Earnings Results for the Three Months Ended June 30, 2025 Investor Briefing PDF Free Download

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Earnings Results for the Three Months Ended June 30, 2025 Investor Briefing PDF Free Download

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Earnings Results for the

Three Months Ended June 30, 2025

Investor Briefing

SoftBank Corp.

August 5, 2025

Important Notice Regarding Forward Looking Statements and Other Information

This document is based on the information available to SoftBank Corp. (“we” or “the Company”) as of the time hereof and assumptions which it believes are reasonable.

Statements contained herein that are not historical facts, including, without limitation, our plans, forecasts, strategies and beliefs about our business and financial

prospects, are forward-looking statements. Forward-looking statements often include the words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”,

“aims”, “intends”, “will”, “may”, “should”, “would”, “could” “anticipates”, “estimates”, “projects” or words or terms of similar substance or the negative thereof. These

forward-looking statements do not represent any guarantee by us or our management of future performance or of any specific outcome are subject to various risks and

uncertainties, including, without limitation, general economic conditions, conditions in the Japanese telecommunications market, our ability to adopt new technologies

and business models, competition with other mobile telecommunications providers, our ability to improve and maintain our telecommunications network, our reliance on

third parties in conducting our business, including SoftBank Group Corp. and its other subsidiaries and associates, our major vendors and suppliers, and other third

parties, risks relating to M&A and other strategic transactions, risks relating to information security and handling of personally identifiable information, changes in the

substance and interpretation of other laws and regulations and other important factors, which may cause actual results to differ materially from those expressed or

implied in any forward-looking statement. The Company expressly disclaims any obligation or responsibility to update, revise or supplement any forward-looking

statement in any document or generally to the extent allowed by law or stock exchange rule. Use of or reliance on the information in this material is at your own risk.

Information regarding companies other than the Company and our subsidiaries and associates is quoted from public sources and others, and we have neither verified

nor are we responsible for the accuracy of information. The information presented herein regarding certain joint ventures and collaborations of the Company, Vision

Fund and SoftBank Group Corp. portfolio companies and investments has been selected on a subjective basis, is provided solely for illustrative purposes and does not

purport to be a complete listing of all such collaborations or joint ventures. SoftBank Group Corp., the Company and the Vision Fund each have different strategies and

objectives with respect to their investments and portfolio company operations. There is no guarantee that any joint venture will be consummated on the terms expressed

herein or at all, or that the joint venture will be successful. All such plans are subject to uncertainties and risks, as well as investor consents and regulatory approvals, as

applicable. References to such portfolio companies and investments should not be a recommendation of any particular investment.

This document is intended to disclose the Company’s financial results for the three months ended June 30, 2025, and does not constitute a solicitation of an offer to sell

or purchase any securities in Japan or any other jurisdictions.

Important Notice Regarding Trading of SoftBank Corp. Common Stock and Unsponsored American Depository Receipts

The Company encourages anyone interested in trading in its common stock to do so on the Tokyo Stock Exchange. The Company’s disclosures are not intended to

facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts (“ADRs”) representing the shares of its common stock.

The Company has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or

trading of any ADRs issued thereunder. The Company does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form

the belief, that (i) the Company has any reporting obligations under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”) or (ii) the Company’s website will

contain on an ongoing basis all information necessary for the Company to maintain an exemption from registering its common stock under the Exchange Act pursuant to

Rule 12g3-2(b) thereunder. To the maximum extent permitted by applicable law, the Company disclaims any responsibility or liability to ADR holders, banks, depositary

institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock.

Disclaimer

For the definitions of numbers on this presentation, please refer to SoftBank Corp.’s data sheet.

Executive Summary

Revenue and profit increased, with steady progress toward full-year forecasts

Operating income in Financial segment doubled

Debut issuance of USD-denominated senior unsecured notes

to diversify our funding base

*1: Refer to p.34 for details

(Excluding one-time factors*1)

Results for FY2025 Q1

FY24 Q1 FY25 Q1 YoY YoY% Progress

Revenue 1,535.7 1,658.6 +122.9 +8.0% 24.8%

Adjusted

EBITDA*2 460.6 471.0 +10.4 +2.3% 26.6%

Operating

Income*3

(Including one-

time factors*1)

260.7

(303.9)

276.2

(290.7)

+15.6

(-13.2)

+6.0%

(-4.3%) 29.1%

Net

Income*3*4

(Including one-

time factors*1)

140.1

(162.5)

140.8

(145.3)

+0.7

(-17.2)

+0.5%

(-10.6%) 26.9%

*1: Refer to p.34 for details *2: Adjusted EBITDA＝operating income＋depreciation and amortization (including loss on disposal of non-current assets) + stock

compensation expenses ±other adjustments, same hereinafter *3: Excluding one-time factors*1 *4: Net income: net income attributable to owners of SoftBank Corp.,

same hereinafter

(JPY bn)

•Progress rate for operating income

toward full-year forecast was 29.1%

•Revenue increased by 8% YoY and hit

record high for Q1

Revenue and profit increased, with steady progress toward full-year forecasts

(Excluding one-time factors*1)

681.7 717.8

215.6 233.8

220.9 247.9

397.0 406.9

74.1

91.3

23.5 27.3

-77.1 -66.4

1,535.7

1,658.6

Revenue

•Progress toward full-year

forecast of JPY 6.7 tn

was 24.8%

•Hit record high for Q1

•Financial and Distribution

achieved double-digit increase

Financial

Other

Distribution

Enterprise

Consumer

Media & EC

Adjustment

(JPY bn)

FY24 Q1*1 FY25 Q1

+3.8

+9.9 +2.5%

+27.0 +12.2%

+18.2 +8.5%

YoY

+17.2 +23.2%

+36.1 +5.3%

+122.9

+8.0%

*1: FY24 Q1 figures retrospectively adjusted. Refer to p.13 for details

Increased in all segments, achieving +8% YoY in total

251.8 247.8

85.4 92.6

8.8

12.9

103.0

98.9

14.5 26.0

-2.9 -7.2

460.6 471.0

FY25 Q1

(JPY bn)

Financial

Other*1

Distribution

Enterprise

Consumer

Media & EC

*1: Other includes intercompany adjustments (FY24 Q1: JPY -0.7 bn, FY25 Q1: JPY -0.7 bn)

*2: FY24 Q1 figures retrospectively adjusted. Refer to p.13 for details

Adjusted EBITDA

FY24 Q1*2

+4.1 +46.6%

+7.2 +8.4%

+11.5 +79.0%

YoY

-4.1 -4.0%

-4.3

+10.4

+2.3%

-4.0 -1.6%

Steady progress toward full-year forecast

•Progress toward full-year

forecast of JPY 1,770 bn was

26.6%

•Financial, Enterprise and

Distribution contributed to the

increase in total

FY24

Actual*3

FY25

Forecast

YoY%

Q1 progress

toward full-

year forecast

Consumer

530.4

550.0

+3.7%

28.0%

Enterprise

170.3

188.0

+10.4%

26.0%

Distribution

30.4

32.0

+5.3%

37.3%

Media & EC

258.8

330.0

+9.8%

26.9%

Financial

41.7

Other

*2 -42.6 -

100.0

- -

Total

989.0

1,000.0

+1.1%

29.1%

156.4 153.8

41.5 48.8

7.7 11.9

52.9 56.2

7.6 18.1

43 15

-5.3 -12.6

303.9 290.7

260.7 276.2

Operating Income

(JPY bn) YoY

+57.6

+23.4%

Other*2

Financial

Distribution

Consumer

Media & EC

Enterprise

(JPY bn)

YoY

+89.9

+12.3%

YoY

-7.2

FY25 Q1FY24 Q1*3

*1: One-time factors amounted to JPY 43.2 bn for FY24 Q1 and JPY 14.5 bn for FY25 Q1 (JPY -28.7 bn YoY). Refer to p.34 for details

*2: Other includes intercompany adjustments (FY24 Q1: JPY 0.0 bn, FY25 Q1: JPY -0.1 bn) *3: FY24 Q1 figures retrospectively adjusted. Refer to p.13 for details

+3.3 +6.2%

+4.3 +55.4%

+7.3 +17.7%

-1.6%-2.6

+10.4

YoY

+15.6

+6.0%

•Progress toward full-year forecast of

JPY 1.0 tn was 29.1%

•Financial, Enterprise, and Distribution

achieved substantial increase

•Media & EC includes one-time factors*1

(valuation gain)

Operating Income

(Excluding one-time factors*1)+136.8%

Forecasts by segment

-13.2

-4.3%

Increased by 6% YoY in total, with steady progress toward full-year forecast

(Excluding one-time factors*1)

392.3 397.5

101.3 104.2

48.9 41.4

139.2 174.8

681.7 717.8

Segment revenue

(JPY bn)

Sales of goods

and others

Broadband

Mobile

Electricity

•Sales of goods and others

Both unit price and number of mobile

devices sold achieved double-digit

increase, resulting in a substantial 25%

revenue growth

• Electricity

Revenue decreased due to diminished

trading transactions

•Broadband

Revenue increased due to increase in

subscribers

•Mobile

(For quarterly trends, refer to the next page)

Revenue increased due to increase in

subscribers

Consumer Segment

FY25 Q1FY24 Q1

+35.6 +25.6%

-7.6 -15.5%

+2.9 +2.9%

+5.2 +1.3%

YoY

+36.1

+5.3%

Mobile revenue continued to grow, and Sales of goods and others recorded

double-digit increase

-5.8 -0.5

+4.9 +6.4 +7.6 +4.5 +6.3 +6.4 +5.2

-2.4

+5.7 +7.1

+20.7

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

384.6 392.0 374.8 370.4 392.3 396.5 388.2 397.5 397.5

18.3 22.7 11.2 2.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

Mobile revenue quarterly trends

(JPY bn)

Mobile revenue YoY

(JPY bn)

Customer

acquisition

measures

41.0 bn YoY

*Figures

excluding impact

from customer

acquisition

measures

Customer

acquisition

measures

Mobile revenue continued to grow YoY since FY2023 Q3

Consumer Segment: Mobile Revenue Trend

Customer

acquisition

measures

13.2 bn -1.5% -0.1% +0.7% +3.4% +2.0% +1.2% +3.6% +7.3% +1.2%

-1.5% -0.1% +1.2% +1.7% +2.0% +1.2% +1.6% +1.6% +1.2%

153.8

-28.6

-10.1

156.4 +0.5

+35.6

Consumer Segment

Segment income

Service

revenue

Expenses

(JPY bn)

Progress

28.0%

Cost of

goods sold

(mainly mobile

devices)

Sales of

goods and

others

(mainly mobile

devices)

Mobile +5.2

Electricity -7.6

Broadband +2.9 Cost of electricity services +8.4

Telecom network charges -2.3

Promotion expenses -10.4

CAC (mainly deferred cost) -0.2

Promotion exp. etc. -10.2

Depreciation and disposals +1.4

Others -7.2

•Progress toward full-year forecast of

JPY 550 bn was 28.0%

•Gross margin from sales of goods

and others: JPY +7.0bn

Both unit price and volume improved

• Electricity

Profit increased due to improved procurement

cost despite decrease in sales

•Sales commissions and

sales promotion expenses

Increased mainly due to expenses for

device purchase support program

• Depreciation, Others

Depreciation expenses declined.

Others increased by removal costs for

discontinued 3G services

Progress is on track. Segment income declined in Q1 due mainly to increased

expenses regarding device purchase support program

YoY

-2.6

-1.6%

FY24 Q1 FY25 Q1

48.8

-10.9

41.5

+18.2

76.6 82.5

42.6 42.2

96.4 109.1

215.6

233.8

FY24 Q1 FY25 Q1

Enterprise Segment

Segment revenue Segment income

(JPY bn) (JPY bn)

Fixed-line

Mobile

Business solution

and others

Revenue Expenses

Cost of goods/

service sold -8.9

Others -2.0

Progress

26.0%

YoY

+7.3

+17.7%

Mobile related +3.5

Sales of goods

and others +2.5

+12.7 +13.2%

-0.4 -1.0%

+6.0 +7.8%

YoY

+18.2

+8.5%

FY24 Q1 FY25 Q1

Revenue increased by 8.5% in total

Business solution and others revenue rose 13.2% YoY

76.3 86.6

20.1

22.5

96.4

109.1 •Recurring revenue, making up roughly

80% of Business solution and others

revenue, rose by 13.5% YoY

•Strong performance continued in cloud

services, security, and others

Enterprise Segment: Business Solution and Others Revenue

Recurring

revenue*1

Non-recurring

revenue

(JPY bn)

*1: Recurring revenue in cloud, security, and IoT, etc., and revenue from data centers and digital marketing, etc.

Recurring

revenue ratio

79.4%

Recurring

revenue ratio

79.1%

Recurring revenue grew by double-digits

+12.7 +13.2%

+10.3 +13.5%

FY24 Q1 FY25 Q1

70.7

-28.7

-1.0 -6.2

96.1

+6.3 +4.3

208.2 215.5

174.5 175.7

12.7 13.6

1.6 2.1

397.0 406.9

FY24 Q1*1 FY25 Q1

+0.7%

+3.5%+7.2

+1.2

YoY

+9.9_

+2.5%YoY

-25.4_

-26.4%

+7.1%+0.9

FY24 Q1 Gain relating to loss of control

over subsidiaries*2 -43.2

FY25 Q1 Remeasurement gain on step acquisition*3 +14.5

Media & EC Segment

Revenues and profits increased, steady growth toward full-year forecast

+0.5 +28.3%

FY24 Q1*1 FY25 Q1

Increase in sales

promotion

expenses, etc.

(Excluding one-time factors)

+3.3

Segment revenue

(JPY bn)

Media

Commerce

Strategy

Other

*1: In FY24 Q3, the LY Group revised its management categories and transferred certain services previously categorized under “Media” to “Commerce.” Also, from FY25 Q1, in addition to the LY Group revising its management categories, PayPay Bank Corporation

(“PayPay Bank”), which was previously classified under the “Media & EC segment,” has been transferred to the “Financial segment.” As a result, the figures for FY24 Q1 have been retrospectively adjusted. Changes in segment income are calculated based on the restated

figures of FY24 Q1 *2: Gain relating to loss of control over subsidiaries (IPX Corporation +22.8 bn, LINE NEXT Corporation +13.5 bn, ValueCommerce Co., Ltd. +7.0 bn). *3: Due to the consolidation of LINE Bank Taiwan Limited by LY in FY25 Q1, a remeasurement gain

on step acquisition was recorded

YoY excluding a)

+3.3 (+6.2%)

a) One-time

factors

Commerce Media Strategic

Other/

Adjustments

Growth of account advertising

Segment income

(JPY bn)

Absence of LINE Pay service

termination expenses

recorded in the previous year

FY25 full-year forecasts for

"Media & EC" and "Financial" are

disclosed as a combined total

(refer to bottom right of p.6)

Financial Business Restructuring

Minority

shareholders

47%47%7%

75%

Bank Securities

*1: LY holds its interest in PayPay Bank via Z Financial Corporation *2: LY's ownership stake: 0.4%

*3: Acquired shares of PayPay Securities Corporation ("PayPay Securities") from SoftBank Corp., subscribed to a capital increase by PayPay Securities, and acquired the stake held by LY

31% 35% 34%

22% 76%3% 25%

Minority

shareholders

(PayPay Securities)

(PayPay Bank)

(Mizuho Securities)

(Sumitomo Mitsui Banking)

(LY Corporation)

PayPay Securities and PayPay Bank became subsidiaries of PayPay (April 2025)

•PayPay to lead and strengthen

banking and securities services as a

group

•Maximize synergies by leveraging

PayPay‘s customer base and success

model:

-Development of new products

and services

-Integration with PayPay app

•In FY25 Q1, PayPay Bank, previously

under Media & EC, was transferred to

Financial segment. The retrospective

adjustment for FY24 figures is as

follows:

Revenue JPY 48.2 bn

Operating income JPY 8.5 bn

*PayPay Securities remains in the Financial segment

*2 *2 *2

Segment revenue

69.0 84.4

6.6

7.4

-1.5 -0.5

74.1

91.3

+15.4

YoY

+17.2

+23.2%

+22.4%

+0.8

*1: From FY25 Q1, PayPay Bank, which was previously classified under the “Media & EC segment,” has been transferred to the “Financial segment.” As a result, the figures for FY24 Q1 have been retrospectively adjusted.

*2: FY25 full-year forecasts for "Media & EC" and "Financial" are disclosed as a combined total. *3: PayPay consolidated basis (includes PayPay Corporation ("PayPay"), PayPay Card Corporation (“PayPay Card”), PayPay Bank, PayPay Securities, etc.,

after eliminating intercompany transaction). Figures have been calculated by the Company after applying relevant IFRS adjustment. Unaudited. *4: “Intercompany transactions, other” includes intercompany transactions within the Financial segment

(excluding those between companies within PayPay consolidated) and standalone figures from other companies

Financial Segment

+11.4%18.1

+1.0

YoY

+10.4

+136.8%

Segment income *2

(JPY bn) (JPY bn)

PayPay

consolidated*3

SB Payment

Service

Intercompany

transactions,

other*4

PayPay

consolidated*3

Payment

Service

Intercompany

transactions,

other*4

Revenue +15.4

Operating expense -5.4

Intercompany

transactions,

other*4

FY24 Q1*1 FY25 Q1 FY24 Q1*1 FY25 Q1

+0.3+0.1

+10.0

7.6

Revenue expanded steadily

PayPay consolidated robustly increased its operating income

7.7 11.9

YoY

+4.3

+55.4%

YoY

+27.0

+12.2%

Distribution: segment revenue and income

(JPY bn)

Others operating income

（JPY bn）

Progress

37.3%

Income

Revenue *1

FY24 Q1 FY25 Q1

220.9

247.9

FY24 Q1 FY25 Q1 YoY

Subsidiaries 0.3 -0.3 -0.7

R&D

/upfront investment -5.4 -11.7 -6.3

Others (including

adjustments) ｰ0.2 -0.6 -0.4

Total -5.3 -12.6 -7.2

*1: FY24 Q1 revenue includes JPY 21.2 bn from SB C&S's sale of AI computing infrastructure, which was purchased from NVIDIA, to SoftBank Corp

Distribution Segment and Others

Distribution revenue and profits increased with steady growth in

ICT products for enterprises

•Progress toward full-year forecast of

JPY 540.0 bn is 26.9%

•Financial income/loss*2

LY: Absence of valuation loss on put options

on equity method affiliates in the previous

year

•Income taxes

SB: Absence of deferred tax impact from

business restructuring in the previous year

•YoY impact of one-time factors *1

on net income

Operating income JPY -28.7 bn

Non-operating items JPY +10.8 bn

Net income JPY -17.9 bn

Net Income

162.5

145.3

+13.3 +1.1

-13.2 -3.6 -14.8

FY24 Q1 FY25 Q1

YoY

+0.7

+0.5%

Progress

26.9%

*1: Refer to p.34 for details *2: Financial income/loss includes financing income/costs, gain/loss on sales of equity method investments, and impairment loss on equity method investments.

*3: Shares of profit/losses of associates accounted for using the equity method includes gain on changes in equity interest. *4: Calculated using SoftBank Corp.’s financial statements

Profit increased, excluding one-time factors*1

Steady progress toward full-year forecast

-1.2

+14.5

-1.5

-2.1

-14.4

-0.4

+0.0

+1.1

YoY

-17.2

-10.6%

Excluding

one-time

factors*1 140.1 140.8

(JPY bn)

Financial

income/loss*2 Income

taxes

Operating

income

Shares of

profit/losses

of associates

accounted for

using the equity

method*3

Net income

attributable to

non-controlling

interests

Excluding

one-time

factors*1

SoftBank (SB)

LY (incl. PayPay)*4

66.8 82.4

43.7 11.2

10.0

21.2

203.4 182.8

120.5 114.8

CAPEX

Consumer & Enterprise CAPEX was in line with plan

Others decreased due to less AI computing infrastructure investments

•CAPEX progress for

Consumer/Enterprise (excluding

IFRS 16 impact) was 24.2% vs.

full-year plan JPY 340.0 bn

•See next page for details of

investments in AI computing

infrastructure and AI data centers

+15.6 +23.3%

FY24 Q1 FY25 Q1

Progress

24.2%

-5.7

-32.5 -74.3%

Progress

20.8%

-4.7%

(JPY bn)

Total

(including LY, PayPay, etc.)

IFRS16 impact

SoftBank*1

(excluding LY, PayPay, etc.)

Others

Consumer/Enterprise

*"LY, PayPay, etc." refers to A Holdings Corporation (“AHD”), LY Group, B Holdings Corporation (“BHD”), PayPay, PayPay Card, PayPay Bank, PayPay Securities, etc. (same hereinafter)

*1: Acceptance basis. Excludes capital expenditure for “LY, PayPay, etc.,” investments in devices for rental services, and shared equipment (contributions by other operators) 17

FY23 FY24 FY25*Total

Q1 Q2-Q4

AI computing

infrastructure 7.3 61.1 5.4 15.6 89.5

AI data centers -105.7 2.4 -7.4 100.7

Total 7.3 166.9 7.8 8.2 190.2

•Figures shown only include

investments announced to date

(“AI data centers" include Hokkaido DC

and Sakai DC)

•Shown are net figures after subsidies

from Cloud Program

• Acquired the land and buildings of

Sharp's Sakai Plant for approx. JPY

100.0 bn (March 2025)

•Total investment in AI computing

infrastructure announced to date

(net of subsidies)

AI computing infrastructure JPY 122.0 bn

AI data centers JPY 135.0 bn

To t a l JPY 257.0 bn

FY23 FY24 FY25* Total

Q1 Q2-Q4

AI computing

infrastructure 13.9 63.8 1.3 12.7 91.7

AI data centers 0.1 108.4 2.1 4.9 115.5

Total 14.0 172.2 3.4 17.6 207.2

CAPEX (Acceptance basis)

*JPY 207.2 bn up to FY25 (cumulative), and the

remaining amount expected on and after FY26

(JPY bn)

Status of Investments in AI Computing Infrastructure and AI Data Centers

Funded by Series 1 and Series 2 Bond-Type Class Shares (JPY 320.0 bn)

Payment

*Initial forecast

95.6 94.1

51.6 86.3

Steady progress for high level of primary FCF*1 generation

FY24 Q1 FY25 Q1

YoY

-1.4

-1.5%

Primary FCF

(JPY bn)

Adjusted FCF*2

(excluding LY, PayPay, etc.)

Primary FCF*1

•Operating CF YoY JPY +50.8 bn

Improvement in working capital

•Investment CF YoY JPY -52.3 bn

Increase in investments (to PayPay etc.)

Increase in CAPEX payments

Primary FCF*1 JPY 94.1 bn

Long-term growth

investments*3 JPY -7.8 bn

Adjusted FCF*2 JPY 86.3 bn

(excluding LY, PayPay, etc.)

• Long-term growth investments are

funded by Bond-Type Class Shares

*1: An indicator derived from adjusted FCF (excluding LY, PayPay, etc.)*2 by eliminating the impact of long-term growth investments. *2: Excludes FCF of “LY, PayPay etc.” and

includes items such as dividends received from AHD, investment in PayPay, and proceeds from sales of shares in PayPay Securities *3: Includes investments in AI computing

infrastructure and AI data centers 19

*For the breakdown of interest-bearing debt (excluding LY, PayPay, etc.), refer to Data Sheets p.4. Net interest-bearing debt = interest-bearing debt –cash and cash equivalents –cash reserve of securitization of sales receivables.

Net leverage ratio = net interest-bearing debt / adjusted EBITDA (LTM) *1: Excludes net interest-bearing debt and adjusted EBITDA of AHD, LY Group, BHD, PayPay, PayPay Card, PayPay Bank, PayPay Securities, etc. as well

as interest-bearing debt of securitization of installment sales receivables and cash reserve for securitization of sales receivables

1.81

1.83 1.80 1.68

1.97

6.64

6.26 6.22 5.96

6.51

3.34 3.10 2.94 3.04 3.19

4.83 4.43 4.41 4.28 4.54

Q1 Q2 Q3 Q4 Q1

FY24 FY25

2.6x

2.4x 2.3x 2.3x 2.5x

Q1 Q2 Q3 Q4 Q1

FY24 FY25

Net Interest-bearing Debt and Net Leverage Ratio

Net interest-bearing debt decreased by JPY 150 bn YoY

Net leverage ratio improved YoY

YoY -0.15

Interest-bearing debt / Net interest-bearing debt

(JPY tn)

Net leverage ratio

(Times)

Adjusted net leverage ratio

(excluding LY, PayPay, etc., and

securitization of installment sales receivables) *1

LY, PayPay, etc.

Interest-bearing debt

(excluding LY, PayPay, etc. and

securitization of installment sales

receivables) *1

Net interest-bearing debt

Bank loans 0.85

Leases 0.93

Securitization of

sales receivables 0.98

Others 0.07

Bonds 1.10

IFRS16 impact 0.60

Status of Assets and Equity

As of

Mar 31, 2025

As of

June 30, 2025 Variance

Cash and cash equivalents 1,435.5 1,557.3 +121.7

Other assets 14,666.7 15,505.0 +838.3

Total assets 16,102.2 17,062.2 +960.0

Interest-bearing debt 5,962.2 6,510.4 +548.3

Other liabilities 5,874.7 6,264.6 +389.9

Total liabilities 11,836.8 12,775.0 +938.2

Total equity attributable to owners of the

Company 2,743.6 2,701.4 -42.2

Non-controlling interests 1,521.7 1,585.8 +64.1

Total equity 4,265.4 4,287.2 +21.8

Net interest-bearing debt*2 4,482.1 4,913.6 +442.3

Shareholders’ equity ratio*3 17.0% 15.8% -1.2%

Ratio of total equity to total assets 26.5% 25.1% -1.4%

(JPY bn)

•Other assets (compared to previous fiscal year-end)

JPY +838.3 bn

Financial business expanded (including M&A*1)

•Other liabilities (compared to previous fiscal year-

end) JPY +389.9 bn

Financial business expanded (including M&A*1)

• Net interest-bearing debt*2 (compared to previous

fiscal year-end) JPY +442.3 bn

Increased due mainly to the securitization of

receivables in financial business in spite of payout

of dividend and corporate taxes (seasonal factor)

•Equity attributable to owners of the Company

(compared to previous fiscal year-end) JPY -42.2 bn

Net income increase JPY +145.3 bn

Dividend payout JPY -209.2 bn

Others JPY +21.7 bn

•Equity attributable to owners of the Company

JPY +349.4 bn YoY

(JPY 2,352.0 bn as of June 30, 2024)

•Shareholders’ equity ratio*3 JPY +0.8% YoY

(15.0% as of June 30, 2024)

*1: Consolidation of BEENOS Inc., LYST LTD, and LINE Bank Taiwan Limited as subsidiaries by LY *2: Net interest-bearing debt = interest-bearing debt -cash and

cash equivalents -cash reserve of securitization of sales receivables *3: Shareholders’ equity ratio = total equity attributable to owners of the Company / total assets

Total assets increased due to M&A*1 and financial business expansion

Shareholders’ equity ratio improved by 0.8% YoY

Debut Issuance of Foreign Notes (USD 1 Billion)

Debut issuance of USD-denominated senior unsecured notes in US, Europe and Asia markets

Interest rates in JPY after currency swap were equivalent to domestic notes

USD-denominated

senior notes due 2030

USD-denominated

senior notes due 2035

Principal

amount USD 500 million USD 500 million

Interest rate 4.699% per annum

(U.S. Treasury yield + 0.9%)

5.332% per annum

(U.S. Treasury yield + 1.1%)

Issue date July 9, 2025

Purpose of

issuance Diversify funding base

Use of

proceeds General corporate purposes, including refinancing

*Within the United States, the Notes are being offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration requirements provided by Rule 144A under the

United States Securities Act of 1933, as amended (the “Securities Act”). Outside of the United States, the Notes are being offered only to non-U.S. persons in “offshore transactions” as defined in Regulation S under the

Securities Act.

1.05%

1.39%

1.46%

1.29%

1.00%

1.18%

1.53%

1.36%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

29.58 30.90 31.77 31.95

39.78 40.33 41.18 41.36

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

Churn rate

(Mil) (%)

Smartphone cumulative subscribers

Main

subscriber*1

Smartphone

SoftBank

LINEMO/

LINE MOBILE*2

Main

subscriber*1

Smartphone

Excluding impact of

discontinuation of

3G services 1.18%

Y!mobile

Mobile subscribers grew steadily. With the rise in overall market liquidity,

smartphone churn rate increased by 0.18% YoY

*Includes enterprise subscribers *1: Smartphones, feature phones, tablets, mobile data communications devices, Wireless Home Phone and others

*2: Shown as the sum of LINEMO and LINE MOBILE subscribers

Operating Data: Telecom

(YoY+0.18%)

YoY

+108_

+3.6%

YoY

+1.05_

+3.4%

0.18 0.22

0.12

0.37

-0.15

0.16 0.19

0.49

0.18

0.10

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

0.32 0.32 0.31

0.52

0.18 0.19 0.17

0.50

0.18

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

Actual value

excluding impact of

discontinuation of

3G services -0.25

Operating Data: Telecom

(Mil)

Smartphone net additions*1 (QoQ)Main subscribers net additions*1 (QoQ)

(Mil)

Net adds

*Includes enterprise subscribers

*1: Net additions = number of subscribers at the end of the current quarter -number of subscribers at the end of the previous quarter

Despite high market liquidity, smartphone net additions continued

(+0.04)

(+0.02)

(-0.14)

(-0.06)

(-0.33)

(-0.05)

YoY

Net adds

(-0.03)(-0.08)(-0.03)

(-0.08)

(-0.14)(-0.12)(-0.14)

(+0.08)

(+0.00)

(+0.33)

(-0.02)

(+0.11)

3,720 3,730 3,730 3,700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

YoY

Mobile ARPU YoY (JPY)

Q1 Q2 Q3 Q4

Full year

FY24 +10 +10 +20 -20 +0

FY25 -30 - - - -30

Operating Data: Telecom

(JPY) •Mobile ARPU: YoY JPY -30

(+) Increase due to introduction of new price

plans for SoftBank

Expansion of value-added services

(-) Decline in ARPU for enterprise subscribers

Increase of Y!mobile composition ratio

Mobile ARPU*1

ARPU decreased by JPY 30 YoY due to decline in ARPU for enterprise subscribers

*Includes enterprise subscribers *1: Mobile ARPU: Average Revenue Per User per month (rounded to the nearest JPY 10). Revenue deductions relating to reward

points and device purchase support program are not included in calculation of ARPU

-30 _

-0.8%

YoY

(Forecast)

7.85

8.00 8.03

8.49 8.37 8.49 8.51

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

YoY

+0.18_

+2.3%

YoY

+0.01_

+0.3%

Operating Data: Telecom/ Electricity

Broadband: SoftBank Hikari (FTTH) subscribers continued to grow steadily

Electricity: Subscribers increased both QoQ and YoY, driven by a full-scale acquisition effort in the Greater Tokyo region

Broadband cumulative subscribers (in service)

(Mil)

Electricity subscribers*1

(Mil)

Broadband

total

Impact of discontinuation of ADSL

-0.18

*1: Electricity refers to trading and supply of electric power and provision of electric power trading agency services including Ouchi Denki service

(SoftBank Hikari)

2.14

1.97 1.95 1.98

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

142.5 150.1 157.1

147.3 156.3

157.2 167.0

159.2 164.5

606.4 638.0

FY23 FY24 FY25

982.5 1,025.4 1,095.1

1,029.8 1,063.8

1,117.0 1,180.2

1,067.2 1,092.4

4,196.7 4,362.0

FY23 FY24 FY25

Operating Data: Media & EC

Both EC transaction value and Group total advertising revenue expanded steadily

+42.9 +7.6

+34.0 +9.0

+63.2 +9.8

+25.2 +5.3

+69.7 +7.0

EC transaction value*1*2

(JPY bn)

Group total advertising revenue*2*3

(JPY bn)

Full year

*1: Total transaction values of domestic shopping business, reuse business, other (merchandise), ASKUL Corporation's BtoB-related revenue, domestic services, domestic

digital content and overseas e-commerce. Due to changes in its aggregation method, figures for FY24 Q1-Q4, FY24 full year have been retrospectively adjusted

*2: Figures are rounded down to the nearest JPY 0.1 bn *3: Sum of total advertising revenue of LINE and Yahoo! JAPAN 27

Registered users*1

Monthly transaction users (MTU)*2

Users increased steadily

Number of payments significantly outpaced the user growth (rise in payments per person)

58.37

64.45 68.38 69.81

30.21 33.72 37.22 37.83

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

1.52 1.82 2.17

1.58 1.97

1.61

2.02

1.65

2.00

6.37

7.81

FY23 FY24 FY25

Operating Data: PayPay standalone

+0.35

+19.2%

MTU

YoY

+5.36_

+8.3%

YoY

(Mil)

Number of payments*3

(bn)

Full year

*1: The number of users who have registered for a PayPay account. Figures are rounded down to the nearest 0.01 million. *2: Number of unique users who made a transaction once or more per month.

Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, PayPay Credit, Alipay, LINE Pay, etc. are included. *3: Payments via PayPay Balance, PayPay Debit, PayPay Balance Card,

PayPay Credit, Alipay, LINE Pay, etc. are included. The use of the "Send/Receive" function of PayPay Balance between users is not included. 28

3.0 3.6 4.5

3.1 3.8

3.3

4.2

3.3

4.1

12.7

15.7

FY23 FY24 FY25

Operating Data: PayPay consolidated and PayPay Bank

YoY

+0.9

+24.0%

1,688.8

1,840.7 1,912.2

2,113.8

613.2

773.3

935.8 980.5

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY23 FY24 FY25

Deposit

balance

Loan

balance

Consolidated GMV including PayPay Card outpaced 20% growth

PayPay Bank's deposits and loan balances showed steady growth

PayPay consolidated (GMV)*1

(JPY tn) (JPY bn)

Deposit balance*3

Loan balance*3

(Card)

(Bank)

*1: Payments via PayPay Balance, PayPay Debit, PayPay Balance Card, PayPay Credit, PayPay Card (physical card), VISA Debit Card, Alipay, LINE Pay, etc. are included. The use of the "Send/Receive" function of PayPay

Balance between users and ATM withdrawals using the cash card function of the VISA Debit Card are not included. The figures represent the sum of GMVs of PayPay, PayPay Card and PayPay Bank, with internal

transactions eliminated. *2: PayPay Bank became a subsidiary of PayPay in FY25 Q1. As a result, the figures for FY23 and FY24 have been retrospectively adjusted. *3: JGAAP

Full-year

(Bank)

*2*2

3.6

11.7

21.9

5.1

12.7

4.8

19.4

7.3

13.6

20.9

57.4

FY23 FY24 FY25

58.1 69.1 86.2

61.8 70.9

66.8

80.4

68.0

78.6

254.6

299.1

FY23 FY24 FY25

Operating Data: PayPay consolidated

EBITDA*1*3

YoY

+17.0

+24.6%

YoY

+10.2

+86.6%

*2 *2

Revenue*1

(JPY bn) (JPY bn)

Full-year

*1: The financial statements of PayPay Bank and PayPay Securities have been consolidated with PayPay from the beginning of FY22, and those of PayPay Card have been consolidated with PayPay from the beginning

of FY21, by applying the pooling-of-interests method. IFRS. Non-audited. *2: PayPay Bank and PayPay Securities became subsidiaries of PayPay in FY25 Q1. As a result, the figures for FY23 and FY24 have been

retrospectively adjusted. *3: EBITDA is calculated by adding depreciation and amortization, impairment losses, and loss on retirement of fixed assets to operating income, etc. IFRS. Non-audited

(Securities)

Consolidated revenue grew steadily and EBITDA improved significantly

(Card)

(Bank)

(Securities)

(Card)

(Bank)

1.9 2.3 2.7

1.9

2.4

2.0

2.5

2.1

2.6

8.0

9.8

FY23 FY24 FY25

Operating Data: SB Payment Service

YoY

+0.4

+17.1%

YoY

+0.4

+20.4%

+0.4 +17.1%

YoY

82.5%

+0.0 +3.8%

Q1 Q1 Q1

0.4 0.4 0.5

1.5

1.8

2.2

1.9

2.3

2.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

FY23 FY24 FY25

GMV

(JPY tn)

GMV (Breakdown of telecommunications and non-telecommunications)

(JPY tn)

Full-year

Non-

telecom

Telecom

Total

(Including

settlements

outside our

group)

% to GMV

GMV continued double-digit growth, driven by non-telecom

Awarded “DX Grand Prix” for the first time (April 2025)

•Awarded "DX Grand Prix" among the 31 "DX Stocks 2025" companies,

selected as “DX Stock” for the fifth consecutive year

•We were highly recognized for our wide range of DX initiatives that lead to the enhancement

of corporate value, such as the development of digital and AI talent, and the operational

efficiency and advancement of our existing business models

Selected as “SX Brand” for the first time (May 2025)

•Highly evaluated for the use of TSR (Total Shareholder Return) as an indicator of

medium-to long-term growth and for linking it to executive compensation

Changes of Governance Structure (June 2025)

•Two independent external directors who were in service since IPO retired, and two new

independent external directors were appointed

•Ratio of female directors increased to 36.4% (4 out of 11 directors), and

ratio of independent external directors remains at 54.5% (6 out of 11 directors)

ESG Topics (FY25 Q1)

APPENDIX

One-time factors

(JPY bn) FY24 Q1

Operating income Net income

Including one-time factors 303.9 162.5

Gain relating to loss of control over

subsidiaries (Media & EC segment) -43.2 -12.3

Tax implications of organizational

restructuring, and others - -10.1

Excluding one-time factors 260.7 140.1

(JPY bn) FY25 Q1

Operating Income Net Income

Including one-time factors 290.7 145.3

Remeasurement gain on step acquisition -14.5 -4.5

Excluding one-time factors 276.2 140.8

(JPY bn) FY24 Q1 FY25 Q1 Variance Reasons for Variance

Revenue 1,535.7 1,658.6 +122.9

Cost of sales -762.3 -837.9 -75.6

Gross profit 773.4 820.7 +47.3

Selling, general and administrative expenses -510.2 -544.5 -34.3

Other operating income 43.2 14.5 -28.7 Absence of gain relating to loss of control over subsidiaries in LY recorded

in the previous year

Other operating expenses -2.5 -+2.5

Operating income 303.9 290.7 -13.2

Gain on changes in equity interest 2.8 - -2.8

Share of gain/losses (-) of associates

accounted for using the equity method -2.8 -3.6 -0.8

Financing income 4.5 5.6 +1.1

Financing costs -37.7 -22.3 +15.4 Absence of loss on valuation of put options for equity method associates in

LY recorded in the previous year

Gain or loss on sales of equity method

investments 3.2 - -3.2

Profit before income taxes 273.9 270.4 -3.5

Income taxes -73.3 -88.1 -14.8 Absence of deferred tax impact from organizational restructuring recorded in

the previous year

Net income 200.6 182.3 -18.3

Net income attributable to

Owners of the Company 162.5 145.3 -17.2

Non-controlling interests 38.1 37.0 -1.1

Consolidated Statement of Income

(JPY bn) As of

Mar 31, 2025

As of

June 30, 2025 Variance Reasons for Variance

Total assets 16,102.2 17,062.2 +960.0

Current assets 4,858.7 5,134.9 +276.3

Cash and cash equivalents 1,435.5 1,557.3 +121.7 Increase mainly at PayPay Bank and PayPay

Trade and other receivables 2,805.6 2,792.2 -13.4

Other financial assets 260.2 349.9 +89.6 Increase mainly in securities due to the consolidation of LINE Bank Taiwan

Limited as a subsidiary by LY

Inventories 191.5 213.3 +21.9

Other current assets 165.8 222.2 +56.4

Non-current assets 11,243.5 11,927.3 +683.8

Property, plant and equipment 1,967.0 1,971.1 +4.1

Right-of-use assets 749.2 763.6 +14.4

Goodwill 2,068.5 2,126.9 +58.4 Increase due to the consolidation of BEENOS Inc., LYST LTD, and LINE

Bank Taiwan Limited as subsidiaries by LY

Intangible assets 2,531.5 2,546.8 +15.3

Contract costs 384.5 405.9 +21.4

Investments accounted for using the

equity method 273.1 250.4 -22.7

Investment securities 255.1 318.0 +62.9 Increase mainly in bonds at PayPay

Investment securities in banking business 747.1 862.6 +115.6 Increase mainly in investment securities at PayPay Bank

Other financial assets 2,099.5 2,507.8 +408.3 Increase mainly due to the consolidation of LINE Bank Taiwan Limited as a

subsidiary by LY

Deferred tax assets 65.1 68.2 +3.1

Other non-current assets 103.1 106.0 +3.0

Consolidated Statement of Financial Position (Assets)

(JPY bn) As of

Mar 31, 2025

As of

June 30, 2025 Variance Reasons for Variance

Total liabilities 11,836.8 12,775.0 +938.2

Current liabilities 6,835.2 7,527.1 +691.9

Interest-bearing debt 1,646.5 1,996.5 +350.0 Increase mainly due to financing, such as the securitization of receivables,

at SoftBank and PayPay Card

Trade and other payables 2,828.6 2,703.0 -125.6 Decrease mainly in other payables and trade payables at SoftBank

Contract liabilities 137.2 163.4 +26.2

Deposits for banking business 1,796.0 2,328.7 +532.7 Increase in savings accounts and fixed deposits at PayPay Bank and impact

of consolidation of LINE Bank Taiwan Limited as a subsidiary by LY

Other financial liabilities 2.7 4.5 +1.7

Income tax payables 122.8 59.2 -63.7 Decrease due to corporate tax payments at SoftBank and LY

Provisions 52.9 51.6 -1.3

Other current liabilities 248.3 220.2 -28.1

Non-current liabilities 5,001.6 5,247.9 +246.3

Interest-bearing debt 4,315.6 4,513.9 +198.2 Refer to current interest-bearing debt

Other financial liabilities 104.7 111.3 +6.5

Provisions 142.4 150.8 +8.4

Deferred tax liabilities 322.2 351.3 +29.0

Other non-current liabilities 116.6 120.7 +4.1

Consolidated Statement of Financial Position (Liabilities)

(JPY bn) As of

Mar 31, 2025

As of

June 30, 2025 Variance Reasons for Variance

Total equity 4,265.4 4,287.2 +21.8

Equity attributable to owners of the

Company 2,743.6 2,701.4 -42.2

Common stock 228.2 232.8 +4.6

Capital surplus 927.1 938.5 +11.4

Retained earnings 1,594.9 1,530.5 -64.4 -209.2 from dividend payments by SoftBank, +145.3 from net income

Treasury stock -29.2 -29.2 +0.0

Accumulated other comprehensive income 22.8 28.9 +6.1

Non-controlling interests 1,521.7 1,585.8 +64.1

Shareholders’ equity ratio*1 17.0% 15.8% -1.2%

Ratio of total equity to total assets 26.5% 25.1% -1.4%

Consolidated Statement of Financial Position (Equity)

*1: Shareholders’ equity ratio = total equity attributable to owners of the Company / total assets

(JPY bn) FY24 Q1 FY25 Q1 Reasons for Variance

Cash flows from operating activities 264.3 197.1

Net income 200.6 182.3

Depreciation 186.9 188.8

Change in working capital -98.9 -155.0

Interest paid -18.0 -19.7

Income taxes paid/refunded -80.2 -130.1

Other 74.0 130.9 Includes changes in the banking business

Cash flows from investing activities -318.7 -344.7

Purchases of/proceeds from sales of property, plant and

equipment and intangible assets -186.8 -144.7

Proceeds from sales/redemption of investments -25.2 -55.8

Proceeds from obtaining control of subsidiaries - -52.1 Consolidation of BEENOS Inc., LYST LTD, and LINE Bank Taiwan Limited as

subsidiaries by LY

Proceeds from loss of control of subsidiaries -23.1 -

Other -83.6 -92.1

Cash flows from financing activities -70.6 261.1

Proceeds from interest-bearing debt 471.5 463.0

Repayment of interest-bearing debt -305.9 -354.1

Net increase/decrease of short-term interest-bearing debt 2.1 373.3 Increase in the securitization of receivables

Proceeds from issuance of shares 7.4 9.5

Cash dividends paid -201.4 -201.6

Cash dividends paid to non-controlling interests -24.8 -51.7

Other -19.5 22.7

Effect of exchange rate changes on cash and cash equivalents 5.9 8.2

Decrease in cash and cash equivalents relating to transfer

of assets classified as held for sale 33.0 -

Cash and cash equivalents at the beginning of the period 1,992.9 1,435.5

Cash and cash equivalents at the end of the period 1,906.9 1,557.3

Adjusted free cash flow (excluding LY, PayPay, etc.) 51.6 83.6

Primary FCF 95.6 94.1

Consolidated Statement of Cash Flows

SoftBank

Consolidation

197.1

+131.3

+116.3

+7.8

-344.7

-13.7

Primary FCF (FY25 Q1)

(JPY bn)

SoftBank

Consolidation

Operating

Investing

*1: “LY, PayPay, etc.” refers to AHD, LY Group, BHD, PayPay, PayPay Card, PayPay Bank, PayPay Securities, etc. *2: Includes items such as dividends received from AHD, investment in PayPay Corporation, and proceeds

from sales of shares in PayPay Securities *3: Includes investments in AI computing infrastructure and AI data centers

Exclude FCF from

LY, PayPay, etc.*1

Long-term growth

investments*3

Other*2

Primary

FCF

Impact of

securitization on

installment

receivables

94.1

(JPY bn) As of

Mar 31, 2025

As of

June 30, 2025 Variance

SB Payment

Service Corp.*3

Total assets 256.2 255.4 -0.8

Cash and cash equivalents 13.4 14.7 +1.3

Trade and other receivables 87.0 87.9 +0.9

Other assets 155.8 152.9 -3.0

Total liabilities 214.4 211.3 -3.1

Trade and other payables 208.5 206.9 -1.5

Other liabilities 5.9 4.4 -1.5

Total equity 41.8 44.0 +2.3

(JPY bn) FY24 Q1 FY25 Q1 Variance

PL Revenue 6.6 7.4 +0.8

Operating Income 3.0 3.1 +0.1

PayPay

Consolidated*1

(JPY bn) As of

Mar 31, 2025

As of

June 30, 2025 Variance

Total assets 4,042.6 4,414.6 +372.1

Cash and deposits 369.8 520.4 +150.6

Other assets 3,672.8 3,894.3 +221.5

Total liabilities 3,818.4 4,183.9 +365.5

Interest-bearing debt 411.7 625.4 +213.7

Other liabilities 3,406.7 3,558.4 +151.7

Total equity 224.2 230.8 +6.6

(JPY bn) FY24 Q1 FY25 Q1 Variance

PL Revenue 69.1 86.2 +17.0

EBITDA 11.7 21.9 +10.1

B/S of Companies in Financial Segment

*1: PayPay consolidated financial statements. IFRS. Unaudited. *2: PayPay acquired PayPay Bank and PayPay Securities as a subsidiary in FY25Q1. As a result, the figures for FY24 have been retrospectively adjusted.

*3: JGAAP. Non-consolidated financial statements. Figures as of March 31, 2025 have been audited, and figures as of June 30, 2025 are unaudited.

Segment Company Name Ratio of Voting

Rights Held Business Description

Consumer

Wireless City Planning Inc. 31.8% Telecommunication services (Economic interests: 99.5%)

SB Mobile Service Corp. 100.0% Call center business

SB Power Corp. 100.0% Sales and purchase of power and mediating power transaction

Enterprise

SB Engineering Corp. 100.0% Construction and operation related to telecommunications

IDC Frontier Inc. 100.0% Data center business

eMnet Japan co. ltd. 41.0% Internet advertising business

Cubic Telecom Ltd. 54.3% Provision of software-defined connected vehicles solutions

SB Technology Corp. 100.0% Provision of cloud services, security operation monitoring services, and IoT solutions.

Cybertrust Japan Co., Ltd. 58.0% IoT, Linux/OSS, authentication and security services

Distribution SB C&S Corp. 100.0% Distribution and sales of IT-related products, provision of IT-related service

Media & EC

LY Corporation 61.9%

Internet advertising business, e-commerce business and membership services

business development, as well as management of group companies' administrative

operations

ZOZO, Inc. 51.5% Operation of an e-commerce fashion website, distribution of private brand, operation of

fashion media

ASKUL Corporation 46.8% Mail-order service of office-related products and other delivery services

Ikyu Corporation 100.0% Operation of internet sites that provide reservation services for high-end hotels and

restaurants, etc.

dely inc. 56.2% Operations of "Kurashiru", etc.

LINE Bank Taiwan Limited 51.2% Banking business

Subsidiaries (1/2)

Blue: Listed company

319 group companies at the end of June 2025 (of which, 252 subsidiaries and 67 affiliate*1 companies)

*1: Affiliate companies include joint ventures *2: As of December 31, 2024 *3: As of March 31, 2025 *4: As of May 20, 2025

Segment Company Name Ratio of Voting

Rights Held Business Description

Financial

PayPay Corporation 66.0% Development and offering of electronic payment services such as mobile payment

PayPay Card Corporation 100.0% Credit card, card loan, credit guarantee business

PayPay Bank Corporation 75.5% Banking business

SB Payment Service Corp. 100.0% Payment processing

PayPay Securities Corporation 75.3% Securities business specializing in smartphones

Other SB Media Holdings Corp. 100.0% Intermediate holdings company that owns IT media Inc.

ITmedia Inc. 53.4% Operation of comprehensive IT information site “ITmedia”

Segment Company Name Ratio of Voting

Rights Held Business Description

Affiliate

companies

Demae-can Co., Ltd. 37.4% Operation of website “Demae-can” and related businesses

Webtoon Entertainment Inc. 24.5% Operation of mobile content service

Subsidiaries (2/2), Affiliates

Blue: Listed company

*1: As of FY25 Q1, PayPay Bank transferred from "Media & EC" to “Financial."

*2: As of March 31, 2025 *3: As of August 31, 2024 *4: As of September 30, 2024

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Earnings Results for the Three Months Ended June 30, 2025 Investor Briefing PDF Free Download

Earnings Results for the Three Months Ended June 30, 2025 Investor Briefing PDF free Download. Think more deeply and widely.

Uploaded by Thomas Johnson on 3/11/2026

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