Company Reports

As a technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is structured as an AI Platform company with AI infrastructure through SB Energy and data centers, AI Chip through Arm and Ampere, AI Model through Open AI and Physical AI through Robo HD and ABB Robotics. It also has a stake in a developed-market mobile services business. The internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets, both directly and through its Vision Funds that invest in mostly pre-IPO technology companies.

As a technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is structured as an AI Platform company with AI infrastructure through SB Energy and data centers, AI Chip through Arm and Ampere, AI Model through Open AI and Physical AI through Robo HD and ABB Robotics. It also has a stake in a developed-market mobile services business. The internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets, both directly and through its Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's first-quarter fiscal 2026 net asset value increased by 80% over the quarter, mainly due to a 134% increase in Arm's share price, which accounted for 60% of SoftBank's total asset value. Following the result, SoftBank's NAV has declined by 19%, highlighting its volatility.

SoftBank Group's fourth-quarter fiscal 2025 net asset value increased 30% over the quarter mainly due to the 32% increase in Arm's share price, which contributed 40% of SoftBank's total asset value. After the results, Arm's share price has risen a further 38%.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. The internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets, both directly and through its Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's third-quarter fiscal 2025 net asset value decreased 6% over the quarter, driven by a 23% decline in Arm's share price, partially offset by a 60% increase in the value of Vision Fund 2, primarily due to an increase in OpenAI's valuation.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. The internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets, both directly and through its Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's first-quarter fiscal 2025 net asset value increased 3% over the quarter, mainly due to the JPY 2.4 trillion increase in the value of Vision Fund 2, which was mostly driven by the increased valuation of its stake in OpenAI.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's first-quarter fiscal 2025 net asset value increased 27% over the quarter, mainly due to the JPY 5 trillion increase in value for Arm (at Arm's share price) and a JPY 1.1 trillion increase in the value of Vision Fund 2.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's fourth-quarter fiscal 2024 (ending March 2025) net asset value decreased 12% over the quarter mainly due to the JPY 2.5 trillion decrease in value for ARM (at ARM's share price) and a JPY 1.3 trillion increase in adjusted net debt.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's third-quarter fiscal 2024 net asset value increased by 1% over the quarter mainly due to the JPY 3 billion benefit from JPY weakness partially offset by the JPY 2.6 billion decrease in value for Arm (at Arm's share price), which contributes 50% of the SoftBank Group valuation.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group's second-quarter fiscal 2024 net asset value decreased 18% over the quarter mainly due to the 21% decrease in value for ARM (at ARM's share price), which contributes 50% of the SoftBank Group valuation, as well as a negative impact from foreign exchange.

As a telecom and technology investment company, SoftBank Group represents a unique investment opportunity. The current portfolio is a mix of internet and technology investments with a stake in a developed-market mobile services business. Internet and artificial intelligence are the two main themes likely to underpin most investments in the future. The company can invest in public and private markets both directly and through is Vision Funds that invest in mostly pre-IPO technology companies.

SoftBank Group had a good first quarter ended June 30, 2024, with its key Arm shareholding gaining value over the quarter and driving a strong runup in SoftBank’s share price. However, market volatility since then has led to a substantial decrease in the share price of both Arm and SoftBank. The company reported a net loss of JPY 174 billion for the first quarter, but we reiterate that the earnings statement is very noisy and doesn’t give the best picture of the performance of the business, nor does it give a good base for valuation.

SoftBank Group had a very good fourth quarter (ended March 31, 2024), with its key Arm holding gaining value, but it was very cautious regarding new investments. The firm reported a net loss of JPY 228 billion in the fiscal year, mainly due to losses on investments of JPY 559 billion, but its net asset value nearly doubled to JPY 27.8 trillion over the year, driven by Arm's share price performance and Japanese yen weakness. Depending on various share prices, Arm makes up roughly half of SoftBank's value. However, we value Arm at USD 57 per share versus the current Arm share price of about USD 109. We raise our SoftBank Group fair value estimate to JPY 7,900 per share from JPY 7,700, due to an increased valuation for Arm from our previous update, but consider SoftBank Group only fairly valued at the current share price.