,991)(60,487)(39,061)

Gain on investments at SoftBank Vision Funds

159,773

1,911(157,862)

B Change in third-party interests in SVF: ¥(205,254) million
This represents the gains and losses attributable to third-party investors, which are calculated based on the gains andlosses on investments at each fund, net of (i) management and performance fees payable to SBIA from SVF1; (ii)management and performance-linked management fees payable to SBGA from SVF2; (iii) management fees,
performance-linked management fees, and performance fees payable to SBGA from LatAm Funds; and (iv)
operating and other expenses of SVF. For details, see “(2) Third-party interests in SVF” under “4. SoftBank Vision
Funds business” in “(7) Notes to Condensed Interim Consolidated Financial Statements” in “2. Condensed Interim
Consolidated Financial Statements and Primary Notes.”

17

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Investment performance
As of June 30, 2024
SVF1
(Billions of U.S. dollars)

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
102

Cumulative
investment
cost
89.5

Cumulative
investment
return109.1

Cumulative
*1
gain
19.6

Cumulative
number ofinvestments(4)

Cumulative
investment
cost
(2.0)

Cumulative
investment
return(2.0)

Cumulative
*1
gain
-

(4)
94

87.5

107.1

19.6

Number ofinvestments38
38

Investment
cost
5.4
37.8
43.2

Exit price
15.6
49.2
64.8

Cumulative*1
realized gain
10.2
11.4
21.6

Investment gainrecorded for the fiscal year
Apr - Jun
2.8

(Reference)*2

Effects of share exchanges*3

Effects of dividends in kindNet of the above effects(1) Exited investments

Partial exit
*4
Full exit
Total(2) Investments before exit (investments held at the first quarter-end)*6

PublicPrivate
Total

Number ofinvestments
17
47
64

Realized gain (loss)
recorded for the fiscal year
Apr - Jun
0.1
(4.5)
(4.4)

*5

Investment
cost
21.2
25.1
46.3

Fair value
16.7
25.1
41.8

Cumulative
unrealized*7
valuation loss
(4.5)
(0.0)
(4.5)

Unrealized valuation
gain recorded
for the fiscal year
Apr - Jun
1.4
1.2
2.6

Derivative
cost
(0.0)
(0.0)
(0.0)

Fair value/
Cumulative
settlement
price derivative gain
0.0
0.0
1.5
1.5
1.5
1.5

Derivative gainrecorded for the fiscal year
Apr - Jun
0.0
0.0
0.0

(3) Derivatives

Unsettled
SettledTotal(4) Interest and dividend income from investments
Interest anddividend
income
1.0

Cumulative
income1.0

Interest and dividend income
recorded for the fiscal year
Apr - Jun
0.0

Total
Notes:* The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit.
1. Before deducting third-party interests, taxes, and expenses
2. For investments involving share exchanges, the acquisition costs of the new investments and the disposal prices (sale prices) of theinitially held investments are deducted for the purpose of presenting the cumulative net investment performance. These include shareexchanges between Uber Advanced Technologies Group and Aurora Innovation Inc.; PT Tokopedia and PT GoTo Gojek Tokopedia
Tbk; Grofers International Pte. Ltd. and Zomato Limited; Zymergen, Inc. and Ginkgo Bioworks Holdings, Inc.; and Candy Digital,
Inc. and Fanatics Holdings, Inc. (an existing portfolio company). In addition, SVF1 exchanged all shares in two portfolio companies
for shares in their affiliated companies in prior years, which are also existing portfolio companies. The acquisition costs and disposal
prices (sale prices) of these investments are also deducted in this section.
3. Investments acquired through dividends in kind from existing portfolio companies are deducted from the investment count. These
include two investments acquired from Arm (Treasure Data and Acetone Limited (an intermediate holding company that owns
approximately 48% of the equity interest in Arm China)) and two investments acquired from Reef Global Inc. (REEF Proximity

18

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Aggregator LLC and Parking Aggregator LLC).
4. Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies
5. The classification of portfolio companies as public/private is based on their status as of the first quarter-end.
6. Includes DiDi, which is traded in the over-the-counter market.
7. For a certain investment that was initially determined to be transferred from the Company to SVF1, but later canceled, any
unrealized valuation gains and losses incurred for the fiscal year leading up to the decision to cancel the transfer are excluded in thissection.

SVF2(Billions of U.S. dollars)

Total ((1) + (2) + (3) + (4) below)
Cumulative
number ofinvestments
287

Cumulative
investment
cost
53.0

Cumulative
investment
return31.1

Cumulative*1
loss(21.9)

Cumulative
number ofinvestments

Cumulative
investment
cost

Cumulative
investment
returnCumulative
*1
loss

(5)
(2)
280

(0.0)
53.0

(0.0)
31.1

(21.9)

Number ofinvestments
16
16

Investment
cost
0.5
6.2
6.7

Exit price
0.3
3.1
3.4

Cumulative*1
realized loss
(0.2)
(3.1)
(3.3)

Investment loss
recorded for the fiscal year
Apr - Jun
(2.6)

(Reference)

Effects of financial support to*2
WeWork*3
Effects of share exchanges
Net of the above effects(1) Exited investments

Partial exit
Full exit
Total(2) Investments before exit (investments held at the first quarter-end)

Realized loss
recorded for the fiscal year
Apr - Jun
(0.0)
(3.6)
(3.6)

*4

Unrealized valuation loss
recordedfor the fiscal year

PublicPrivateNumber ofinvestments
15
256

Investment
*5
cost
5.5
40.8

Fair value
2.9
24.9

Cumulative
unrealized
valuation loss
(2.6)
(15.9)

Total

271

46.3

27.8

(18.5)(2.6)

Fair value/
Cumulative
settlement derivative gain
price(loss)
0.0
0.0
(0.3)
(0.3)
(0.3)
(0.3)

Derivative gain (loss)
recorded for the fiscal year
Apr - Jun
(0.0)
0.0
(0.0)

*5

Apr - Jun
(1.0)
(1.6)

(3) Derivatives

Unsettled
Settled
Total

Derivative
cost
(0.0)
(0.0)

(4) Interest and dividend income from investments
Interest anddividend
income
0.2

Total

19

Cumulative
income0.2

Interest and dividend income
recorded for the fiscal year
Apr - Jun
0.0SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Notes:* The total and the sum of the breakdown in the table may not match, as the amount of each item is rounded to the nearest unit.
1. Before deducting third-party interests, taxes, and expenses
2. The WeWork notes held by SVF2, which constituted four investments, along with the stocks of the newly restructured WeWork,
converted from the prepetition claims that SVF2 held against WeWork (constituting one investment), are deducted from theinvestment count.
3. For investments involving share exchanges, the acquisition costs of the new investments and the disposal prices (sale prices) of theinitially held investments are deducted for the purpose of presenting the cumulative net investment performance. These include theshare exchange between XCOM Labs, Inc. and Globalstar, Inc., as well as the share exchange between ODA Group Holding AS andMathem Holdings AB.
4. The classification of portfolio companies as public/private is based on their status as of the first quarter-end.
5. The investment cost and fair value of investments before exit in SVF2 include minor ownership percentages in another portfolio
company, which were received as part of the consideration for SVF2’s investment in a specific portfolio company.

LatAm Funds
At the first quarter-end, LatAm Funds posted $6.2 billion in cumulative returns on $7.4 billion in investments, witha gross loss of $1.2 billion since inception. Of this, investment loss for the first quarter was $0.1 billion (¥13.0
billion).

Capital deployment
As of June 30, 2024
SVF1
(Billions of U.S. dollars)Committed capital (A)4Drawn capital (B)Return of capital (non-recallable) (C)*1

Outstanding capital (D) = (B) – (C)Remaining committed capital (E) = (A) – (B)Total

The Company

Third-party investors

98.6
87.2
38.1
49.1

33.1
29.9
9.2
20.7

65.5
57.3
28.9
28.4

11.4

3.2

8.2

Notes:*The Company’s committed capital to SVF1 includes approximately $8.2 billion of an obligation that was satisfied using Arm shares(all said shares have been contributed) and $2.5 billion to be used for an incentive scheme related to SVF1.
1. At the first quarter-end, $12.6 billion of the $28.4 billion of outstanding capital from third-party investors was attributable topreferred equity commitment.

20

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

SVF2
(Billions of U.S. dollars)

Total
*1

59.8
57.6
2.2

Committed capital (A)Drawn capital (B)Remaining committed capital (C) = (A) – (B)Note: Remaining committed capital includes recallable return of capital.

(Reference: Breakdown of committed capital as of June 30, 2024)*1

Total committed capital
The Company’s equity commitment to investments outside the scope of the co-investment program
The Company’s preferred equity commitment to SVF2 LLC*2
The Company’s equity commitment to SVF2 LLC
MgmtCo’s equity commitment to SVF2 LLC

59.8
12.6
32.2
12.4
2.6

Notes:*At the first quarter-end, no capital has been paid by MgmtCo.
1. On July 9, 2024, the Company’s committed capital to SVF2 increased to $58.2 billion, bringing the total committed capital for SVF2
to $60.8 billion.
2. SVF2 LLC (SVF II Investment Holdings LLC) is a subsidiary of the Company established under SVF2 and indirectly holds
investments subject to the co-investment program.

At the first quarter-end, total committed capital for LatAm Funds was $7.8 billion, with drawn capital totaling $7.4
billion.
For a complete list of portfolio companies and historical quarterly results of SVF1, SVF2, and LatAm Funds, see the Data Sheets
under “Earnings Results Briefing” on the Company’s website at https://group.softbank/en/ir/presentations/.

21

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(c) SoftBank Segment
Segment income increased by 9.8% YoY, driven by sustained profit growth in the media & EC business,the consumer business, and the enterprise business, as well as the profitability achieved by PayPay and
PayPay Card.
(Millions of yen)Three months ended June 30
2023
2024
Net sales
Segment income (income before income tax)
Depreciation and amortization
Gain (loss) on investments
Finance cost
Other gain

1,430,067
254,987(181,576)
2,217(16,140)
22,667

1,535,642
279,915(182,318)(10,110)(20,636)
39,954

ChangeChange %105,575
24,928(742)(12,327)(4,496)
17,287

7.4%
9.8%
0.4%
27.9%
76.3%

OVERVIEW
Segment results include the business activities of SoftBank Corp. and its subsidiaries mainly in Japan, such as theprovision of mobile services and sale of mobile devices, as well as the provision of broadband, advertising, andcommerce services. Under its Beyond Carrier strategy, SoftBank Corp. aims to achieve sustainable growth in its
core telecommunications business, while expanding its domains beyond telecommunications through internet
services, such as Yahoo! JAPAN and LINE, and the development of businesses that utilize advanced technologies,
including AI, IoT, and FinTech, the latter encompassing the cashless payment service PayPay.
FINANCIAL RESULTS
Segment income was ¥279,915 million, an increase of ¥24,928 million (9.8%) year on year. This was primarily
driven by sustained profit growth in the media & EC business, consumer business, and enterprise business, as wellas the profitability achieved by the main subsidiaries of the financial business: PayPay Corporation and PayPay
Card Corporation.
In the media & EC business, the increase in income was driven by robust commerce sales and media sales
associated with the growth in account advertising, as well as a gain recorded from the loss of control over multiple
subsidiaries (included in “Other gain” in the table above). In the consumer business, the increase in income wasprimarily due to higher mobile service revenue, product sales, and broadband service revenue. The increase inmobile service revenue was mainly because of a rise in the number of smartphone subscribers and an improvementin Average Revenue Per User. In the enterprise business, income grew due to increased sales of cloud services andother products, spurred by the accelerated digitalization of enterprises. The profitability of PayPay Corporation and
PayPay Card Corporation primarily resulted from increased fee income from the expansion of gross merchandise
volume and higher interest income from the growth of the revolving balance. Additionally, streamlining sales
promotion expenses by narrowing the target audience for campaigns and optimizing fixed costs further improved
profitability.
The recognition of loss on investments in the first quarter was primarily due to the fair value measurement of
written put options granted to certain equity holders of an equity method associate in the subsidiary of LY
Corporation.
For more information on SoftBank Corp.’s financial results and business operations, please refer to its website athttps://www.softbank.jp/en/corp/ir/.

22

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(d) Arm Segment
Arm’s business continues to benefit from technology companies increasing investments in AI. Armrecorded its highest net sales (U.S. dollar-based) in the first quarter.
◆ Net sales increased by 46.6% YoY in U.S. dollar terms, driven by the highest-ever license and otherrevenue and strong royalty revenue. In yen terms, net sales increased by 66.1%.
- Royalty revenue increased by 28.0% YoY (U.S. dollar-based) due to strong growth in smartphones, boosted
by higher royalties per chip from Arm’s latest Armv9 technology.
- License and other revenue increased by 71.2% YoY (U.S. dollar-based) with Arm recognizing revenue
from a high value, long-term deal signed with a major technology company in the previous fiscal year. In
addition, Arm signed multiple other deals with companies developing chips for a wide range ofapplications, including future smartphones, data centers, automotive, consumer electronics, and AI
applications.
◆ Positive segment income due to strong revenue growth(Millions of yen)Three months ended June 30
2023
2024
Net sales
Segment income (income before income tax)

88,502(9,508)*1

147,003
10,160ChangeChange %58,501
19,66866.1%-

1. Segment income included amortization expenses of ¥17,747 million for the first quarter and ¥15,659 million for the same period of
the previous fiscal year. These expenses are related to intangible assets recognized in the purchase price allocation at the time of theacquisition of Arm.

OVERVIEW
Arm’s operations primarily consist of licensing semiconductor intellectual property (IP), including the design ofenergy-efficient microprocessors and associated technologies.
Semiconductor industry trends can have a significant impact on Arm’s financial results, both positively andnegatively. Industry growth benefits Arm’s royalty revenue, which can grow along with industry sales. Industry
growth can also encourage Arm’s customers to increase design activity, creating new opportunities for Arm tolicense its latest technologies, and thus driving license and other revenue.
Arm will continue to increase investments in R&D in order to build the future of computing. Arm is creating
CPUs and related technologies, such as graphics processors, AI accelerators, and integrated subsystems, that will
enable its customers to develop the next generation of computing devices.
FINANCIAL RESULTS
Net sales in U.S. dollars
Net sales in this section are presented in U.S. dollars as Arm’s revenue is primarily based on U.S. dollars.
(Millions of U.S. dollars)
Three months ended June 30
2023
2024

Change Change %Royalty revenue
License and other revenue

365
276

467
472

102
196

28.0%
71.2%

Total

641

939

298

46.6%

Net sales reached a record high, increasing by $298 million (46.6%) year on year.

23SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Royalty revenue
Royalty revenue increased by $102 million (28.0%) year on year. This was primarily driven by very strong growthof revenue from smartphones, combined with increasing Armv9 technology replacing Armv8 technology, and with
Armv9-based chips delivering around double the royalty revenue compared with equivalent Armv8-based chips. In
addition, Arm saw good year on year revenue growth from automotive chips as cars are becoming smarter. The
growth in revenues from smartphones and automotive was partially offset by weaker sales of chips in networking
equipment and IoT devices, both of which are going through a period of inventory drawdown by end-customers.
Commentary from chip companies suggests that the inventory downturn may be nearing its end, and Arm expects
to see sequential industry growth in these areas in the second half of the fiscal year.
License and other revenue
License and other revenue increased by $196 million (71.2%) year on year, reaching a record high. This was due toArm recognizing revenue from a high value, long-term deal signed with a major technology company in theprevious fiscal year. In addition, Arm continues to sign licenses with Arm customers who are developing chips for awide range of applications, including future smartphones, data centers, automotive, consumer electronic devices,and AI applications. The current strong demand for licensing is expected to lay the foundation of a future royalty
stream from chips that are to be developed and introduced to the market in the coming years.
Segment income
Segment income was ¥10,160 million, improving by ¥19,668 million year on year. This was due to Arm’s strong
revenue growth, which outpaced the increased costs associated with factors such as the growing number ofengineers developing next-generation technology. Starting from the fiscal year, Arm has discontinued its cash-based
corporate bonus, with share-based compensation now serving as the primary incentive for employees.
TECHNOLOGY DEVELOPMENT
Arm and its licensees made the following technology-related announcements during the first quarter. For details oneach technology development, please refer to the press releases posted on the websites of the announcing
companies.
· In April 2024, Google LLC announced the Google Axion Processors, its first custom Arm-based CPUs designed
for the data center, which provide up to 50% better performance and up to 60% better energy efficiency thancomparable current generation x86-based processors.
· In May 2024, Microsoft Corporation announced its Copilot+ PCs, designed for AI. These are the fastest, mostintelligent Windows PCs ever built, and the first generation running on Arm’s energy-efficient, high-performancearchitecture.
· In May 2024, Arm announced the next generation of its CPU and GPU products for smartphones, laptops andconsumer electronics. This includes a new compute subsystem that delivers more than a 35% performance
improvement for software and games, and over 40% for on-device generative AI, including large language
models.
For more information on Arm’s U.S. GAAP-based financial results and business operations, please refer to Arm’s website athttps://investors.arm.com/.

24

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Overview of Financial Position
1. Status of investment assets*1◆ Carrying amount of investments from SVF (FVTPL) increased by ¥733.4 billion from the previous*2fiscal year-end to ¥11,747.9 billion.
- ¥700.8 billion increase at SVF1: The balance increased by $1.96 billion on a U.S. dollar basis due to anincrease of $2.57 billion in the fair value of investments held at the first quarter-end, offset by decreasesof $0.61 billion from divestments.
- ¥12.0 billion decrease at SVF2: The balance decreased by $1.70 billion on a U.S. dollar basis, mainly
due to decreases of $2.28 billion in the fair value of investments held at the first quarter-end and $0.03
22
billion from divestments. This occurred despite new and follow-on investments totaling $0.61 billion.
◆ Carrying amount of investment securities increased by ¥316.7 billion from the previous fiscal year*2
end to ¥9,378.7 billion, which included:- Carrying amount of Alibaba shares of ¥3,536.2 billion (a decrease of ¥220.9 billion)- Carrying amount of T-Mobile shares of ¥2,422.3 billion (an increase of ¥146.5 billion)- Increased carrying amounts of Deutsche Telekom shares and NVIDIA shares due to their higher shareprices, as well as the increased carrying amounts of Wayve Technologies shares and investments in asset
management products by PayPay Bank due to additional investments made during the first quarter
2. Changes in liabilities associated with financing activities◆ Interest-bearing debt of SBG increased by ¥304.5 billion from the previous fiscal year-end.
- The Company issued domestic straight bonds of ¥100.0 billion to wholesale markets in April 2024 and¥550.0 billion to retail markets in June 2024. The Company redeemed domestic straight bonds of ¥450.0
billion upon maturity in June 2024.
◆ Interest-bearing debt of wholly owned subsidiaries conducting fund procurement decreased by*2¥276.2 billion from the previous fiscal year-end.
- $2.23 billion in financial liabilities relating to sale of shares by prepaid forward contracts wasderecognized at the time of the physical settlement of a portion of these contracts using Alibaba shares.
- $2.32 billion in financial liabilities relating to sale of shares by prepaid forward contracts decreased dueto the cash settlement of a portion of these contracts using T-Mobile shares.
3. Changes in equity◆ Total equity increased by ¥965.9 billion from the previous fiscal year-end.
- Retained earnings decreased due to a ¥174.3 billion net loss attributable to owners of the parent.
- Exchange differences from the translation of foreign operations increased by ¥1,119.7 billion due to theweaker yen in the foreign currency exchange rate used for translation.
◆ Ratio of equity attributable to owners of the parent (equity ratio) was 25.3% at the first quarter-end,
compared with 23.9% at the previous fiscal year-end.
Notes:
1. Investments from SVF (FVTPL) do not include SVF’s investments in the Company’s subsidiaries (primarily PayPay Corporation) or
investments that were transferred from the Company to the funds and continue to be accounted for using the equity method (and areincluded in “Investments accounted for using the equity method”) prior to and after such transfer.
2. Includes increases in the carrying amount due to a 6.4% depreciation of the yen against the U.S. dollar in the foreign currency
exchange rate used for translations at the first quarter-end

Total assets
Total liabilities
Total equity

March 31, 2024
46,724,243
33,487,074

June 30, 2024
47,834,174
33,631,144

13,237,169

14,203,030

25(Millions of yen)
ChangeChange %1,109,931
2.4%
144,070
0.4%
965,861

7.3%

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(a) Assets(Millions of yen)March 31, 2024

June 30, 2024

ChangeCash and cash equivalents
Trade and other receivables
Derivative financial assets
Other financial assets
Inventories
Other current assets
Assets classified as held for sale
Total current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Costs to obtain contracts

6,186,874
2,868,767
852,350
777,996
161,863
550,984
42,55911,441,393
1,895,289
746,9035,709,874
2,448,840
317,650

5,498,931
2,731,008
1,031,144
1,011,640
185,234
712,765
188,232
11,358,954
1,964,027
834,487
5,940,610
2,427,117
326,119(687,943)(137,759)
178,794 A
233,644 B

Investments accounted for using
the equity method
Investments from SVF (FVTPL)
SVF1
SVF2
LatAm Funds
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets

839,208
11,014,487
6,042,046
4,096,880
875,561
9,061,972
385,528
2,424,282
245,954
192,863
35,282,850

700,810
11,747,933
6,742,852
4,084,884
920,197
9,378,705
268,5132,483,330
195,672
207,897
36,475,220(138,398)
733,446 D
700,806(11,996)
44,636
316,733 E(117,015)
59,048(50,282)
15,034
1,192,370

Total assets

46,724,243

47,834,174

1,109,931

26

23,371
161,781
145,673(82,439)
68,73887,584
230,736 C(21,723)8,469

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Reasons for changes by primary component
Components
Current assets
A Derivative financial assets

Main reasons for changes from the previous fiscal year-end

B Other financial assets

Investments from the asset management subsidiary increased by ¥141,568
million, mainly due to the acquisition of corporate bonds (primarily those ofinvestment grades with short time to maturity).

Non-current assets
C Goodwill

D Investments from SVF(FVTPL)

Derivative financial assets related to the prepaid forward contracts using
Alibaba shares increased by ¥100,728 million. The increase was due to theweaker yen and the reclassification of those contracts due for settlement
within one year as current assets, despite the physical settlement of a portionof the contracts.

Arm’s goodwill increased by ¥228,737 million due to a 6.4% depreciationof the yen against the U.S. dollar in the foreign currency exchange rate used
for translations at the first quarter-end.
The carrying amount of investments at SVF increased mainly due to a 6.4%
depreciation of the yen against the U.S. dollar in the foreign currency
exchange rate used for translations at the first quarter-end.
· The carrying amount of investments at SVF1 increased by ¥700.8 billion.
On a U.S. dollar basis, the carrying amount increased by $1.96 billion.
The result reflected an increase of $2.57 billion in the fair value ofinvestments held at the first quarter-end, despite a decrease of $0.61
billion resulting from divestments.
· The carrying amount of investments at SVF2 decreased by ¥12.0 billion.
On a U.S. dollar basis, the carrying amount decreased by $1.70 billion.
The result mainly reflected decreases of $2.28 billion in the fair value ofinvestments held at the first quarter-end and $0.03 billion resulting from2
2
divestments. This occurred despite new and follow-on investments
totaling $0.61 billion.
· The carrying amount of investments at LatAm Funds increased by ¥44.6
billion, while it decreased by $0.07 billion on a U.S. dollar basis. The
decrease in the U.S. dollar amount reflected decreases of $0.08 billion in*1
the fair value of investments held at the first quarter-end and $3 million
2
resulting from divestments. These decreases were partially offset by an2
increase of $0.02 billion for new and follow-on investments.
For details, see “(b) SoftBank Vision Funds Segment” under “b. Results by
Segment” in “(1) Overview of Results of Operations.”

Note:
1. Includes the impact from the weaker local currencies against the U.S. dollar

27SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Components
E Investment securities

Main reasons for changes from the previous fiscal year-end· The carrying amount of Alibaba shares decreased by ¥220,870 million, withthe balance at the first quarter-end being ¥3,536,193 million ($21.95 billion).
This decrease is attributable to a derecognition of ¥271,018 million ($1.68
billion) at the time of the physical settlement of a portion of the prepaid
forward contracts using Alibaba shares in the first quarter. Moreover, in July
2024, the Company settled a portion of these contracts in physical form uponmaturity. Accordingly, ¥185,553 million ($1.15 billion) of Alibaba shares thatwere used for the settlement were reclassified at the first quarter-end frominvestment securities to assets classified as held for sale.
· The carrying amount of T-Mobile shares increased by ¥146,491 million, withthe balance at the first quarter-end being ¥2,422,318 million ($15.04 billion).
This mainly reflected an increase in the company’s share price (Reference:the share price increased from $163.22 per share as of March 31, 2024, to$176.18 per share as of June 30, 2024), which contributed to the increase in
the carrying amount, despite the Company selling 6.7 million T-Mobile
shares due to a partial exercise of the call options on T-Mobile shares granted
to Deutsche Telekom.
In addition, the carrying amounts also increased for the following investment
securities:· Shares of Wayve Technologies Ltd., due to additional investments madeduring the first quarter*2· Shares of Deutsche Telekom and NVIDIA Corporation, due to their higher
share prices· Investments in asset management products by PayPay Bank Corporation, due
to additional investments made during the first quarter
The carrying amounts of these investment securities also reflected an increasecaused by a 6.4% depreciation of the yen against the U.S. dollar in the foreign
currency exchange rate used for translations at the first quarter-end.

Note:
2. Includes the impact from the weaker euro against the U.S. dollar, as the shares of Deutsche Telekom are held by a U.S. subsidiary of
the Company.

28

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Reference: Cash and cash equivalents by entity
Consolidated cash and cash equivalents decreased by ¥687.9 billion from the previous fiscal year-end to ¥5,498.9
billion. For details, see “(3) Overview of Cash Flows.”(Millions of yen)March 31, 2024

June 30, 2024

ChangeInvestment Business of Holding*1Companies segment
SBG

3,359,514
2,198,869

3,088,587
1,840,403(270,927)(358,466)

Wholly owned subsidiaries conducting fundprocurement
SB Northstar
OthersSoftBank Vision Funds segment
SVF1
SVF2
LatAm Funds
SBIA, SBGA, SBLA Advisers Corp.
SoftBank segment
SoftBank Corp.
LY Corporation

30,584
794,508
335,553
229,887
65,748102,063
3,084
58,992
1,992,873
482,763
325,391

314,129702,294
231,761
134,118
22,02743,031
4,038
65,022
1,906,910
513,887
402,553

283,545(92,214)(103,792)(95,769)(43,721)(59,032)954
6,030(85,963)
31,124
77,162739,759444,960
291,127
291,127
313,473

527,419
463,051
235,954
235,954
133,362(212,340)
18,091(55,173)(55,173)(180,111)

6,186,874

5,498,931(687,943)

PayPay Corporation, PayPay Bank
*2
Corporation, PayPay Card Corporation
Others
Arm segment
Arm and its subsidiaries*1
Others
Total

Notes:* The figures are after eliminations in consolidation.
1. From the fiscal year, items have been presented by reportable segment. A portion of the amounts previously included in “Others” at
the bottom section of the table is now classified as “Others” in the Investment Business of Holding Companies segment.
2. Cash and cash equivalents of PayPay Bank Corporation at the first quarter-end were ¥308,580 million.

29

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(b) Liabilities(Millions of yen)March 31, 2024

June 30, 2024

ChangeInterest-bearing debt
Lease liabilities
Deposits for banking business
Trade and other payables
Derivative financial liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities

8,271,143
149,801
1,643,155
2,710,529
195,090
31,801
163,226
44,704801,285

9,141,347
161,265
1,690,318
2,575,338
98,1472,846
111,487
38,233590,772

870,204
11,46447,163(135,191)(96,943) A(28,955)(51,739)(6,471)(210,513)

Liabilities directly relating to assets
classified as held for sale
Total current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

9,561
14,020,295
12,296,381
644,706
4,694,503
41,23857,017
167,902
1,253,039
311,993
19,466,779

14,409,753
11,579,897
717,419
5,049,037
51,09340,622
125,783
1,387,779
269,761
19,221,391(9,561)
389,458(716,484)
72,713354,534 B
9,855(16,395)(42,119)
134,740(42,232)(245,388)

Total liabilities

33,487,074

33,631,144

144,070

Reasons for changes by primary component
Components
Main reasons for changes from the previous fiscal year-end*See “Reference” on the following page for a breakdown of interest-bearing debt.
Current liabilities
A Derivative financial liabilities· Derivative financial liabilities decreased by ¥70,699 million ($0.47
billion). This was due to the sale of 6.7 million T-Mobile shares as apartial exercise of call options on T-Mobile shares granted to Deutsche
Telekom and the expiration of the remaining unexercised call options on
June 22, 2024.
· Derivative financial liabilities decreased by ¥20,822 million ($0.14 billion)
due to the cash settlement of a portion of the prepaid-forward contracts
using T-Mobile shares.
Non-current liabilities
B Third-party interests in SVF

The carrying amount increased primarily due to a 6.4% depreciation of the
yen against the U.S. dollar in the foreign currency exchange rate used fortranslations at the first quarter-end. For details, see “(2) Third-party interests
in SVF” under “4. SoftBank Vision Funds business” in “(7) Notes toCondensed Interim Consolidated Financial Statements” in “2. Condensed
Interim Consolidated Financial Statements and Primary Notes.”

30

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Reference: Interest-bearing debt and lease liabilities (current and non-current)
March 31, 2024

June 30, 2024

(Millions of yen)
Change14,265,108
6,796,406
462,977
6,147,578
9,351
176,500

14,294,701
7,100,556
465,640
6,457,911
9,005
168,000

29,593
304,150
2,663
310,333 A(346)(8,500)7,443,112
2,270,601

7,166,957
2,381,090(276,155)
110,489

5,172,511
25,590563,842
547,894
547,894
15,94815,9486,321,094
4,373,826
2,994,039
827,781
466,005
86,001
1,122,485
591,338
469,270
61,877

4,785,867
27,188599,483
582,854582,854
16,62916,6296,642,013
4,637,029
3,200,477
907,624
468,428
60,5001,162,329
633,839
469,337
59,153(386,644) B
1,598
35,641
34,96034,960681
681
320,919
263,203
206,438
79,843
2,423(25,501)
39,84442,50167(2,724)

503,714321,069
34,63034,63034,630177,357
143,297
34,060414,455428,200
41,52841,52841,52822,203
17,956
4,247(89,259)
107,131
6,898
6,898
6,898
(155,154)(125,341)(29,813)

21,362,031

21,599,928

237,897

Investment Business of Holding*1Companies segment
SBG
Borrowings
Corporate bonds
Lease liabilities
Commercial paper
Wholly owned subsidiaries conducting*2
fund procurement
Borrowings
Financial liabilities relating to sale of sharesby prepaid forward contracts
Other
SoftBank Vision Funds segment
SVF2
Borrowings
SBIA, SBGA, SBLA Advisers Corp.
Lease liabilities
SoftBank segment
SoftBank Corp.
Borrowings
Corporate bonds
Lease liabilities
Commercial paper
LY Corporation
Borrowings
Corporate bonds
Lease liabilities
PayPay Corporation, PayPay Bank
*3
Corporation, PayPay Card Corporation
Other
Arm segment
Arm and its subsidiaries
Lease liabilities*1

OthersOther interest-bearing debt
Lease liabilities
Total

Notes:* The figures are after eliminations in consolidation.
1. From the fiscal year, items have been presented by reportable segment. A portion of the amounts previously included in “Others” at
the bottom section of the table is now classified as “Others” in the Investment Business of Holding Companies segment.
2. The interest-bearing debt of wholly owned subsidiaries engaged in fund procurement is nonrecourse to SBG.
3. Deposits for banking business of PayPay Bank Corporation are not included in interest-bearing debt.

31

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Reasons for changes from the previous fiscal year-end at core companies
Components

Details

Investment Business of Holding Companies segment
SBG
A Corporate bonds· In the first quarter, domestic straight bonds with a face value of ¥650.0 billion were
issued.
· In the first quarter, domestic straight bonds with a face value of ¥450.0 billion wereredeemed upon maturity.
· The carrying amount of foreign currency-denominated straight bonds increased due to a
6.4% depreciation of the yen against the U.S. dollar in the foreign currency exchange
rate used for translations at the first quarter-end.
Wholly owned subsidiaries conducting fund procurement
B Financial liabilities · In the first quarter, financial liabilities relating to sale of shares by prepaid forward
relating to sale ofcontracts of ¥359,413 million ($2.23 billion) were derecognized at the time of theshares by prepaid
physical settlement of a portion of the prepaid forward contracts using Alibaba shares.
forward contracts · Financial liabilities relating to sale of shares by prepaid forward contracts decreased by¥350,884 million ($2.32 billion) due to the cash settlement of a portion of the prepaid
forward contracts using T-Mobile shares in the first quarter.
· The carrying amount includes increases due to a 6.4% depreciation of the yen against the
U.S. dollar in the foreign currency exchange rate used for translations at the first quarterend.
For details, see “(2) Transactions for sale of Alibaba shares by prepaid forward contracts”
under “6. Interest-bearing debt” in “(7) Notes to Condensed Interim Consolidated
Financial Statements” in “2. Condensed Interim Consolidated Financial Statements andPrimary Notes.”(c) Equity(Millions of yen)March 31, 2024

June 30, 2024

ChangeCommon stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income

238,772
3,326,093
193,199
1,632,966(22,725)
5,793,820

238,772
3,362,697
193,199
1,425,204(22,463)
6,919,798

36,604(207,762) A
262
1,125,978 B

Total equity attributable to owners of
the parent
Non-controlling interests

11,162,125
2,075,044

12,117,207
2,085,823

955,082
10,779Total equity

13,237,169

14,203,030

965,861

Reasons for changes by primary component
Components
A Retained earnings

Main reasons for changes from the previous fiscal year-end
Net loss of ¥174,281 million attributable to owners of the parent was recorded.

B Accumulated othercomprehensive
incomeExchange differences from the translation of foreign operations, which arose fromtranslating foreign subsidiaries and associates into yen, increased by ¥1,119,701
million mainly due to the weaker yen against the U.S. dollar in the foreign currency
exchange rate used for translations.

32

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(3) Overview of Cash Flows
1. Cash flows from operating activities
Outlays for income taxes: ¥149.8 billion
2. Cash flows from investing activities: ¥330.3 billion cash outflow (net)◆ Payments totaling ¥358.3 billion were made for investment acquisitions, driven by the expansion ofstrategic investments by SBG and its wholly owned subsidiaries and an increase in investments inbonds and other asset management products by PayPay Bank.
◆ Proceeds of ¥179.9 billion from the sale and redemption of investments were primarily a result of thesale of 6.7 million T-Mobile shares in conjunction with the partial exercise of call options by Deutsche
Telekom◆ Monetization and investments continued at SVF- Payments for acquisition of investments by SVF: ¥93.4 billion- Proceeds from sales of investments by SVF: ¥112.2 billion◆ Outlays of ¥199.7 billion for the purchase of property, plant and equipment and intangible assets due
to capital expenditure mainly at SoftBank
3. Cash flows from financing activities: ¥543.8 billion cash outflow (net)◆Bonds refinances were made at SBG and distributions and repayments to third-party investors weremade at SVF1
- Proceeds from interest-bearing debt: ¥1,252.9 billion· Main proceeds at SBG: ¥771.7 billion(from issuance of domestic straight bonds of ¥650.0 billion and short-term borrowings of ¥121.7 billion)- Repayment of interest-bearing debt: ¥1,211.4 billion· Main outlays at SBG: ¥571.3 billion(for redemption and repurchase of bonds totaling ¥452.2 billion, including redemption of domestic
straight bonds of ¥450.0 billion upon maturity, and repayment of short-term borrowings of ¥119.2
billion)· Outlays at wholly owned subsidiaries conducting fund procurement: ¥373.7 billion(for settlement of the prepaid forward contracts using T-Mobile shares in cash, etc.)- Distributions and repayments to third-party investors at SVF: ¥151.8 billion
4. Balance of cash and cash equivalents at the first quarter-end and its changes◆ The balance of cash and cash equivalents stood at ¥5,498.9 billion at the first quarter-end, a decreaseof ¥687.9 billion from the previous fiscal year-end. This was the result of cash flows from operating,investing, and financing activities, together with a ¥229.2 billion effect of exchange rate changes oncash and cash equivalents, etc. due to the weaker yen.

SIGNIFICANT NON-CASH TRANSACTION
During the first quarter, the Company settled a portion of the prepaid forward contracts using Alibaba shares inphysical form. This was a non-cash transaction; therefore, it had no impact on the consolidated cash flows. For
details, see “15. Supplemental information to the condensed interim consolidated statement of cash flows” under“(7) Notes to Condensed Interim Consolidated Financial Statements” in “2. Condensed Interim Consolidated
Financial Statements and Primary Notes.”

33

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(Millions of yen)Three months ended June 30
2023
2024
Cash flows from operating activities
Cash flows from investing activities(172,574)

Cash flows from financing activities
Effect of exchange rate changes on cash andcash equivalents, etc.
Increase (decrease) in cash and cash equivalents

529,565(307,791)

341,794
390,994

Cash and cash equivalents at the beginningof the period

6,925,153

Cash and cash equivalents at the end of the period

7,316,147

Change(43,005)(330,293)(543,837)(1,073,402)

229,192(687,943)(1,078,937)

6,186,874
5,498,931(1,817,216)

129,569(22,502)(112,602)(738,279)(a) Cash Flows from Operating Activities
Cash flows from operating activities resulted in a net outflow of ¥43,005 million. This was due to outlays forincome taxes amounting to ¥149,759 million and the acquisition of corporate bonds (primarily those of investment
grades with short time to maturity) by SB Northstar for the purpose of investing surplus funds.

(b) Cash Flows from Investing Activities
Primary components
Components
Payments for acquisition of
investments¥(358,316) million

Primary details· SBG and its wholly owned subsidiaries acquired mainly strategic
investments for ¥193,157 million.
· PayPay Bank Corporation acquired bonds and other asset management
products for ¥101,153 million.

Proceeds from sales/redemption of
investments¥179,889 million

The Company sold 6.7 million T-Mobile shares due to a partial exercise of
the call options on T-Mobile shares granted to Deutsche Telekom.

Payments for acquisition of
investments by SVF¥(93,420) million

SVF invested $0.60 billion in total.

Proceeds from sales of investments SVF sold investments for a total of $0.72 billion.
by SVF¥112,159 million
Purchase of property, plant andequipment, and intangible assets¥(199,727) million

SoftBank Corp. purchased property, plant and equipment, such as
telecommunications equipment, and intangible assets, such as software.

34

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(c) Cash Flows from Financing Activities
Primary components
Components
Repayment of short-term interestbearing debt, net*1¥(9,862) million(Proceeds and payments for interest-

Primary details· Short-term borrowings increased by ¥99,919 million (net) at SoftBank
Corp.
· Short-term borrowings and commercial paper decreased by ¥97,780
million (net) at LY Corporation and its subsidiaries.

bearing debt (current liabilities) withquick turnover and short maturities)

Proceeds from interest-bearing debt (total of A and B below)¥1,252,882 million
A Proceeds from borrowings· SBG made short-term borrowings of ¥121,670 million.
*2·
SoftBank Corp. procured ¥289,020 million, primarily through the¥522,882 million
securitization of installment sales receivable and sale-leaseback
transactions.

B Proceeds from issuance ofcorporate bonds¥730,000 million· SBG issued domestic straight bonds totaling ¥100,000 million for thewholesale market and ¥550,000 million for the retail market.
· SoftBank Corp. issued domestic straight bonds totaling ¥80,000 million.
All of the above amounts are stated at face values.

Repayment of interest-bearing debt (total of A through C below)¥(1,211,424) million

A Repayment of borrowings*2¥(385,615) million· SBG repaid short-term borrowings of ¥119,156 million.
· SoftBank Corp. repaid ¥183,527 million in borrowings made primarily
through the securitization of installment sales receivable and saleleaseback transactions. It also redeemed ¥25,500 million in commercial
paper.

B Redemption of corporatebonds¥(452,159) million

SBG redeemed domestic straight bonds of ¥450,000 million (face value)
upon maturity.

C Payments for settlement offinancial liabilities relating
to sale of shares by prepaid
forward contracts¥(373,650) million

A wholly owned subsidiary conducting fund procurement paid ¥410,160
million ($2.62 billion) to settle a portion of the prepaid forward contracts
using T-Mobile shares in cash. Of this amount, ¥363,319 million ($2.32
billion), corresponding to the settlement of financial liabilities relating tosale of shares by prepaid forward contracts, is included in this item. The
remaining ¥46,841 million ($0.3 billion), corresponding to the settlementof derivative financial liabilities, is included in "Other" of Cash flows fromfinancing activities.

Distribution/repayment from
SVF to third-party investors¥(151,781) million

SVF1 made distributions and repayments to third-party investors.

35

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Components
Cash dividends paid¥(31,632) million

Primary details
SBG paid dividends.

Cash dividends paid to noncontrolling interests¥(143,711) million

SoftBank Corp., LY Corporation, and other subsidiaries paid dividends tonon-controlling interests.

Notes:
1. “Repayment of short-term interest-bearing debt, net” represents cash flows from financing activities that meet the requirement of“Reporting cash flows on a net basis” under IFRSs.
2. “Proceeds from borrowings” and “Repayment of borrowings” include proceeds of ¥161,490 million and outlays of ¥192,654 million
related to borrowings with a contracted term of one year or less.

(4) Forecasts
The Company does not provide forecasts of consolidated results of operations as they are difficult to project due tonumerous uncertainties affecting earnings.

Notes to “1. Results of Operations”
1 Interest expenses of SBG include interest expenses of its wholly owned subsidiaries conducting fund procurement.
2 Includes share exchanges, acquisitions, and disposals as a result of restructuring of portfolio companies
3 After deducting transaction fees, etc.
4 Drawn capital of SVF1 excludes the amount repaid to limited partners due to investment plan changes and other reasons after thecapital was drawn.

36SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

2. Condensed Interim Consolidated Financial Statements and Primary Notes(1) Condensed Interim Consolidated Statement of Financial Position(Millions of yen)

As ofMarch 31, 2024

As ofJune 30, 2024

AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Derivative financial assets
Other financial assets
Inventories
Other current assets
Subtotal
Assets classified as held for sale
Total current assets

6,186,874
2,868,767
852,350
777,996
161,863
550,984
11,398,834
42,55911,441,393

5,498,931
2,731,008
1,031,144
1,011,640
185,234
712,765
11,170,722
188,232
11,358,954

Non-current assets
Property, plant and equipment
Right-of-use assets
Goodwill
Intangible assets
Costs to obtain contracts
Investments accounted for using the equity method
Investments from SVF (FVTPL)
Investment securities
Derivative financial assets
Other financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

1,895,289
746,9035,709,874
2,448,840
317,650
839,208
11,014,487
9,061,972
385,528
2,424,282
245,954
192,863
35,282,850
46,724,243

1,964,027
834,487
5,940,610
2,427,117
326,119
700,810
11,747,933
9,378,705
268,5132,483,330
195,672
207,897
36,475,220
47,834,174

37

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(Millions of yen)

As ofMarch 31, 2024

Liabilities and equity
Current liabilities
Interest-bearing debt
Lease liabilities
Deposits for banking business
Trade and other payables
Derivative financial liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Subtotal
Liabilities directly relating to assets classified as held forsale
Total current liabilities

As ofJune 30, 2024

8,271,143
149,801
1,643,155
2,710,529
195,090
31,801
163,226
44,704801,285
14,010,734

9,141,347
161,265
1,690,318
2,575,338
98,1472,846
111,487
38,233590,772
14,409,753

9,561

-

14,020,295

14,409,753

Non-current liabilities
Interest-bearing debt
Lease liabilities
Third-party interests in SVF
Derivative financial liabilities
Other financial liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities

12,296,381
644,706
4,694,503
41,23857,017
167,902
1,253,039
311,993
19,466,779
33,487,074

11,579,897
717,419
5,049,037
51,09340,622
125,783
1,387,779
269,761
19,221,391
33,631,144

EquityEquity attributable to owners of the parent
Common stock
Capital surplus
Other equity instruments
Retained earnings
Treasury stock
Accumulated other comprehensive income
Total equity attributable to owners of the parent

238,772
3,326,093
193,199
1,632,966(22,725)
5,793,820
11,162,125

238,772
3,362,697
193,199
1,425,204(22,463)
6,919,798
12,117,207

Non-controlling interests
Total equity
Total liabilities and equity

2,075,044
13,237,169
46,724,243

2,085,823
14,203,030
47,834,174

38

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Condensed Interim Consolidated Statement of Profit or Loss and Condensed Interim Consolidated
Statement of Comprehensive Income
Condensed Interim Consolidated Statement of Profit or Loss
(Millions of yen)Three-month period ended
June 30, 2023

Three-month period ended
June 30, 2024

Net sales
Cost of sales
Gross profit
Gain on investments
Gain (loss) on investments at Investment Businessof Holding Companies
Gain (loss) on investments at SoftBank Vision
Funds
Gain (loss) on other investments
Total gain on investments

1,557,507(725,432)
832,075

1,701,747(781,126)
920,621(689,697)

567,933(13,043)

32,386

3,783(698,957)(40,607)559,712Selling, general and administrative expenses
Finance cost
Foreign exchange loss
Derivative gain (excluding gain (loss) on
investments)
Change in third-party interests in SVF
Other gain
Income before income tax
Income taxes
Net income(648,080)(139,601)(464,642)(719,686)(137,604)(443,907)

849,62960,504(58,081)
151,463(176,194)(140,000)(316,194)(205,254)
191,312
225,698(215,233)
10,465

Net income attributable to
Owners of the parent
Non-controlling interests
Net income(477,616)
161,422(316,194)(174,281)
184,746
10,465

Earnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)(332.75)(333.97)(122.35)(123.67)39

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Condensed Interim Consolidated Statement of Comprehensive Income(Millions of yen)Three-month period ended
June 30, 2023

Three-month period ended
June 30, 2024

(316,194)

10,465

8,306

(945)

8,306

(945)

268
(5,807)

(700)
5,231

1,252,844

1,122,625(3,555)(534)

1,243,750

1,126,622

1,252,056
935,862

1,125,677
1,136,142

779,754
156,108
935,862

950,484
185,658
1,136,142

Net income
Other comprehensive income, net of tax
Items that will not be reclassified to profit or loss
Equity financial assets at FVTOCI
Total items that will not be reclassified to profit orloss
Items that may be reclassified subsequently to
profit or loss
Debt financial assets at FVTOCI
Cash flow hedges
Exchange differences on translating foreign
operations
Share of other comprehensive income ofassociates
Total items that may be reclassified subsequently to
profit or loss
Total other comprehensive income, net of tax
Total comprehensive income
Total comprehensive income attributable to
Owners of the parent
Non-controlling interests
Total comprehensive income

40SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(3) Condensed Interim Consolidated Statement of Changes in Equity
For the three-month period ended June 30, 2023
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2023

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
incomeTotal

238,772

2,652,790

414,055

2,006,238(38,791)

3,756,785

9,029,849

Comprehensive income
Net income
Other comprehensive income

-

-

-

(477,616)--

1,257,370(477,616)
1,257,370

Total comprehensive income

-

-

-

(477,616)-

1,257,370

779,754---(32,187)--(32,187)---(1,059)

-

1,059

-

-

322

-

-

5,536

-

5,858

-

-

-

-

-

-

-

-

3,192

-

-

-

-

3,192

-

(91)

-

-

-

-

(91)

-

(887)
-

-

-

-

-

(887)
-

-

2,536

-

(33,246)

5,536

1,059

(24,115)

238,772

2,655,326

414,055

1,495,376(33,255)

5,015,214

9,785,488

Transactions with owners andother transactions
Cash dividends
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of June 30, 2023

41

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024
(Millions of yen)

As of April 1, 2023

Noncontrollinginterests

Total equity

1,619,366

10,649,215

Comprehensive income
Net income
Other comprehensive income

161,422(316,194)(5,314)

1,252,056

Total comprehensive income

156,108

935,862(143,357)(175,544)

-

-

-

5,858

(6,297)(6,297)

13,90517,097-(91)

23,144
1,401

22,2571,401(111,204)(135,319)

1,664,270

11,449,758

Transactions with owners andother transactions
Cash dividends
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Changes in interests in associates’
capital surplus
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of June 30, 2023

42

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

For the three-month period ended June 30, 2024
(Millions of yen)

Equity attributable to owners of the parent

As of April 1, 2024

Commonstock

Capitalsurplus

Other equity
instruments

Retainedearnings

Treasurystock

Accumulated
othercomprehensive
incomeTotal

238,772

3,326,093

193,199

1,632,966(22,725)

5,793,820

11,162,125

Comprehensive income
Net income
Other comprehensive income

-

-

-

(174,281)--

1,124,765(174,281)
1,124,765

Total comprehensive income

-

-

-

(174,281)-

1,124,765

950,484---(32,250)--(32,250)---(1,213)

-

1,213

-

-

-

-

(18)

262

-

244

-

-

-

-

-

-

-

-

34,633----

34,633

-

6
1,965

-

-

-

-

6
1,965

-

36,604-(33,481)

262

1,213

4,598

238,772

3,362,697

193,199

1,425,204(22,463)

6,919,798

12,117,207

Transactions with owners andother transactions
Cash dividends
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of June 30, 2024

43

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024
(Millions of yen)

As of April 1, 2024

Noncontrollinginterests

Total equity

2,075,044

13,237,169

Comprehensive income
Net income
Other comprehensive income

184,746

10,465912

1,125,677

Total comprehensive income

185,658

1,136,142(145,548)(177,798)

-

-

-

244

(20,632)(20,632)(554)

34,079(5,748)(2,397)(5,742)(432)(174,879)(170,281)

2,085,823

14,203,030

Transactions with owners andother transactions
Cash dividends
Transfer of accumulated othercomprehensive income toretained earnings
Purchase and disposal of treasury
stock
Changes from loss of control
Changes in interests in
subsidiaries
Share-based payment transactions
Other
Total transactions with owners
and other transactions
As of June 30, 2024

44

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(4) Condensed Interim Consolidated Statement of Cash Flows(Millions of yen)

Cash flows from operating activities
Net income
Depreciation and amortization
Loss (gain) on investments at Investment Business of
Holding Companies
Loss (gain) on investments at SoftBank Vision Funds
Finance cost
Foreign exchange loss
Derivative gain (excluding (gain) loss on investments)
Change in third-party interests in SVF(Gain) loss on other investments and other gain
Income taxes
Decrease (increase) in investments from asset
management subsidiaries
Decrease in trade and other receivables
Decrease (increase) in inventories
Decrease in trade and other payables
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refunded
Net cash used in operating activities

45

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

(316,194)209,860

10,465
212,024

691,665(564,441)

13,043
139,601
464,642(849,629)
58,081(155,246)
140,000(32,386)
137,604
443,907(60,504)
205,254(150,705)
215,233

1,756(120,008)

123,162
2,631(185,794)(26,110)
311,468
46,008(108,342)(437,878)
16,170(172,574)

87,855(27,518)(138,780)(108,754)
109,246
60,112(106,008)(149,759)
43,404(43,005)

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(Millions of yen)

Cash flows from investing activities
Payments for acquisition of investments
Proceeds from sales/redemption of investments
Payments for acquisition of investments by SVF
Proceeds from sales of investments by SVF
Proceeds from loss of control over subsidiaries
Purchase of property, plant and equipment, andintangible assets
Payments for loan receivables
Collection of loan receivables
Payments into time deposits
Proceeds from withdrawal of time deposits
Other
Net cash used in investing activities
Cash flows from financing activities
Proceeds in (repayment of) short-term interest-bearing
debt, net
Proceeds from interest-bearing debt
Repayment of interest-bearing debt
Repayment of lease liabilities
Distribution/repayment from SVF to third-party
investors
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Increase in cash and cash equivalents relating to transfer
of assets classified as held for sale
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period

46

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

(212,528)
35,920(123,916)
134,853
93,206(358,316)
179,889(93,420)
112,159
117,203(191,183)(199,727)(47,926)
49,486(23,903)
3,048(24,848)(307,791)(3,352)
17,669(16,818)
11,787(97,367)(330,293)

55,328(9,862)

1,439,028(639,809)(60,984)

1,252,882(1,211,424)(49,655)(118,091)(151,781)(2)(31,423)(140,535)
26,053
529,565(2)(31,632)(143,711)(198,652)(543,837)

341,794

196,181-

33,011

390,994
6,925,153
7,316,147(687,943)
6,186,874
5,498,931

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(5) Basis of Presentation of Condensed Interim Consolidated Financial Statements
1. Framework of financial reporting
The accompanying condensed interim consolidated financial statements have been prepared in accordance with
Article 5-2 of the Tokyo Stock Exchange’s standards for the preparation of quarterly financial statements. Some
disclosures required under IAS 34 “Interim Financial Reporting” in IFRS Accounting standards (“IFRS”) havebeen omitted under Article 5-5 of the Tokyo Stock Exchange’s standards for the preparation of quarterly
financial statements.

2. Definitions of company names and abbreviations used in the condensed interim consolidated financial
statements and primary notes
Company names and abbreviations used in the condensed interim consolidated financial statements and primarynotes, unless otherwise stated or interpreted differently in the context, are as follows:
Company names / Abbreviations

Definition

SoftBank Group Corp.

SoftBank Group Corp. (stand-alone basis)

The Company

SoftBank Group Corp. and its subsidiaries

Each of the following names or abbreviations indicates the respective company and its subsidiaries, if any.
SB Northstar or the asset management
subsidiary

SB Northstar LP

SVF1

SoftBank Vision Fund L.P. and its alternative investment vehicles

SVF2

SoftBank Vision Fund II-2 L.P.

SVF2 LLC

SVF II Investment Holdings LLC

LatAm Funds

SBLA Latin America Fund LLC

SLA LLCSLA Holdco II LLC

SVF

SVF1, SVF2, and LatAm Funds

SBIA

SB Investment Advisers (UK) Limited

SBGA

SB Global Advisers Limited

Arm

Arm Holdings plc or Arm Limited

Fortress

Fortress Investment Group LLC

WeWork

WeWork Inc.

T-Mobile

T-Mobile US, Inc.

Alibaba

Alibaba Group Holding Limited

MgmtCoMASA USA LLC

*

Note:
* A corporate reorganization was undertaken in August 2023, pursuant to which Arm Holdings Limited, a former subsidiary of Arm
Limited, acquired all the issued ordinary shares of Arm Limited, thereby making it a wholly-owned subsidiary. Subsequently, Arm
Holdings Limited changed its name to Arm Holdings plc and was listed on the Nasdaq Global Select Market through an initialpublic offering on September 14, 2023.

47

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(6) Significant Doubt about Going Concern Assumption
There are no applicable items.

(7) Notes to Condensed Interim Consolidated Financial Statements
1. Changes in presentation(Condensed interim consolidated statement of cash flows)
Proceeds from (repayment of) borrowings with short maturities and quick turnover in some subsidiaries werepreviously presented on a gross basis and included in “Proceeds from interest-bearing debt” and “Repayment ofinterest-bearing debt” and they are presented on a net basis and included in “Proceeds in (repayment of) shortterm interest-bearing debt, net” under cash flows from financing activities for the three-month period ended June30, 2024.
In order to reflect the change in presentation, for the three-month period ended June 30, 2023, “Proceeds frominterest-bearing debt” of ¥162,200 million and “Repayment of interest-bearing debt” of ¥(155,000) million undercash flows from financing activities are reclassified as “Proceeds in (repayment of) short-term interest-bearing
debt, net” of ¥7,200 million under cash flows from financing activities.

2. Material accounting policies
Material accounting policies applied to the condensed interim consolidated financial statements are consistent
with the accounting policies applied to the consolidated financial statements for the fiscal year ended March 31,
2024. In addition, income taxes for the three-month period ended June 30, 2024, are calculated based on theestimated effective tax rate for the fiscal year.
Material accounting policies for the SoftBank Vision Funds segment are consistent with the accounting policies
applied to the consolidated financial statements for the fiscal year ended March 31, 2024. The details aredescribed as follows.
(Material accounting policies for the SoftBank Vision Funds segment)
For SVF1, SVF2, and LatAm Funds, the Company applies the following accounting policies.
(1) Consolidation of SVF1, SVF2, and LatAm Funds by the Company
SVF1 and SVF2 are limited partnerships established by their respective general partners, which are whollyowned subsidiaries of the Company (SVF2 owns limited liability companies including SVF2 LLC) and are
qualified as structured entities by their forms of organization. SVF1 and SVF2 are consolidated by theCompany for the following reasons.
As of June 30, 2024, SVF1 and SVF2 are managed by SBIA and SBGA, respectively, which are whollyowned subsidiaries of the Company in the UK. SVF1 and SVF2 make investment decisions through each48

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

investment committee, which was established in SBIA and SBGA, respectively. As such, the Company has
power as defined under IFRS 10 “Consolidated Financial Statements” over SVF1 and SVF2. Furthermore,
SBIA receives performance fees and SBGA receives performance-linked management fees. The Company
receives distributions attributable to limited partners based on the investment performance as returns from
SVF1 and SVF2. The Company has the ability to affect those returns through its power over SVF1 and SVF2,
and therefore, the Company is deemed to have control as stipulated in IFRS 10 “Consolidated Financial
Statements” over SVF1 and SVF2.
LatAm Funds is a limited liability company in which a wholly-owned subsidiary of the Company invests(LatAm Funds owns limited partnerships and the other forms of entities). LatAm Funds is consolidated by theCompany as it holds more than one-half of the voting rights of LatAm Funds.
Inter-company transactions, such as management fees and performance fees to SBIA paid or to be paid, asapplicable, from SVF1, and management fees, performance-linked management fees, and performance fees to
SBGA paid or to be paid, as applicable, from SVF2 or LatAm Funds, are eliminated in consolidation.
(2) Portfolio company investments made by SVF1, SVF2, and LatAm Funds
a. Investments in subsidiaries
Of the portfolio company investments made by SVF1, SVF2, and LatAm Funds, the portfolio companies that
the Company is deemed to control under IFRS 10 “Consolidated Financial Statements” are subsidiaries of theCompany. Accordingly, their results of operations, assets, and liabilities are included in the Company’s
condensed interim consolidated financial statements.
Gain and loss on investments in the subsidiaries of the Company which are recognized in SVF1, SVF2, and
LatAm Funds are eliminated in consolidation.
b. Investments in associates and joint ventures
Of the portfolio company investments made by SVF1, SVF2, and LatAm Funds, the portfolio companies overwhich the Company has significant influence under IAS 28 “Investments in Associates and Joint Ventures”
are associates of the Company, and the portfolio companies that are joint ventures of the Company when, as
defined under IFRS 11 “Joint Arrangements,” SVF1, SVF2, and LatAm Funds have joint control with otherinvestors under contractual arrangements and the investors have rights to the net assets of the arrangement.
The investments in associates and joint ventures of the Company made by SVF1, SVF2, and LatAm Funds
are accounted for as financial assets at FVTPL in accordance with Paragraph 18 of IAS 28 “Investments in
Associates and Joint Ventures” and presented as “Investments from SVF (FVTPL)” in the condensed interim
consolidated statement of financial position. The payments for these investments are presented as “Payments
for acquisition of investments by SVF” and the proceeds from sales of these investments are presented as“Proceeds from sales of investments by SVF” under cash flows from investing activities in the condensed
interim consolidated statement of cash flows.
If the investments in associates and joint ventures that were transferred from SoftBank Group Corp. and its
subsidiaries to SVF1, SVF2, or LatAm Funds were accounted for using the equity method prior to the49SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

transfer, these investments continue to be accounted for using the equity method after the transfer to SVF1,
SVF2, or LatAm Funds and presented as “Investments accounted for using the equity method” in thecondensed interim consolidated statement of financial position.
Gain and loss on the investments, which were recognized in SVF1, SVF2, or LatAm Funds are eliminated inconsolidation and gain and loss on the investments accounted for using the equity method are presented as“Other gain (loss)” in the condensed interim consolidated statement of profit or loss.
c. Other investments
Investments other than those in associates or joint ventures of the Company made by SVF1, SVF2, and
LatAm Funds are accounted for as financial assets at FVTPL. The presentation of these investments in thecondensed interim consolidated statement of financial position and the condensed interim consolidated
statement of cash flows is the same as the above “b. Investments in associates and joint ventures.”(3) Contribution from limited partners in SVF1 and SVF2, and investors in LatAm Funds, SVF2 LLC, and SLA
LLC (collectively, “SVF Investors”)
a. Contribution from SVF Investors other than the Company (“Third-Party Investors,” and each a “Third-Party
Investor”)
The interests attributable to Third-Party Investors in SVF1, SVF2, and LatAm Funds are classified as
financial liabilities, “Third-party interests in SVF” in the condensed interim consolidated statement offinancial position, due to the predetermined finite life and contractual payment provision to each of ThirdParty Investors at the end of the finite life within the constitutional agreements relating to SVF1, SVF2, and
LatAm Funds. The liabilities are classified as “financial liabilities measured at amortized cost” upon initialrecognition. The carrying amounts attributable to Third-Party Investors represent the amounts that would be
distributed in accordance with the constitutional agreements in a theoretical liquidation scenario at the end ofeach quarter.
Third-Party Investor in SVF2 and LatAm Funds is entitled to make full or partial payments of its investments
and related adjustments at any point in time, at its discretion, from the date it became an investor in SVF2
LLC or SLA LLC to the end of company life of SVF2 LLC or SLA LLC, and as of June 30, 2024, theCompany has recognized receivables from Third-Party Investor. The receivables are included in “Other
financial assets (non-current)” in the condensed interim consolidated statement of financial position.
“Third-party interests in SVF” fluctuates due to the results of SVF1, SVF2, and LatAm Funds in addition tocontributions from Third-Party Investors, and distributions and repayments of investments to Third-Party
Investors. The fluctuations due to the results of SVF1, SVF2, and LatAm Funds are presented as “Change inthird-party interests in SVF” in the condensed interim consolidated statement of profit or loss.
Contributions from Third-Party Investors are included in “Contributions into SVF from third-party investors”
under cash flows from financing activities in the condensed interim consolidated statement of cash flows. The
distributions and repayments of investments to Third-Party Investors are included in “Distribution/repayment
from SVF to third-party investors” under cash flows from financing activities in the condensed interim
consolidated statement of cash flows. No cash contributions into SVF2 and LatAm Funds from Third-Party
Investors and no cash distributions/repayments from SVF2 and LatAm Funds to Third-Party Investors were50

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

made as of June 30, 2024.
Uncalled committed capital from Third-Party Investors is not subject to IFRS 9 “Financial Instruments,” and,
therefore, such amount is not recorded in the condensed interim consolidated statement of financial position.
b. Contribution from the Company
Contributions to SVF1, SVF2, and LatAm Funds from the Company are eliminated in consolidation.

51

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

3. Segment information(1) Description of reportable segments
The Company’s reportable segments are components of business activities for which discrete financial
information is available, and such information is regularly reviewed by the Company’s Board of Directors inorder to make decisions about the allocation of resources and assess its performance.
The Company has four reportable segments, the Investment Business of Holding Companies segment, theSoftBank Vision Funds segment, the SoftBank segment, and the Arm segment.
The Investment Business of Holding Companies segment conducts, mainly through SoftBank Group Corp. asa strategic investment holding company, investment activities in a wide range of sectors in Japan and overseas
directly or through subsidiaries of the Company. The Investment Business of Holding Companies segment
consists of SoftBank Group Corp., SoftBank Group Capital Limited, SoftBank Group Japan Corporation,
SoftBank Group Overseas GK, SB Northstar that is an asset management subsidiary, and certain subsidiariesof the Company that conduct investment or funding. Gain and loss on investments at Investment Business of
Holding Companies consist of gain and loss arising from investments held directly by SoftBank Group Corp.
or through subsidiaries of the Company. However, gain and loss on investments relating to investments in
subsidiaries, including dividend income from subsidiaries and impairment loss on investments in subsidiaries,
are excluded.
The SoftBank Vision Funds segment conducts, mainly through SVF1, SVF2, and LatAm Funds, investment
activities in a wide range of technology sectors. Primarily, gain and loss on investments at SVF1, SVF2,
LatAm Funds, and others consist of gain and loss arising from investments held by SVF1, SVF2, and LatAm
Funds including the investment in the Company’s subsidiary.
The SoftBank segment provides, mainly through SoftBank Corp., mobile services, sale of mobile devices,
broadband services, and solution services in Japan, through LY Corporation, media, advertising and commerce
related services, and through PayPay Corporation, payment and financial services.
The Arm segment provides, through Arm, designs of microprocessor intellectual property and related
technology, sale of software tools, and related services.
Information on business segments, that is not included in the reportable segments, is classified as “Other.”*“Other” includes mainly Fortress and the Fukuoka SoftBank HAWKS-related operations.
“Reconciliations” includes an elimination of intersegment transactions, as well as an elimination of gain andloss on the investment in shares in Arm and PayPay Corporation, subsidiaries of the Company, and others,
which are included in segment income of the SoftBank Vision Funds segment.
Note:* For the three-month period ended June 30, 2024, all interests in Fortress held by a subsidiary of the Company, were sold to a
subsidiary of Mubadala Investment Company PJSC. Upon completion of the transaction, Fortress is no longer a subsidiary of
the Company.

52

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Net sales and income of reportable segments
Income of reportable segments is defined as “Income before income tax.” As in the condensed interim
consolidated statement of profit or loss, “Gain (loss) on investments” included in segment income includes
realized gain and loss from investments in financial assets at FVTPL for which investment performance ismeasured at fair value, unrealized gain and loss on valuation of investments, dividend income frominvestments, derivative gain and loss relating to investments in financial assets at FVTPL, and realized gain
and loss from investments accounted for using the equity method. The Investment Business of Holding
Companies segment calculates its segment income by eliminating gain and loss on investments relating toinvestments in subsidiaries, including dividend income from subsidiaries and impairment loss on investments
in subsidiaries.
In August 2023, Arm shares held by SVF1 were sold to a wholly-owned subsidiary of the Company classified
as the Investment Business of Holding Companies segment. The transaction price was established by reference
to the terms of a prior contractual arrangement between the parties. The details are described in “Notes 2” in“b. Segment income arising from the SoftBank Vision Funds business” in “(1) Income and loss arising fromthe SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds business.”
In addition, intersegment transaction prices other than the above are determined under the same generalbusiness conditions as applied for external customers.

53

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

For the three-month period ended June 30, 2023
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

1,429,118
949

88,502
-

Total

-

-

1,430,067

88,502

Segment income
Depreciation andamortization
Gain (loss) on
investments(394,540)

61,041

254,987(9,508)

(790)

(492)

(181,576)(22,213)(689,697)

159,773

2,217

86

Finance cost

(97,256)(23,628)(16,140)(314)(466,107)

(75)

(241)

1,153

848,775

-

824

30

Foreign exchange gain
(loss)
Derivative gain
(excluding gain (loss) on
investments)

Total

Other

Reconciliations

Consolidated

Net sales
Customers
Intersegment

1,517,620
949

39,887
4,015(4,964)

1,557,507-

Total

1,518,569

43,902(4,964)

1,557,507(88,020)88,962(177,136)(176,194)(205,071)(4,789)-(209,860)(527,621)

1,480(172,816)(698,957)(137,338)(3,613)1,350(139,601)(465,270)

628-(464,642)

849,629--

849,629

Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain
(loss)
Derivative gain
(excluding gain (loss) on
investments)

54

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

For the three-month period ended June 30, 2024
(Millions of yen)

Reportable segments
Investment Businessof Holding Companies

SoftBank Vision*
Funds

SoftBank

Arm

Net sales
Customers
Intersegment--

1,535,007
635

147,003
-

Total

-

-

1,535,642

147,00337,969(204,301)

279,915

10,160

(753)

(604)

(182,318)(25,600)

567,933

1,911(10,110)72(136,075)(10,524)(20,636)(500)(442,568)

199

45

154

58,778

-

1,726

-

Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain
(loss)
Derivative gain
(excluding gain (loss) on
investments)

Total

Other

Reconciliations

Consolidated

Net sales
Customers
Intersegment

1,682,010
635

19,737
2,585(3,220)1,701,747-

Total

1,682,645

22,322(3,220)1,701,747

123,743

44,78757,168

225,698(209,275)(2,749)-(212,024)

559,806(27,146)

27,052559,712(167,735)(483)

30,614(137,604)(442,170)(1,737)-(443,907)

60,504--60,504

Segment income
Depreciation andamortization
Gain (loss) on
investments
Finance cost
Foreign exchange gain
(loss)
Derivative gain
(excluding gain (loss) on
investments)

Note:* The details of the difference between “Gain (loss) on investments” in the SoftBank Vision Funds segment and “Gain (loss) on
investments at SoftBank Vision Funds” in the condensed interim consolidated statement of profit or loss are described in “(1) Income
and loss arising from the SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds business.”

55

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

4. SoftBank Vision Funds business(1) Income and loss arising from the SoftBank Vision Funds businessa. Overview
Segment income arising from the SoftBank Vision Funds business (income before income tax) represents thenet profits of the SoftBank Vision Funds business, after deducting the net profits attributable to Third-Party
Investors. The net profits attributable to Third-Party Investors are the amount after deducting management
fees, performance-linked management fees, and performance fees, as applicable, that SBIA receives from
SVF1, and that SBGA receives from SVF2 and LatAm Funds.
The amount of the net profits attributable to Third-Party Investors that is deducted from the segment income
is presented as “Change in third-party interests in SVF.”
b. Segment income arising from the SoftBank Vision Funds business
The components of segment income arising from the SoftBank Vision Funds business are as follows:(Millions of yen)Three-month period
Three-month period
ended June 30, 2023
ended June 30, 2024
Gain on investments at SoftBank Vision Funds
Gain on investments at SVF1, SVF2, and LatAm
Funds*1,2,3

Realized loss on investments
Unrealized gain on valuation of investments*4

Change in valuation for the fiscal year
Reclassified to realized loss recorded in the*3,5past fiscal years
Interest and dividend income from investments
Derivative gain on investments*3,6

Effect of foreign exchange translation
Subtotal

Gain (loss) on other investments
Total gain on investments at SoftBank Vision
Funds
Selling, general and administrative expenses
Finance cost (interest expenses)
Change in third-party interests in SVF*7

Other gain
Segment income arising from the SoftBank Vision
Funds business (income before income tax)

56

(68,179)(1,259,047)

120,887(22,679)

91,3501,048,485

1,491
2,453

5,579
1,767

(13,299)

241,807

134,703
25,07015,912(14,001)

159,773

1,911(18,299)(23,628)(58,081)(19,190)(10,524)(205,254)

1,276

28,756

61,041(204,301)

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Notes:
1. The amount of realized gain and loss on investments is the exit price net of the investment cost. In addition to the realized
gain and loss on sales by cash consideration, the realized gain and loss by disposals as a result of share exchange andrestructuring of portfolio companies are included.
2. In August 2023, SVF1 sold Arm shares for $16.1 billion (the “Transaction Consideration”) to a wholly-owned subsidiary of
the Company (the “Transaction”). In relation to the Transaction, the proceeds of the sale will be paid in four installments,
with the first installment having been paid upon completion of the Transaction, with the remaining three installments to be
paid over a two-year period through August 2025. At the date of sale, “Realized gain on investments” was recorded as thediscounted present value of the Transaction Consideration ($15.1 billion) net of the investment cost ($8.2 billion). The
difference between the Transaction Consideration and the discounted present value of the Transaction Consideration isrecognized as income over the two years after the date of sale and recorded in “Realized gain on investments.” As a result of
the Transaction, for the three-month period ended June 30, 2024, ¥25,136 million of the realized gain is included in “Gain on
investments at SoftBank Vision Funds” in the above-mentioned segment income. However, these are eliminated inconsolidation due to inter-company transactions relating to shares of a subsidiary.
3. On May 30, 2024, the Bankruptcy court entered an order approving the reorganization plan of WeWork. On June 11, 2024
(the Emergence Date), WeWork emerged from Chapter 11 of the United States Bankruptcy Code (“Chapter 11”). Under the
reorganization plan of WeWork, the preexisting Chapter 11 equity in SVF 1 and SVF2 was cancelled pursuant to
Restructuring Support Agreement. In addition, a portion of the pre-petition claims was cancelled and the remaining portionwas converted into new WeWork equity. Accordingly, SVF1 and SVF2 derecognized WeWork shares, warrants and notes
and SVF2 recognized the shares newly issued by WeWork. As a result, for the three-month period ended June 30, 2024,¥1,050,033 million of the realized loss, ¥848,458 million of the unrealized gain on valuation (reclassified to realized loss
recorded in the past fiscal years), and ¥201,994 million of gain arising from the foreign exchange translation effects wererecorded. The effect on gain and loss on investments at SoftBank Vision Funds was a gain of ¥419 million. The Company
transferred WeWork shares to SVF2 in August 2021. Investment gain and loss on the shares recorded until the transfer is
described in “Notes 2” in “(1) Gain and loss on investments at Investment Business of Holding Companies” under “Note 10.
Gain on investments.”
4. For the three-month period ended June 30, 2024, ¥55,867 million of the unrealized loss (net) on valuation arising from sharesof the Company’s subsidiaries held by SVF1 and SVF2 (mainly PayPay Corporation) is included in “Gain on investments at
SoftBank Vision Funds” (in Change in valuation for the fiscal year under Unrealized gain on valuation of investments) in theabove-mentioned segment income. However, the unrealized loss on valuation is eliminated in consolidation.
The unrealized gain and loss on valuation, that are eliminated in consolidation, are not included in “Gain on investments at
SoftBank Vision Funds” in the condensed interim consolidated statement of profit or loss.
5. It represents the unrealized gain and loss on valuation of investments recorded as “Gain on investments at SoftBank Vision
Funds” in the past fiscal years, which are reclassified to “Realized loss on investments” due to the realization for the threemonth period ended June 30, 2024.
6. Unrealized gain and loss on valuation of investments are translated using the average exchange rate for the quarter in which
the gain and loss were recognized, while realized gain and loss on investments are translated using the average exchange rate
for the quarter in which the shares were disposed. “Effect of foreign exchange translation” arises from the different foreign
currency exchange rates used for unrealized gain and loss on valuation and realized gain and loss.
7. Following WeWork’s emergence from Chapter 11 on June 11, 2024, given the approved plan of reorganization, a portion of
the Junior TLC facility which has been recognized as loan receivables was repaid in cash given over collateral, and thedrawn amounts up to date of emergence on the Junior TLC facility were converted into new WeWork equity as describedabove. In addition, the collectability of the remaining loan receivables was reassessed. As a result, since the carrying amounts(recoverable amounts) of such loan receivables in the consolidated statement of financial position as of March 31, 2024, werezero, for the three-month period ended June 30, 2024, ¥22,569 million of gain was recorded.

57

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Third-party interests in SVF
a. Terms and conditions of contribution from/ distribution to SVF Investors
Contributions by SVF Investors are classified as “Equity” and “Preferred Equity” depending on the terms andconditions of distribution. Preferred Equity is prioritized over Equity with regard to distribution and return ofcontribution.
Performance-based distributions attributed to SVF Investors, consisting of the Company and Third-Party
Investors, are calculated using the net proceeds from the investment performance, as applicable, of SVF1,
SVF2, and LatAm Funds. The net proceeds from SVF1 and LatAm Funds are also allocated to theperformance fees attributed to SBIA and SBGA, respectively, using the method specified in the limited
partnership agreement. The amount of performance-based distribution attributed to SVF Investors is allocatedto each of the SVF Investors based on the proportion of their respective Equity contribution. The amount of
performance-based distributions is paid to each of the SVF Investors after each of SVF1, SVF2, and LatAm
Funds, as applicable, receive cash through dividend, or disposition or monetization of investments.
In SVF1, fixed distributions are defined as distributions of Preferred Equity holders which are calculated
equal to a 7% rate per annum based on their contributions. The fixed distributions are made every lastbusiness day of the months of June and December.
The details of the terms and conditions of the Equity contributed by Third-Party Investor in SVF2 and LatAm
Funds are described in “(Co-investment program with restricted rights to receive distributions)” under “Note
16. Related party transactions.” There are no Third-Party Investors who contributed to Preferred Equity in
SVF2 and LatAm Funds.
In the following table, Third-Party Investors contributing Equity are defined as “Investors entitled toperformance-based distribution” and Third-Party Investors contributing Preferred Equity are defined as“Investors entitled to fixed distribution.”

58

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

b. Changes in interests attributable to Third-Party Investors(a) Third-party interests in SVF1
Changes in interests attributable to Third-Party Investors in SVF1 (included in “Third-party interests in SVF”
in the condensed interim consolidated statement of financial position) are as follows:(Millions of yen)(For reference purposes only)
Links with the condensed interim
consolidated financial statements
Third-party interests in
SVF1(Total of current liabilities
and non-current liabilities)

Consolidated
Consolidated
statement
statement of cashof profit or loss
flows
(Negative figures (Negative figures
represent
represent
expenses)
payments)(Breakdown)
As of April 1, 2024
Changes in third-party interests
Attributable to investors entitled to
fixed distribution
Attributable to investors entitled toperformance-based distribution
Distribution/repayment to Third-Party
Investors
Exchange differences on translating*
third-party interests
As of June 30, 2024

4,680,417
210,545(210,545)-(151,781)-(151,781)

300,316--

34,953
175,592

5,039,497

Note:* Exchange differences were included in “Exchange differences on translating foreign operations” in the condensed interim
consolidated statement of comprehensive income.

59SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024(b) Third-party interests in SVF2 and receivables
There is no balance of interests attributable to Third-Party Investor in SVF2 (included in “Third-party
interests in SVF” in the condensed interim consolidated statement of financial position) as of March 31, 2024
and June 30, 2024. There are no changes in interests attributable to Third-Party Investor in SVF2 for thethree-month period ended June 30, 2024. Third-Party Investor in SVF2 is the investor entitled toperformance-based distribution.
The Company has receivables from Third-Party Investor in SVF2. The changes in the receivables from ThirdParty Investor in SVF2 (included in “Other financial assets (non-current)” in the condensed interim
consolidated statement of financial position) are as follows: The details of the receivables from Third-Party
Investor in SVF2 are described in “(1) Transactions between SVF2 and related parties” in “(Co-investment
program with restricted rights to receive distributions)” under “Note 16. Related party transactions .”As of April 1, 2024
Increase in receivables from accrued premiums charged to ThirdParty Investor
Exchange differences on receivables
As of June 30, 2024

(Millions of yen)
Receivables from Third-Party
Investor in SVF2
448,9313,220
28,735
480,886(c) Third-party interests in LatAm Funds and receivables
Changes in interests attributable to Third-Party Investor in LatAm Funds (included in “Third-party interests in
SVF” in the condensed interim consolidated statement of financial position) are as follows: Third-Party
Investor in LatAm Funds is the investor entitled to performance-based distribution.
(Millions of yen)(For reference purposes only)
Links with the condensed interim
consolidated financial statements
Third-party interests in
LatAm Funds(Total of current liabilities
and non-current liabilities)

As of April 1, 2024
Changes in third-party interests
Exchange differences on translating*
third-party interests
As of June 30, 2024

Consolidated
Consolidated
statement
statement of cashof profit or loss
flows
(Negative figures (Negative figures
represent
represent
expenses)
payments)

14,086(5,291)

5,291

-

745

-

-

9,540

Note:
* Exchange differences were included in “Exchange differences on translating foreign operations” in the condensed interim
consolidated statement of comprehensive income.

60SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

The Company has receivables from Third-Party Investor in LatAm Funds. The changes in the receivablesfrom Third-Party Investor in LatAm Funds (included in “Other financial assets (non-current)” in thecondensed interim consolidated statement of financial position) are as follows: The details of the receivablesfrom Third-Party Investor in LatAm Funds are described in “(2) Transactions between LatAm Funds andrelated parties” in “(Co-investment program with restricted rights to receive distributions)” under “Note 16.
Related party transactions.”(Millions of yen)
Receivables from Third-Party
Investor in LatAm Funds
As of April 1, 2024
105,278
Increase in receivables from accrued premiums charged to Third757
Party Investor
Exchange differences on receivables
6,739
As of June 30, 2024
112,774c. Uncalled committed capital from Third-Party Investors
Uncalled committed capital from SVF1’s Third-Party Investors as of June 30, 2024 was $8.2 billion.
(3) Management fees and performance fees
Terms and conditions of management fees, performance-linked management fees, and performance fees,
included in segment income from the SoftBank Vision Funds business, are as follows.
a. Management fees and performance fees in SVF1
Management fees to SBIA from SVF1 are, in accordance with the limited partnership agreement, calculated
by multiplying 1% per annum by Equity contributions used to fund investments and paid to SBIA by SVF1
quarterly. A clawback provision is attached to the management fees received, which is triggered under certain
conditions based on future investment performance.
Same as the performance-based distributions, the amount of the performance fees to SBIA from SVF1 iscalculated using the allocation method as specified in the limited partnership agreement. SBIA is entitled toreceive the performance fees when SVF1 receives cash through disposition, dividend, and monetization of aninvestment. The performance fees received are subject to clawback provisions which are triggered undercertain conditions based on future investment performance.
From the inception of SVF1, the cumulative amount of performance fees paid to SBIA was $454 million. For
the three-month period ended June 30, 2023, the performance fee (net of tax) was distributed to the limited
partners in accordance with the clawback provisions.
b. Management fees and performance-linked management fees in SVF2
Management fees to SBGA from SVF2 are, in accordance with the constitutional agreements, calculated bymultiplying 0.7% per annum by the acquisition cost of investments and paid to SBGA by SVF2 quarterly.
The amount of the performance-linked management fees to SBGA from SVF2 is determined, based on the61SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

investment performance for certain periods specified in the constitutional agreement, according to the agreed
principle. SBGA is entitled to receive the performance-linked management fees after certain periods for theinvestment performance measurement specified in the constitutional agreement, provided that there areavailable cash proceeds through disposition, dividend, and monetization of an investment in SVF2.
From the inception of SVF2 to June 30, 2024, no performance-linked management fees were paid to SBGA.
c. Management fees, performance-linked management fees, and performance fees in LatAm Funds
Management fees to SBGA from LatAm Funds are, in accordance with the constitutional agreements,
calculated based on the acquisition cost of investments and paid to SBGA by LatAm Funds quarterly.
The amount of the performance-linked management fees to SBGA from LatAm Funds is determined, basedon the investment performance for certain periods specified in the constitutional agreement, according to theagreed principle. SBGA is entitled to receive the performance-linked management fees after certain periods
for the investment performance measurement specified in the constitutional agreement, provided that there
are available cash proceeds through disposition, dividend, and monetization of investments in LatAm Funds.
Same as the performance-based distributions, the amount of the performance fees to SBGA from LatAm
Funds is calculated using the allocation method as specified in the constitutional agreements. SBGA isentitled to receive the performance fees when LatAm Funds receives cash through disposition, dividend, andmonetization of an investment.
From the inception of LatAm Funds to June 30, 2024, neither performance fees nor performance-linked
management fees were paid to SBGA.

62

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

5. Disposal group classified as held for sale
In July 2024, certain prepaid forward contracts matured and were settled by Alibaba shares. As a result, $1.7
billion of the current portion of financial liabilities relating to sale of shares by prepaid forward contracts wasderecognized on the settlement date.
As of June 30, 2024, ¥185,553 million of Alibaba shares used for the settlement were transferred from
“Investment securities” to “Assets classified as held for sale” in the condensed interim consolidated statement offinancial position.

6. Interest-bearing debt
(1) Components of interest-bearing debt
The components of interest-bearing debt are as follows:(Millions of yen)

As ofMarch 31, 2024

As ofJune 30, 2024

Current
Short-term borrowings
Commercial paper
Current portion of long-term borrowings
Current portion of corporate bonds
Current portion of financial liabilities relating to*1,2sale of shares by prepaid forward contracts
Current portion of installment payables
Total

Non-current
Long-term borrowings
Corporate bonds
Financial liabilities relating to sale of shares by*2

prepaid forward contracts
Installment payables
Total

1,100,158
363,501
1,787,792
824,791

1,152,305
270,500
1,871,801
1,060,723

4,194,733

4,785,866

168

152

8,271,143

9,141,347

4,698,657
6,619,839

4,805,665
6,774,150

977,778

-

107

82

12,296,381

11,579,897

Notes:
1. For the three-month period ended June 30, 2024, prepaid forward contracts using T-Mobile shares matured and were settled
by cash and “Current portion of financial liabilities relating to sale of shares by prepaid forward contracts” decreased by¥350,884 million.
As of June 30, 2024, the outstanding prepaid forward contracts using T-Mobile shares are recorded for ¥87,010 million as“Current portion of financial liabilities relating to sale of shares by prepaid forward contracts” in the condensed interim
consolidated statement of financial position. The Company settled all of the outstanding amounts by cash on July 1, 2024.
2. These are primarily financial liabilities relating to sale of shares by prepaid forward contracts using Alibaba shares. The
details are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts.”

63SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Transactions for sale of Alibaba shares by prepaid forward contracts
Wholly-owned subsidiaries of the Company entered into prepaid forward contracts with financial institutions
to procure funds using Alibaba shares, which are held by the subsidiaries.
In the prepaid forward contracts, the number of Alibaba shares settled by the prepaid forward contracts isfixed regardless of changes in market share price in the future in a forward contract or determined byreference to market price of the shares at the valuation dates prior to the settlement date in a collar contractthat a cap and a floor are set for the price of shares settled. A part of wholly-owned subsidiaries of theCompany entering into prepaid forward contracts with financial institutions to procure funds using Alibaba
shares (“Entities for fund procurement using Alibaba shares”), in addition to the prepaid forward contracts,
enters into the call spread (combination of long position of call option and short position of call option withdifferent strike prices) contracts in preparation for Alibaba shares price rise.
The aforementioned prepaid forward contracts are classified as hybrid financial instruments with embedded
derivatives. The Company accounts for the contracts by bifurcating the main contracts and embedded
derivatives, and the main contracts are recognized as financial liabilities relating to sale of shares by prepaid
forward contracts then measured at amortized cost, while the embedded derivatives are measured at fairvalue. Also, the call spread contracts are measured at fair value as well. In addition, for the derivative
financial assets and the derivative financial liabilities recognized from the prepaid forward contracts and thecall spread contracts, a tax effect is recognized. The ending balance of the derivative financial assets and thederivative financial liabilities recognized from the prepaid forward contracts and the call spread contracts aredescribed in “Note 7. Financial instruments.”
Entities for fund procurement using Alibaba shares have the option to settle all of the prepaid forward
contracts by delivering cash, Alibaba shares, or a combination of cash and Alibaba shares. If Entities for fundprocurement using Alibaba shares elect cash settlement, Entities for fund procurement using Alibaba shares
will pay the cash equivalent to the fair value of the number of shares subject to the settlement, as determinedby reference to the market price of the shares.
Alibaba shares held by Entities for fund procurement using Alibaba shares are pledged as collateral inaccordance with all of the prepaid forward contracts, and except for a certain contract, the Company granted
the right of use to the financial institutions with respect to such shares. However, the collateral can bereleased by cash settlement at the discretion of Entities for fund procurement using Alibaba shares.
For the three-month period ended June 30, 2024, certain prepaid forward contracts matured, and Entities forfund procurement using Alibaba shares settled them by Alibaba shares. As a result, ¥359,413 million ofcurrent portion of financial liabilities relating to sale of shares by prepaid forward contracts, ¥88,395 millionof “Derivative financial assets (current),” and ¥271,018 million of Alibaba shares included in “Investment
securities” were derecognized from the condensed interim consolidated statement of financial position as ofthe settlement date.
As of June 30, 2024, the Company pledged ¥3,716,251 million of Alibaba shares as collateral for ¥4,645,466
million of current portion of financial liabilities relating to sale of shares by prepaid forward contracts.
Alibaba shares pledged as collateral were recorded for ¥185,553 million as “Assets classified as held for sale”
and for ¥3,530,698 million as “Investment securities” in the condensed interim consolidated statement offinancial position.
64

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(3) Components of proceeds in and repayment of short-term interest-bearing debt, net
The components of “Proceeds in (repayment of) short-term interest-bearing debt, net” in the condensed interim
consolidated statement of cash flows are as follows:(Millions of yen)

Net increase in short-term borrowings
Net increase (decrease) in commercial paper
Total

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

41,82813,50058,139(68,001)

55,328(9,862)(4) Components of proceeds from interest-bearing debt
The components of “Proceeds from interest-bearing debt” in the condensed interim consolidated statement ofcash flows are as follows:(Millions of yen)

Proceeds from borrowings
Proceeds from issuance of corporate bonds
Proceeds from procurement by prepaid forward
contracts using shares
Total

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

611,401
222,000

522,882730,000

605,627-

1,439,028

1,252,882(5) Components of repayment of interest-bearing debt
The components of “Repayment of interest-bearing debt” in the condensed interim consolidated statement ofcash flows are as follows:(Millions of yen)

Repayment of borrowings
Redemption of corporate bonds
Payments for settlement of financial liabilities relating
to sale of shares by prepaid forward contracts
Total

*

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

(406,804)(233,005)(385,615)(452,159)-(373,650)(639,809)(1,211,424)

Note:* The amount was primarily settled by cash due to the maturity of certain prepaid forward contracts using T-Mobile shares. The
details are described in “Notes 1” under “(1) Components of interest-bearing debt.”

65SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

7. Financial instruments
The details of derivative contracts are mainly as follows:(Millions of yen)
As ofMarch 31, 2024

As ofJune 30, 2024

Carrying amount(fair value)

Carrying amount(fair value)

Assets
Prepaid forward contracts using Alibaba shares*1(Option contracts)
Call spread contracts relating to prepaid forward*1

contracts using Alibaba shares
Prepaid forward contracts using Alibaba shares*1(Forward contracts)
Short call option for T-Mobile shares to Deutsche

Liabilities

AssetsLiabilities

394,972-

424,156

-

1

-

-

-

514,848(54,688)479,917(41,169)-(70,699)--*2

Telekom

Notes:
1. The details of prepaid forward contracts using Alibaba shares and call spread contracts relating to prepaid forward contracts using
Alibaba shares are described in “(2) Transactions for sale of Alibaba shares by prepaid forward contracts” under “Note 6.
Interest-bearing debt.”
2. On June 7, 2024, Deutsche Telekom partially exercised options to purchase T-Mobile shares granted by the Company and theCompany sold 6,728,701 shares of T-Mobile. All remaining short call options expired on June 22, 2024.

66

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

8. Foreign currency exchange rates
Exchange rates of the major currencies used in translating financial statements of foreign operations are as
follows:(1) Rate at the end of the period
(Yen)
As of
March 31, 2024
USD

As of
June 30, 2024

151.41161.07(2) Average rate for the quarter
For the three-month period ended June 30, 2023
(Yen)
Three-month period ended
June 30, 2023
USD

138.11For the three-month period ended June 30, 2024
(Yen)
Three-month period ended
June 30, 2024
USD

156.5367

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

9. Equity(1) Other equity instruments
On July 19, 2017, SoftBank Group Corp. issued $2.75 billion of USD-denominated Undated Subordinated
Non-Call 6 years Resettable Notes and $1.75 billion of USD-denominated Undated Subordinated Non-Call 10
years Resettable Notes (collectively, the “Hybrid Notes”). In addition, by July 19, 2023, the first optional
redemption date, SoftBank Group Corp. fully redeemed the USD-denominated Undated Subordinated NonCall 6 years Resettable Notes.
The Hybrid Notes are classified as equity instruments in accordance with IFRS because SoftBank Group Corp.
has the option to defer interest payments, the notes have no maturity date, and SoftBank Group Corp. has an
unconditional right to avoid delivering cash or another financial asset except for distribution of residual assets
on liquidation.
(2) Accumulated other comprehensive income
The components of accumulated other comprehensive income are as follows:(Millions of yen)

As ofMarch 31, 2024
Equity financial assets at FVTOCI
Debt financial assets at FVTOCI
Cash flow hedges
Exchange differences on translating foreign*

operations
Total

As of
June 30, 2024

46,425924(48,030)

49,731(45)(44,090)

5,794,501

6,914,202

5,793,820

6,919,798

Note:* The increase was primarily due to a weaker yen against the U.S. dollar compared with the exchange rate as of March 31,
2024.

68

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

10. Gain on investments(1) Gain and loss on investments at Investment Business of Holding Companies
The components of gain and loss on investments at Investment Business of Holding Companies are as follows:(Millions of yen)Three-month period
ended June 30, 2023
Realized gain (loss) on investments at asset
management subsidiaries
Unrealized gain (loss) on valuation of investments at
asset management subsidiaries*1,2,3

Realized gain (loss) on investments
Unrealized gain (loss) on valuation of*1,2,3

investments*3
Derivative loss on investments*2,3,4
Effect of foreign exchange translation
Other
Total

Three-month period
ended June 30, 2024

(59)

159

906

(989)

17,686(616,158)(620,356)

977,823(97,024)
9,150(12,022)
191,082
28,038(689,697)

567,933

Notes:
1. For the three-month period ended June 30, 2024, ¥45,022 million of realized loss on investments and ¥75,007 million of
unrealized gain on valuation of investments (reclassified to realized gain and loss recorded in the past fiscal years) wererecognized due to the physical settlement of prepaid forward contracts using Alibaba shares. In addition, ¥205,715 million of
unrealized gain on valuation of investments was recognized due to the stock price changes for shares held as of June 30, 2024.
2. For the three-month period ended June 30, 2024, ¥649,975 million of realized loss on WeWork shares, ¥447,483 million of
unrealized gain on valuation of investments (reclassified to realized gain and loss recorded in the past fiscal years), and¥202,492 million of gain arising from the foreign exchange translation effects were recognized due to the completion of theprocedures under Chapter 11 for WeWork. The gain and loss were recognized as a result of unrealized loss on investments
recorded in the period prior to the transfer of WeWork shares by the Company to SVF2 in August 2021, which werereclassified to realized loss on investments for the three-month period ended June 30, 2024, and therefore, the effect on the
total amount of “Gain and loss on investments at Investment Business of Holding Companies” for the three-month period
ended June 30, 2024, is zero. The details are described in “b. Segment income arising from the SoftBank Vision Funds
business” in “(1) Income and loss arising from the SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds
business.”
3. On June 7, 2024, Deutsche Telekom partially exercised options to purchase T-Mobile shares granted by the Company and theCompany sold 6,728,701 shares of T-Mobile. As a result, for the three-month period ended June 30, 2024, ¥78,277 million ofrealized gain on investments, ¥50,043 million of unrealized loss on valuation of investments (reclassified to realized gain andloss recorded in the past fiscal years), ¥17,753 million of derivative loss on investments, and ¥11,066 million of loss arisingfrom the foreign exchange translation effects were recognized. In addition, ¥173,166 million of unrealized gain on valuationof investments was recognized due to the stock price changes for shares held as of June 30, 2024.
4. Unrealized gain and loss on valuation of investments are translated using the average exchange rate for the quarter in which
the gain and loss were recognized, while realized gain and loss on investments are translated using the average exchange rate
for the quarter in which the shares were disposed. “Effect of foreign exchange translation” arises from the different foreign
currency exchange rates used for unrealized gain and loss on valuation and realized gain and loss.

(2) Gain and loss on investments at SoftBank Vision Funds
The details of gain and loss on investments at SoftBank Vision Funds are described in “(1) Income and loss
arising from the SoftBank Vision Funds business” under “Note 4. SoftBank Vision Funds business.”69SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

11. Finance cost
The components of finance cost are as follows:(Millions of yen)Interest expenses

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

(139,601)(137,604)

12. Derivative gain (excluding gain (loss) on investments)
For the three-month period ended June 30, 2024, derivative gain of ¥40,435 million was recorded for the prepaid
forward contracts using Alibaba shares and the call spread contracts relating to prepaid forward contracts using
Alibaba shares. The details of the contracts are described in “(2) Transactions for sale of Alibaba shares by
prepaid forward contracts” under “Note 6. Interest-bearing debt.”

13. Other gain
The components of other gain and loss are as follows:(Millions of yen)Interest income
Loss on equity method investments*1

Gain relating to loss of control over subsidiaries*2
Gain (loss) from financial instruments at FVTPL
Dilution gain from changes in equity interest
Loss on derecognition of unsecured notes issued by
WeWorkOther
Total

Three-month period
ended June 30, 2023

Three-month period
ended June 30, 2024

57,146(18,320)
108,832(1,749)19,73938,830(3,104)
136,21122,701
2,838(21,579)-

7,394(6,164)

151,463

191,312

Notes:
1. For the three-month period ended June 30, 2024, as a result of the sale of all interests in Fortress held by a subsidiary of theCompany, to a subsidiary of Mubadala Investment Company PJSC, ¥93,139 million of gain arising from the loss of control
over Fortress is included.
2. Following WeWork’s emergence from Chapter 11 on June 11, 2024, given the approved plan of reorganization, a portion of
the Junior TLC facility which has been recognized as loan receivables was repaid in cash given over collateral, and thedrawn amounts up to date of emergence on the Junior TLC facility were converted into new WeWork equity as describedabove. In addition, the collectability of the remaining loan receivables was reassessed. As a result, since the carrying amounts(recoverable amounts) of such loan receivables in the consolidated statement of financial position as of March 31, 2024 werezero, for the three-month period ended June 30, 2024, ¥22,569 million of gain was recorded.

70SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

14．Earnings per share
Basic earnings per share and diluted earnings per share are as follows:(1) Basic earnings per share

Net income attributable to ordinary shareholders of the parent(Millions of yen)
Net income attributable to owners of the parent
Net income not-attributable to ordinary shareholders of the*1parent
Net income used in the calculation of basic earnings per share
Weighted-average number of ordinary shares (Thousands ofshares)Basic earnings per share (Yen)Three-months period
ended June 30, 2023

Three-months period
ended June 30, 2024

(477,616)(174,281)(9,262)(5,078)(486,878)(179,359)

1,463,178

1,465,947(332.75)(122.35)

Three-months period
ended June 30, 2023

Three-months period
ended June 30, 2024

(486,878)(179,359)(1,774)(1,928)(488,652)(181,287)

1,463,178

1,465,947--

1,463,178

1,465,947(333.97)(123.67)(2) Diluted earnings per share

Diluted net income attributable to ordinary shareholders of theparent (Millions of yen)
Net income used in the calculation of basic earnings per share
Effect of dilutive securities issued by subsidiaries andassociates
Total
Weighted-average number of ordinary shares used in thecalculation of diluted earnings per share (Thousands ofshares)
Weighted-average number of ordinary shares
Adjustments:
Stock acquisition rights
Total

*2

Diluted earnings per share (Yen)

Notes:
1. Net income not-attributable to ordinary shareholders of the parent represents net income attributable to owners of other equity
instruments issued by SoftBank Group Corp.
2. For the three-month period ended June 30, 2023, and for the three-month period ended June 30, 2024, stock acquisition rights
are not included in the calculation for “Diluted earnings per share,” as it has an antidilutive effect for the calculation.

71

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

15. Supplemental information to the condensed interim consolidated statement of cash flows(Significant non-cash transactions)
For the three-month period ended June 30, 2024
As certain prepaid forward contracts matured, ¥359,413 million of financial liabilities relating to sale of sharesby prepaid forward contracts and ¥88,395 million of derivative financial assets were settled by Alibaba shares.
The details of the transaction are described in “(2) Transactions for sale of Alibaba shares by prepaid forward
contracts” under “Note 6. Interest-bearing debt.”

16. Related party transactions(Co-investment program with restricted rights to receive distributions)
MgmtCo, which is the investor in SVF2 LLC (a subsidiary of the Company under SVF2) and the investor in
SLA LLC (a subsidiary of the Company under the LatAm Funds), is a company controlled by Masayoshi Son,
Representative Director, Corporate Officer, Chairman & CEO of SoftBank Group Corp., and a related party of
the Company. The co-investment program with restricted rights to receive distributions to SVF2 and LatAm
Funds has been introduced from the three-month period ended September 30, 2021 for the purpose of enabling
Masayoshi Son to make a co-investment in SVF2 and LatAm Funds with the Company, sharing risk of losses
as well as benefit of profits in the success of SVF2 and LatAm Funds, and leading to enhanced focus on the
management of investments held by them, which in turn is intended to contribute to increases in the
Company’s earnings. In making a co-investment in SVF2 and LatAm Funds under the terms of the program,
MgmtCo both receives the benefit of profits and assumes the risk of losses from SVF2 and LatAm Funds, and
MgmtCo’s right to receive distributions from its investment is subject to certain restrictions.
Contributions to SVF2 LLC and SLA LLC are classified as “Equity” and “Preferred Equity” depending on theterms and conditions of distribution. SVF2 LLC and SLA LLC each have issued Equity entitled toperformance-based distributions that are allocated to the Company and MgmtCo based on the proportion of
their respective contributions. The Company’s Equity interest in each of SVF2 LLC and SLA LLC is 82.75%,
and MgmtCo’s Equity interest in each of SVF2 LLC and SLA LLC is 17.25%. The Company’s investment in
SVF2 LLC is made through SoftBank Vision Fund II-2 L.P. and its subsidiaries, and its investment in SLA
LLC is made through SBLA Latin America Fund LLC and its subsidiaries.

72

SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

Related party transactions of the Company are as follows:(1) Transactions between SVF2 and related parties(Millions of yen)
Name of thecompany orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature ofrelationship

Chairman &CEO of SoftBank
Group Corp. andrelated entities ofwhich he holds
more than onehalf of the voting
rightsNature of transaction

For the three-month
period ended June30, 2024
Amount oftransaction

Receipt of capital
contribution in SVF2
LLC and related*1,2
adjustments-

The premium received
on SVF2 LLC’s
receivables

3,220($21 million)

As ofJune 30, 2024
Balance atperiod end*3,4

MgmtCo’s Equity*5,6
interests in SVF2 LLC

Net balance at period end(Receivables in SVF2 LLC less*7
MgmtCo’s Equity interests in SVF2 LLC)

480,886($2,986 million)

*3

-

-

480,886($2,986 million)

Notes:
1. Restrictions on rights of MgmtCo to receive distributions
MgmtCo’s right to receive distributions from its investment is subject to certain restrictions. Distributions from SVF2 LLC to
MgmtCo are fully restricted and are not paid until the sum of proceeds received by SVF2 LLC from realized investments plus
the aggregate fair value of all of SVF2 LLC’s unrealized investments (net of borrowings) exceeds 130% of the aggregateacquisition cost of all of SVF2 LLC’s investments. After the ratio exceeds 130%, restrictions on distributions to MgmtCo arereleased proportionately in increments of 10%, and when the ratio reaches 200%, all restrictions are released and MgmtCo isentitled to receive the full amount of the distribution. In the event that, upon the liquidation of SVF2 LLC, the amount of the
distributions received by MgmtCo exceeds the amount that would have been distributed to MgmtCo if the ratio in effect at thetime of liquidation was applied throughout the life of SVF2 LLC, then any such excess amounts will be subject to clawbackfrom MgmtCo.
2. Nature of the Equity contribution by MgmtCo
The Equity interests contributed by the Company and MgmtCo are subordinated to the Preferred Equity contributed separatelyby the Company to SVF2 LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SVF2 LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
3. Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SVF2 LLC’s receivables which consists of the balance related to receipt of capital
contribution, related adjustments, and premiums received from MgmtCo, less any decrease in receivables due to offsetting
settlement with distributions to MgmtCo. The amount of the transaction for “Receipt of capital contribution in SVF2 LLC andrelated adjustments” at the inception of the program is MgmtCo’s Equity Acquisition Amount in SVF2 LLC, which consists of
the amount calculated based on MgmtCo’s Equity interests of 17.25% in the SVF2’s initial acquisition costs of the relevant
portfolio companies held by SVF2 LLC and related adjustments calculated based on 17.25% interest in the increase in theportfolio companies’ fair value from the initial acquisition costs at SVF2 to June 30, 2021, and the adjustment equivalent to73SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

interests for the period from the Company’s contribution to SVF2 until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time, at its discretion, fromthe date it became an investor in SVF2 LLC to the end of the company life of SVF2 LLC. MgmtCo is required to pay a premiumof 3% per annum on the unpaid Equity Acquisition Amount until the unpaid amount is paid in full. “The premium received on
SVF2 LLC’s receivables” refers to the amount of such premium accrued in the current period. MgmtCo is also entitled to makefull or partial payment of the premium at any point in time, at its discretion, on the same terms and conditions as Equity
Acquisition Amount.
Any distributable amount from SVF2 LLC to MgmtCo is offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SVF2 LLC’s receivables are paid in full.
4. Collateral and other credit protection for receivables
In order to secure the receivables of SVF2 LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SVF2 LLC held by MgmtCo are pledged as collateral. In the event that MgmtCo pays into the receivables or offsets
such receivables with distributions due to it from SVF2 LLC, the collateral is released to the extent that the cumulative amountsof payments and offsets exceed the balance of the receivables after deduction of such cumulative amounts. Masayoshi Son also
provides a personal guarantee to the receivables up to the balance of the receivables. In addition, as of June 30, 2024, 8,897,100
shares of SoftBank Group Corp. are deposited in SVF2 LLC by Masayoshi Son. The deposited shares of SoftBank Group Corp.
will be released only when the entire amount of receivables is settled. SVF2 LLC may acquire the deposited SoftBank Group
Corp. shares without consideration where there are any unpaid receivables in SVF2 LLC after the enforcement of the collateraland personal guarantees by SVF2 LLC.
5. MgmtCo’s Equity interest in SVF2 LLC
The amount represents SVF2 LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the condensed interim consolidated statement of financial position.
6. Management fee and performance-linked management fees to be charged to MgmtCo
The terms of the management fee and performance-linked management fee to be charged to MgmtCo are the same as those to be
charged to the Company as an Equity investor in SVF2 LLC.
7. Net balance at period end
Net balance at period end is the balance of receivables held by SVF2 LLC less MgmtCo’s Equity interest in SVF2 LLC.

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SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(2) Transactions between LatAm Funds and related parties(Millions of yen)
Name of thecompany orindividual

Masayoshi Son(MASA USA
LLC (MgmtCo))

Nature ofrelationship

Chairman &CEO of SoftBank
Group Corp. andrelated entities ofwhich he holds
more than onehalf of the voting
rightsNature of transaction

For the three-month
period ended June30, 2024
Amount oftransaction

Receipt of capital
contribution in SLA
LLC and related*1,2
adjustments
The premium received
on SLA LLC’s
receivables

As ofJune 30, 2024
Balance atperiod end*3,4-

112,774($700 million)*3757($5 million)

MgmtCo’s Equity*5,6
interests in SLA LLC

Net balance at period end(Receivables in SLA LLC less*7
MgmtCo’s Equity interests in SLA LLC)

-

9,540
($59 million)

103,234($641 million)

Notes:
1. Restrictions on rights of MgmtCo to receive distributions
MgmtCo’s right to receive distributions from its investment is subject to certain restrictions. Distributions from SLA LLC to
MgmtCo are fully restricted and are not paid until the sum of proceeds received by SLA LLC from realized investments plus theaggregate fair value of all of SLA LLC’s unrealized investments (net of borrowings) exceeds 130% of the aggregate acquisition
cost of all of SLA LLC’s investments. After the ratio exceeds 130%, restrictions on distributions to MgmtCo are released
proportionately in increments of 10%, and when the ratio reaches 200%, all restrictions are released and MgmtCo is entitled toreceive the full amount of the distribution. In the event that, upon the liquidation of SLA LLC, the amount of the distributions
received by MgmtCo exceeds the amount that would have been distributed to MgmtCo if the ratio in effect at the time ofliquidation was applied throughout the life of SLA LLC, then any such excess amounts will be subject to clawback from
MgmtCo.
2. Nature of the Equity contribution by MgmtCo
The Equity interests contributed by the Company and MgmtCo are subordinated to the Preferred Equity contributed separatelyby the Company to SLA LLC. If there is a shortfall in the amount of return of Preferred Equity contributions and the amount of
fixed distributions to be received by the Preferred Equity holders at the time of the final profit distribution by SLA LLC, then
MgmtCo is obligated to pay the shortfall proportional to Equity interests’ ratio up to the total amount of return of Equity
contributions and the distributions received by MgmtCo.
3. Balance at period end of receivables from MgmtCo for receipt of capital contribution and related adjustments
Balance at period end is the balance of SLA LLC’s receivables which consists of the balance related to receipt of capital
contribution, related adjustments, and premiums received. The amount of the transaction for “Receipt of capital contribution in
SLA LLC and related adjustments” at the inception of the program is MgmtCo’s Equity Acquisition Amount in SLA LLC,
which consists of the amount calculated based on MgmtCo’s Equity interests of 17.25% in the LatAm Funds’ initial acquisition
costs of the portfolio companies held by LatAm Funds and related adjustments calculated based on 17.25% interest in theincrease in the portfolio companies’ fair value from the initial acquisition costs at LatAm Funds to June 30, 2021, and theadjustment equivalent to interests for the period from the Company’s contribution to LatAm Funds until June 30, 2021.
MgmtCo is entitled to make full or partial payment of its Equity Acquisition Amount at any point in time, at its discretion, from75SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

the date it became an investor in SLA LLC to the end of the company life of SLA LLC. MgmtCo is required to pay a premiumof 3% per annum on the unpaid Equity Acquisition Amount until the unpaid amount is paid in full. “The premium received on
SLA LLC’s receivables” refers to the amount of such premium accrued in the current period. MgmtCo is also entitled to makefull or partial payment of the premium at any point in time, at its discretion, on the same terms and conditions as Equity
Acquisition Amount.
Any distributable amounts from SLA LLC to MgmtCo are offset against the receivables at the time of the distribution notice andno distribution payments to MgmtCo are made until the SLA LLC’s receivables are paid in full.
4. Collateral and other credit protection for receivables
In order to secure the receivables of SLA LLC related to Equity Acquisition Amount and the premium thereon, all of the Equity
interests in SLA LLC held by MgmtCo are pledged as collateral. In the event that MgmtCo pays into the receivables or offsets
such receivables with distributions due to it from SLA LLC, the collateral is released to the extent that the cumulative amountsof payments and offsets exceed the balance of the receivables after deduction of such cumulative amounts. Masayoshi Son also
provides a personal guarantee to the receivables up to the balance of the receivables. In addition, as of June 30, 2024, 2,168,500
shares of SoftBank Group Corp. are deposited in SLA LLC by Masayoshi Son. The deposited shares of SoftBank Group Corp.
will be released only when the entire amount of receivables is settled. SLA LLC may acquire the deposited SoftBank Group
Corp. shares without consideration where there are any unpaid receivables in SLA LLC after the enforcement of the collateraland personal guarantees by SLA LLC.
5. MgmtCo’s Equity interest in SLA LLC
The amount represents SLA LLC’s net assets attributable to MgmtCo (before deduction of receivables), which is included in“Third-party interests in SVF” in the condensed interim consolidated statement of financial position.
6. Management fee, performance-linked management fees, and performance fees to be charged to MgmtCo
The terms of the management fee, performance-linked management fees, and performance fee to be charged to MgmtCo are thesame as those to be charged to the Company as an Equity investor in SLA LLC.
7. Net balance at period end
Net balance at period end is the balance of receivables held by SLA LLC less MgmtCo’s Equity interest in SLA LLC.

17. Subsequent events(Share repurchase in accordance with the resolution)
On August 7, 2024, SoftBank Group Corp., at the Board of Directors meeting, resolved the repurchase of its own
shares pursuant to Article 156 of the Companies Act of Japan as applied pursuant to Article 165, Paragraph 3.
The details are as follows:
Details of the repurchase
Class of shares to be repurchased

Common stock of SoftBank Group Corp.

Total number of repurchased shares

100,000,000 shares (maximum)(6.8% of the total number of shares issued (excluding treasury stock))

Total repurchase amount¥500 billion (maximum)

Repurchase period

From August 8, 2024 to August 7, 2025

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SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(TRANSLATION)
INDEPENDENT ACCOUNTANT’S REVIEW REPORT
August 7, 2024
To the Board of Directors of
SoftBank Group Corp.:
Deloitte Touche Tohmatsu LLC
Tokyo office
Designated Engagement Partner,
Certified Public Accountant:Nozomu Kunimoto
Designated Engagement Partner,
Certified Public Accountant:
Ayato Hirano
Designated Engagement Partner,
Certified Public Accountant:
Yusuke Masuda

Accountant’s Conclusion
We have reviewed the condensed interim consolidated financial statements of SoftBank Group Corp. and its subsidiaries (the“Company”) included in the Appendix to Consolidated Financial Report, namely, the condensed interim consolidated statement offinancial position as of June 30, 2024, and the condensed interim consolidated statement of profit or loss, condensed interim
consolidated statement of comprehensive income, condensed interim consolidated statement of changes in equity and condensed
interim consolidated statement of cash flows for the three-month period then ended, and notes to the condensed interim consolidated
financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim
consolidated financial statements are not prepared, in all material respects, in accordance with Article 5-2 of the Tokyo Stock
Exchange’s standards for the preparation of quarterly financial statements, omitting certain disclosures under Article 5-5 of the Tokyo
Stock Exchange’s standards for the preparation of quarterly financial statements.
Basis for Accountant’s Conclusion
We conducted our review in accordance with interim review standards generally accepted in Japan. Our responsibility under thosestandards is further described in the Accountant’s Responsibility for the Review of the Condensed Interim Consolidated Financial
Statements section of our report. We are independent of the Company in accordance with the provisions of the Code of Professional
Ethics in Japan, and we have fulfilled our other ethical responsibilities as accountants. We believe that we have obtained the evidence
to provide a basis for our review conclusion.

77SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(TRANSLATION)
Responsibilities of Management and Audit & Supervisory Board Members and the Audit & Supervisory Board for theCondensed Interim Consolidated Financial Statements
Management is responsible for the preparation of the condensed interim consolidated financial statements in accordance with Article
5-2 of the Tokyo Stock Exchange’s standards for the preparation of quarterly financial statements, omitting certain disclosures under
Article 5-5 of the Tokyo Stock Exchange’s standards for the preparation of quarterly financial statements, and for such internal control
as management determines is necessary to enable the preparation of condensed interim consolidated financial statements that are freefrom material misstatement, whether due to fraud or error.
In preparing the condensed interim consolidated financial statements, management is responsible for assessing the Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern in accordance with Article 5-2 of the Tokyo
Stock Exchange’s standards for the preparation of quarterly financial statements, omitting certain disclosures under Article 5-5 of theTokyo Stock Exchange’s standards for the preparation of quarterly financial statements.
Audit & Supervisory Board members and the Audit & Supervisory Board are responsible for overseeing the Directors’ execution ofduties relating to the design and operating effectiveness of the controls over the Company’s financial reporting process.
Accountant’s Responsibility for the Review of the Condensed Interim Consolidated Financial Statements
Our objective is to issue an accountant’s report that includes our conclusion.
As part of a review in accordance with interim review standards generally accepted in Japan, we exercise professional judgment andmaintain professional skepticism throughout the review. We also:• Make inquiries, primarily of management and persons responsible for financial and accounting matters, and apply analytical andother interim review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing
standards generally accepted in Japan.
• Conclude whether nothing has come to our attention, based on the evidence obtained, related to going concern that causes us tobelieve that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with
Article 5-2 of the Tokyo Stock Exchange’s standards for the preparation of quarterly financial statements, omitting certain
disclosures under Article 5-5 of the Tokyo Stock Exchange’s standards for the preparation of quarterly financial statements, if weconclude that a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our accountant’sreport to the related disclosures in the condensed interim consolidated financial statements or, if such disclosures are inadequate, tomodify our conclusion. Our conclusions are based on the evidence obtained up to the date of our accountant’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate whether nothing has come to our attention that causes us to believe that the overall presentation and disclosures of thecondensed interim consolidated financial statements are not prepared in accordance with Article 5-2 of the Tokyo Stock Exchange’s
standards for the preparation of quarterly financial statements, omitting certain disclosures under Article 5-5 of the Tokyo Stock
Exchange’s standards for the preparation of quarterly financial statements.
• Obtain evidence regarding the financial information of the entities or business activities within the Company as a basis to express a
conclusion on the condensed interim consolidated financial statements. We are responsible for the direction, supervision and reviewof the interim review of the condensed interim consolidated financial statements. We remain solely responsible for our conclusion.

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SoftBank Group Corp. Consolidated Financial Report
For the Three-Month Period Ended June 30, 2024

(TRANSLATION)
We communicate with Audit & Supervisory Board members and the Audit & Supervisory Board regarding the planned scope andtiming of the review and significant findings that we identify during our review.
We also provide Audit & Supervisory Board members and the Audit & Supervisory Board with a statement that we have compliedwith relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan
Our firm and its designated engagement partners do not have any interest in the Company which is required to be disclosed pursuant to
the provisions of the Certified Public Accountants Act of Japan.

Notes to the Readers of Independent Accountant’s Review Report
This is an English translation of the independent accountant’s review report as originally issued in Japanese for the conveniences of thereader.

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