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Earnings Results for the Three Months Ended June 30, 2026 Investor Briefing SoftBank Corp. August 4, 2026 ©2026 SoftBank Corp. All Rights Reserved
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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 majorvendors 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 andcollaborations of the Company, Vision Fund and SoftBank Group Corp. portfolio companies and investments has been selected on a subjective basis, is provided solelyfor 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. Important Notice Regarding Trading of SoftBank Corp. Common Stock and Unsponsored American Depositary 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 Depositary 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.
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2 Executive Summary ⚫ Revenue and profit increased, building strong momentum toward full-year forecasts ⚫ Cloud & AI drove revenue growth in Enterprise. Enterprise operating income grew by 28% ⚫ Actively executed strategic growth investments ⚫ Debut issuance of EUR-denominated senior unsecured notes to diversify our funding base
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• Progress rate toward the full- year forecast was 27.5% for operating income and 26.8% for net income • Revenue increased by 9.4% YoY and hit a high record for Q1 FY25 Q1 FY26 Q1 YoY YoY% Progress Revenue 1,658.6 1,814.7 +156.1 +9.4% 24.2% Adjusted EBITDA*1 471.0 508.1 +37.1 +7.9% 26.1% Operating Income 290.7 302.3 +11.6 +4.0% 27.5% Net Income*2 145.3 150.1 +4.8 +3.3% 26.8% 3 Results for FY2026 Q1 Revenue and profit increased, building strong momentum toward full-year forecasts *1: Adjusted EBITDA＝operating income＋depreciation and amortization (including loss on disposal of non-current assets) + stock compensation expenses ± other adjustments, same hereinafter *2: Net income: net income attributable to owners of SoftBank Corp., same hereinafter (JPY bn)
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Changes in segments 4 Consolidating AI-related businesses into Enterprise as full-scale monetization begins Consumer Enterprise Distribution Media & EC Financial (1)AI computing infrastructure (commercialization) (2)AI data centersOther Until FY25 Consumer Enterprise Distribution Media & EC Financial Other Present Other excluding (1)(2) Other excluding (1)(2)
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717.8 749.7 233.8 260.4 247.9 304.5 406.9 446.8 91.3 115.927.3 28.5 -66.4 -91.1 1,658.6 1,814.7 +1.1 Increased in all segments, hitting a record high • Progress toward full-year forecast of JPY 7.5 tn was 24.2% • Hit a record high for Q1 • Three segments achieved double- digit revenue growth 5 +39.9 +9.8% +56.6 +22.8% +26.6 +11.4% YoY +156.1 +9.4% +24.6 +27.0% +31.9 +4.4% Revenue (JPY bn) Financial Other Distribution Enterprise Consumer Media & EC Adjustment FY25 Q1 FY26 Q1
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247.8 248.6 92.6 108.7 12.9 14.298.9 116.0 26.0 40.6 -7.2 -20.1 471.0 508.1 FY26 Q1 6 (JPY bn) Financial Other*1 Distribution Enterprise Consumer Media & EC *1: Other includes inter-segment adjustments (FY25 Q1: JPY -0.7 bn, FY26 Q1: JPY -0.2 bn) Adjusted EBITDA FY25 Q1 +1.3 +10.2% +16.1 +17.4% +14.6 +56.2% YoY +17.1 +17.3% -12.9 +37.1 +7.9% +0.8 +0.3% Increased in all segments, hitting a record high • Progress toward full-year forecast of JPY 1,950 bn was 26.1% • Hit a record high for Q1 • Four segments achieved double-digit profit growth
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FY25 Actual FY26 Forecast YoY% Q1 progress toward full- year forecast Consumer 550.8 560.0 +1.7% 27.3% Enterprise 192.4 230.0 +19.5% 27.1% Distribution 35.3 36.0 +2.1% 35.9% Media & EC 240.4 264.0 +9.8% 25.3% Financial 86.3 110.0 +27.5% 28.9% Other*2 -62.6 -100.0 - - Total 1,042.6 1,100.0 +5.5% 27.5% 153.8 152.9 48.8 62.2 11.9 12.9 70.7 66.7 18.1 31.8 -12.6 -24.2 290.7 302.3 +13.7 -5.7% +1.0 +76.0% +13.4 +8.2% -0.6%-0.9 -4.0 -11.7 7 YoY +11.6 +4.0% +27.5% Operating Income Other*2 Financial Distribution Consumer Media & EC Enterprise (JPY bn) Steady progress toward full-year forecast in all segments *1: Refer to p.34 of presentation material "Earnings Investor Briefing for Q1 FY2025" for details *2: Other includes inter-segment adjustments (FY25 Q1: JPY -0.1 bn, FY26 Q1: JPY -0.7 bn) FY25 Q1 FY26 Q1 Forecasts by segment (JPY bn) • Progress toward full-year forecast of JPY 1.1 tn was 27.5% • Enterprise and Financial contributed to profit growth • Operating income in Media & EC increased 18.7%, excluding one-time factors*1 (remeasurement gain of JPY 14.5 bn for FY25 Q1) YoY excluding one-time factors*1 +26.1 (+9.4%)
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145.3 150.1 +11.6 +2.3 +8.5 -3.1 -14.4 -8.4 +5.3 +0.8 +1.5 +5.4 +3.0 -0.6 -13.8 Net Income Increased due to increase in operating income, progressing steadily toward full-year forecast (JPY bn) FY25 Q1 FY26 Q1 YoY +4.8 +3.3%Financial income/loss*1 Income taxesOperating income Shares of profit/losses of associates accounted for using the equity method Net income attributable to non-controlling interests SoftBank (SB): LY*2 : *1: Financial income/loss includes financing income/costs *2: Including PayPay consolidated. Calculated using SoftBank Corp.’s financial statements *3: Refer to p.34 of presentation material "Earnings Investor Briefing for Q1 FY2025" for details of one-time factors in FY25 • Progress toward full-year forecast of JPY 560.0 bn was 26.8% • Net income increased 6.6%, excluding one-time factors*3 (remeasurement gain of JPY 4.5 bn for FY25 Q1) • Financial income/loss*1 SB: Increase in interest expense, etc. LY*2: Improvement in valuation profit/loss from FVTPL • Net income attributable to non-controlling interests LY*2 : Increase in net income 8 Progress 26.8%
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Results by Segment
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Enterprise Business Revenue: Changes in Sub-segment Disclosure 10 Disclose Cloud & AI separately to enhance visibility as a growth driver Enterprise Mobile Fixed-line Business solution and others Until FY25 Enterprise Present Telecommunications Solutions Cloud & AI • IoT • Data solutions • Subsidiaries, etc. • AI computing infrastructure (commercialization) • AI data centers (Sakai, Tomakomai) • Data centers • Sovereign cloud (Oracle Alloy) • AI solutions (e.g., Crystal intelligence) • Security • Other cloud services (Microsoft products, Google products, etc.) AI computing infrastructure (commercialization) AI data centers
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126.0 131.5 49.0 51.8 58.8 77.1 233.8 260.4 +18.3 +31.0% +2.8 +5.8% +5.5 +4.4% Enterprise Segment: Revenue • Cloud & AI Cloud services and security also grew, alongside AI computing infrastructure • Solutions System integration-related business, including product sales, grew • Telecommunications Increase in mobile revenue driven by subscriber growth 11 Segment revenue FY25 Q1*1 FY26 Q1 YoY +26.6 +11.4% *1: FY25 Q1 figures retrospectively adjusted. Refer to p.30 for details (JPY bn) Solutions Revenue from AI computing infrastructure and related businesses drove growth in Cloud & AI. Cloud & AI revenue is expected to grow at CAGR of 30% in FY26–FY27 Telecommunications Cloud & AI
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62.2-9.7 -2.7 -2.1 48.8 +5.5 +21.1 +1.4 Progress 27.1% • Progress toward full-year forecast of JPY 230 bn was 27.1% • Cost of services and goods sold Increased due to growth in Cloud & AI and Solutions revenue • Depreciation Increased mainly due to depreciation of AI infrastructure • Other expenses Increased due to personnel expenses and others Enterprise Segment: Segment Income 12 Segment income FY25 Q1 FY26 Q1 YoY +13.4 +27.5% Progress is on track. Segment income increased, driven by growth in Cloud & AI (JPY bn) Revenue +26.6 Other expenses Cost of services and goods sold -8.3 Tele- communications Solutions / Cloud & AI Depreciation and disposals Tele- communications Solutions / Cloud & AI
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397.5 400.5 104.2 108.8 41.4 55.5 174.8 184.9 717.8 749.7 +10.1 +5.8% +14.2 +34.3% +4.6 +4.4% +3.0 +0.8% Consumer Segment • Sales of goods and others Revenue growth due to increase in unit price of mobile devices • Electricity Revenue growth due to increase in trading transactions • Broadband Revenue growth mainly due to OpenFiber Japan Corp.*1 commencing operations in June • Mobile (For quarterly trends, refer to the next page) Revenue increased, driven by improvements in ARPU 13 Segment revenue FY25 Q1 FY26 Q1 YoY +31.9 +4.4% *1: A joint venture between SoftBank Corp. and Sony Network Communications Inc. (JPY bn) Sales of goods and others Broadband Mobile Electricity Both Service revenue, including Mobile, and Sales of goods and others increased
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+7.6 +4.5 +6.3 +6.4 +5.2 +4.4 +7.8 +4.2 +3.0 -5.7 +7.1 +20.7 +8.6 -7.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 14 Mobile revenue quarterly trends 392.3 396.5 388.2 397.5 397.5 400.9 404.6 388.7 400.5 5.7 1 1.2 2.0 2.6 9.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 Mobile revenue YoY Consumer Segment: Mobile Revenue Trend +2.0% +1.2% +3.6% +7.3% +1.2% +1.1% +4.2% -2.2% +0.8% +2.0% +1.2% +1.6% +1.6% +1.2% +1.1% +2.0% +1.1% +0.8% Mobile revenue continued to grow YoY *1 *2 *1 *2 (JPY bn) Customer acquisition measures 13.2 bn Customer acquisition measures and retrospective adjustment of access charges 17.6 bn (JPY bn) Customer acquisition measures : Retrospective adjustment of access charges : YoY *Figures excluding impact from customer acquisition measures and retrospective adjustment of access charges *1: Customer acquisition measures *2: Retrospective adjustment of access charges in Accounting Regulations for Interconnection
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152.9 -4.6 -28.2153.8 +21.8 +10.1 START END • Progress toward full-year forecast of JPY 560 bn was 27.3% • Gross margin from sales of goods and others: JPY +5.5 bn Unit price improved, while volume decreased • Electricity Income increased due to improved procurement costs, aided by the reversal of a one-time loss recorded in FY25 Q4 • Sales commissions and sales promotion expenses Increased mainly due to amortization of capitalized sales commissions and expenses for device purchase support program Consumer Segment: Segment Income 15 Segment income FY25 Q1 FY26 Q1 YoY -0.9 - -0.6% Mobile +3.0 Electricity +14.2 Broadband +4.6 Solid progress toward full-year forecast. Profit declined as higher mobile revenue and improved gross profit from sales of goods were offset by increased sales commissions and sales promotion expenses (mainly deferred cost) Progress 27.3% Cost of electricity services -11.1 Sales commissions and sales promotion expenses -15.8 CAC (mainly deferred cost) -8.9 Promotion exp. etc. -6.9 Depreciation and disposals -3.0 Others +1.7 (JPY bn) Service revenue Expenses Cost of goods sold (mainly mobile devices) Sales of goods and others (mainly mobile devices)
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3,730 3,700 3,700 3,770 3,750 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 Operating Data: Mobile ARPU 16 Mobile ARPU*1 YoY +60_ +1.7% ARPU increased by JPY 60, driven by penetration of “Pay-toku” • Mobile ARPU: YoY JPY +60 (+) Increase due to “Pay-toku” penetration and FY25 “Y!mobile” price revisions Expansion of value-added services (-) Decline in ARPU for enterprise subscribers Higher share of “Y!mobile” users 60*2 (JPY) *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 *2: Impact of retrospective adjustment of access charges in Accounting Regulations for Interconnection Mobile ARPU YoY (JPY) Q1 Q2 Q3 Q4 Full year FY25 -30 -30 -10 -30 -20 FY26 +60 - - - +160 (Forecast)
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30.90 31.95 32.01 31.84 40.33 41.36 41.32 41.11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 Smartphone cumulative subscribers Smartphone and Main subscriber net additions*1 (QoQ) 17 Operating Data: Smartphone Cumulative Subscribers and Net Additions YoY -0.12_ -0.4% Smartphone cumulative subscribers declined YoY following a shift in acquisition strategy to focus on longer-term users. Continued focus on churn reduction and acquisition cost control, aiming to restore net additions +0.18 +0.19 +0.17 +0.50 +0.18 +0.11 -0.10 +0.06 -0.18 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 -0.15*3 +0.16 +0.19 +0.49 +0.18 +0.17 -0.10 -0.10 -0.20 (Mil) *Includes enterprise subscribers *1: Smartphones, feature phones, tablets, mobile data communications devices, Wireless HomePhone and others *2: Shown as the sum of LINEMO and LINE MOBILE subscribers *3: Includes impact of discontinuation of 3G services, -0.25 mil. Main subscriber*1 Smartphone SoftBank LINEMO/ LINE MOBILE*2 Y!mobile Smartphone Main subscriber*1 (Mil)
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Smartphone churn rate Operating Data: Smartphone Churn Rate Despite the lingering impact of early churn, the Q1 churn rate was broadly flat YoY, up +0.02%. Improved YoY in June. • Shift in acquisition policy to focus on long-term users in September 2025 • Monthly churn rate for June 2026 improved YoY (-0.03%) 18 1.18% 1.36% 1.70% 1.38% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY24 FY25 FY26 (YoY+0.02%) (YoY+0.16%) (YoY+0.18%) (%) *Includes enterprise subscribers June 2025 June 2026 YoY Churn rate 1.26% 1.23% -0.03% (For reference)
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215.4 242.2 176.0 180.8 13.5 22.0 1.9 1.8 406.9 446.8 66.7 -14.5 -1.0 70.7 +1.0 +9.1 +1.4 Progress 25.3% Segment income FY25 Q1*2 FY26 Q1 YoY YoY -4.0 -5.7% Media & EC Segment Steady growth toward full-year forecast. Revenue in Commerce and Media increased. Excluding one-time factors*1, profit increased due to growth of account advertising etc., led by Media FY25 Q1*2 FY26 Q1 Segment revenue (JPY bn) Media Commerce Strategy Other *1: Refer to p.34 of presentation material "Earnings Investor Briefing for Q1 FY2025" for details *2: In FY26 Q1, LY Corporation and its subsidiaries (LY Group) has revised its business management categories and reclassified certain services. As a result, the revenue breakdown of all service categories for FY25 Q1 has been retrospectively adjusted. Changes in segment income are calculated based on the restated figures of FY25 Q1. YoY excluding a) +10.5 (+18.7%) a) One-time factors Commerce Media Other/ Adjustments (JPY bn) 19 +39.9 +9.8% +2.7% +12.4%+26.7 +4.8 +62.9%+8.5 -0.1 -5.5% FY25 Q1 Remeasurement gain on step acquisition*1 -14.5 Growth of account advertising and LYP Premium Strategy
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18.1 +13.2 +0.1 +0.4 31.8 84.4 108.7 7.4 8.1 -0.5 -0.9 91.3 115.9 Segment revenue YoY +24.6 +27.0% *1: PayPay consolidated basis (includes PayPay Corporation (“PayPay”), PayPay Card Corporation (“PayPay Card”), PayPay Bank, PayPay Securities Corporation (“PayPay Securities”), etc., after eliminating intercompany transaction). Figures have been calculated by the Company after applying relevant IFRS adjustment. Non-audited. *2: “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 YoY +13.7 +76.0% Segment income (JPY bn) (JPY bn) PayPay consolidated*1 SB Payment Service Intercompany transactions, other*2 PayPay consolidated*1 SB Payment Service Intercompany transactions, other*2 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 20 Transaction and interest revenue of PayPay consolidated continued to grow steadily. Segment income increased significantly due to improved profitability +24.3 +28.8% +0.8 +10.4% -0.4 Revenue +24.3 Operating expense -11.1 Progress 28.9%
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FY25 Q1 YoY +1.0 +8.2% YoY +56.6 +22.8% Distribution: segment revenue and income (JPY bn) Other: operating income （JPY bn） Progress 35.9%Income Revenue FY26 Q1 FY25 Q1 FY26 Q1 YoY Subsidiaries -0.3 1.1 +1.4 R&D /upfront investment -11.7 -25.2 -13.5 Others (including adjustments) -0.6 -0.1 +0.5 Total -12.6 -24.2 -11.7 Distribution Segment and Other 21 Distribution revenue and profits increased with steady growth in ICT products for enterprises R&D/upfront investment expanded in Other 247.9 304.5 11.9 12.9
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Status of Investments and Finance
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82.4 84.6 21.2 155.2 3.4 10.3 7.8 25.0 114.8 182.8 Telecommunications CAPEX are progressing in line with full-year plan IFRS 16 impact increased due to the commencement of operations by OpenFiber Japan CAPEX 23 +2.2 FY25 Q1 FY26 Q1 +17.2 +134.0 +6.9 (JPY bn) Total (including LY, PayPay, etc.) SoftBank*1 (excluding LY, PayPay, etc.) Others*2 • CAPEX progress for Telecommunications (excluding IFRS 16 impact) was 20.4% vs. full- year plan JPY 415.0 bn • IFRS 16 impact and Others increased due to the commencement of operations by OpenFiber Japan. Of this increase, the IFRS 16 impact increased due to the lease of telecommunications equipment, including dark fiber. (Non-cash transaction) • AI increased due to investment in AI computing infrastructure, TomakomaiAI data center and Sakai AI data center *"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) *2: From FY26 Q1, "Others" has been divided into "AI" and "Others." As a result, the figures for FY25 Q1 have been retrospectively adjusted. *3:Capital expenditures for AI include investments such as AI computing infrastructure and AI data centers. *4: From FY26 Q1, "Consumer & Enterprise" has been changed to "Telecommunications." +160.3275.2 332.7 Progress 20.4% Progress 24.2% IFRS 16 impact Telecommunications*4 AI*2,3
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-166.3 -315.4 252.7 186.9 86.3 -128.5 Adjusted FCF*1 decreased YoY due to active strategic investments 24 FY25 Q1 FY26 Q1 YoY -214.9 Adjusted FCF (excluding LY, PayPay, etc.) (JPY bn) • Operating CF YoY JPY -65.8 bn Adjusted EBITDA is consistently generated Decreased due to increase in working capital and income taxes • Investing CF YoY JPY -149.1 bn Increase in investments • Breakdown of FY26 Q1 Investing CF (JPY -315.4 bn) Telecom CAPEX, etc. JPY -135.7 bn Strategic investments JPY -179.7 bn (Breakdown of strategic investments) -Investment in Energy Global, LP: USD 1 bn (approximately JPY 160 bn) *In July 2026, entered into transfer agreement with base transfer price of USD 1.5 bn*2 -AI-related investment (Tomakomai AI data center, Sakai AI data center, etc.) *: All figures presented in this slide exclude LY, PayPay, etc. *1: Adjusted FCF (excluding LY, PayPay, etc.)=FCF + (proceeds from the securitization of installment sales receivables – repayments thereof) + dividends received from AHD – investment in PayPay + proceeds from sales of shares in PayPay Securities- FCF of “LY, PayPay, etc.” *2 : As the final transfer price will be determined by reflecting the price adjustment stipulated in the equity transfer agreement based on valuations calculated by independent third-party institutions, the amount of the gain or loss arising from the transfer is currently undetermined. Adjusted FCF*1 (excluding LY, PayPay, etc.) Adjusted EBITDA 312.2 -149.1 Operating CF Investing CF -65.8 318.3 +6.1
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2.5x 2.3x 2.3x 2.2x 2.6x Q1 Q2 Q3 Q4 Q1 FY25 FY26 Net interest-bearing debt increased by approximately JPY 290 bn YoY Net leverage ratio temporarily increased due to strategic investments and dividend payments 25 Net Interest-bearing Debt and Net Leverage Ratio Net leverage ratio 1.97 1.95 1.95 1.95 2.27 6.51 6.47 6.62 6.48 7.42 3.19 2.95 3.07 2.98 3.48 4.54 4.52 4.66 4.53 5.15 Q1 Q2 Q3 Q4 Q1 FY25 FY26 Interest-bearing debt / Net interest-bearing debt (JPY tn) (Times) YoY +0.29 LY , PayPay, etc. Interest-bearing debt (excluding LY, PayPay, etc. and securitization of installment sales receivables) *1 Net interest-bearing debt Bank loans 0.90 Leases 0.77 Securitization of sales receivables 1.16 Others 0.18 Bonds 1.38 IFRS 16 impact 0.75 Adjusted net leverage ratio (excluding LY, PayPay, etc., and securitization of installment sales receivables) *1 *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
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26 Debut Issuance of EUR-denominated Notes (EUR 1.2 Billion) Debut issuance of EUR-denominated senior unsecured notes following the issuance of USD- denominated notes in July 2025 Interest rates in JPY after currency swap were equivalent to domestic notes EUR-denominated senior notes due 2032 EUR-denominated senior notes due 2036 Principal amount EUR 500 million EUR 700 million Interest rate 3.936% per annum (Mid swap rate + 1.03%) 4.467% per annum (Mid swap rate + 1.38%) Issue date April 17, 2026 Purpose of issuance Diversify funding base Use of proceeds General corporate purposes, including refinancing
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Status of Assets and Equity As of Mar 31, 2026 As of June 30, 2026 Variance Cash and cash equivalents 1,438.8 1,645.8 +207.0 Other assets 17,063.4 17,696.8 +633.4 Total assets 18,502.2 19,342.6 +840.4 Interest-bearing debt 6,484.6 7,421.4 +936.8 Other liabilities 7,349.1 7,282.7 -66.4 Total liabilities 13,833.7 14,704.1 +870.4 Total equity attributable to owners of the Company 2,957.9 2,912.2 -45.6 Non-controlling interests 1,710.6 1,726.3 +15.7 Total equity 4,668.5 4,638.5 -29.9 Net interest-bearing debt*1 4,991.5 5,720.6 +729.1 Shareholders’ equity ratio*2 16.0% 15.1% -0.9% Ratio of total equity to total assets 25.2% 24.0% -1.3% (JPY bn) • Other assets JPY +633.4 bn Financial business expanded, investment in Energy Global, LP,and increase in right-of-use assets due to the commencement of operations by OpenFiber Japan • Interest-bearing debt JPY +936.8 bn SB: Issuance of EUR-denominated senior unsecured notes, increase in lease liability due to the commencement of operations by OpenFiber Japan, and securitization of sales receivables LY*3: Borrowings at PayPay Bank, LY and PayPay Card • Equity attributable to owners of the Company JPY -45.6 bn (Breakdown) Net income increase JPY +150.1 bn Dividend payout JPY -210.2 bn Others JPY +14.5 bn • Equity attributable to owners of the Company JPY +210.8 bn YoY (JPY 2,701.4 bn as of June 30, 2025) *Unless otherwise noted, variances are compared to the previous fiscal year-end (March 2026). *1: Net interest-bearing debt = interest-bearing debt - cash and cash equivalents - cash reserve of securitization of sales receivables *2: Shareholders’ equity ratio = total equity attributable to owners of the Company / total assets *3: Includes PayPay consolidated Total assets increased due to financial business expansion Shareholders’ equity increased YoY 27
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28 Executive Summary (Reposted) ⚫ Revenue and profit increased, building strong momentum toward full-year forecasts ⚫ Cloud & AI drove revenue growth in Enterprise. Enterprise operating income grew by 28% ⚫ Actively executed strategic growth investments ⚫ Debut issuance of EUR-denominated senior unsecured notes to diversify our funding base
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APPENDIX
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Retrospective Adjustments of FY25 Results (Enterprise Revenue) 30 FY2025 revenue (JPY bn) Main businesses 340.6 167.3 5.4 255.8 • AI computing infrastructure (commercialization) • AI data centers (Sakai, Tomakomai) • Data centers • Sovereign cloud (Oracle Alloy) • AI solutions (e.g., Crystal intelligence) • Security • Other cloud services (Microsoft products, Google products, etc.) 233.8 • IoT • Data solutions • Subsidiaries, including Cubic Telecom Ltd. Before Mobile Fixed-line 1. Data businesses previously included in business solution and others 2. Cloud and AI-related businesses and subsidiaries previously included in business solution and others 3. Business solution and others excluding 1 and 2 above After Telecommunications Cloud & AI Solutions
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(JPY bn) FY25 Q1 FY26 Q1 Variance Reasons for Variance Revenue 1,658.6 1,814.7 +156.1 Cost of sales -837.9 -926.0 -88.1 Gross profit 820.7 888.7 +68.0 Selling, general and administrative expenses -544.5 -590.2 -45.7 Other operating income 14.5 3.7 -10.8 Decrease mainly due to the absence of remeasurement gain on step acquisition in LY recorded in the previous year Operating income 290.7 302.3 +11.6 Share of gain/losses (-) of associates accounted for using the equity method -3.6 -1.3 +2.3 Financing income 5.6 10.1 +4.5 Financing costs -22.3 -29.9 -7.6 Profit before income taxes 270.4 281.2 +10.7 Income taxes -88.1 -79.7 +8.5 Net income 182.3 201.5 +19.2 Net income attributable to Owners of the Company 145.3 150.1 +4.8 Non-controlling interests 37.0 51.4 +14.4 Consolidated Statement of Income 31
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(JPY bn) As of Mar 31, 2026 As of Jun 30, 2026 Variance Reasons for Variance Total assets 18,502.2 19,342.6 +840.4 Current assets 5,405.5 5,672.8 +267.3 Cash and cash equivalents 1,438.8 1,645.8 +207.0 Increase mainly at PayPay Bank Corporation and SoftBank Trade and other receivables 3,026.1 2,959.7 -66.3 Other financial assets 490.3 547.6 +57.2 Inventories 232.0 245.6 +13.5 Other current assets 218.3 274.2 +55.9 Non-current assets 13,096.6 13,669.8 +573.1 Property, plant and equipment 2,003.8 2,009.6 +5.8 Right-of-use assets 772.6 931.6 +159.0 Mainly due to the lease of telecommunications equipment by OpenFiber Japan Corp. Goodwill 2,189.4 2,198.0 +8.6 Intangible assets 2,576.7 2,579.6 +2.9 Contract costs 440.7 440.9 +0.1 Investments accounted for using the equity method 205.8 237.8 +32.0 Investment securities 345.8 529.0 +183.3 Mainly due to an investment in Energy Global, LP Investment securities in banking business 1,280.5 1,288.2 +7.8 Other financial assets 3,029.1 3,205.4 +176.3 Mainly due to an increase in customer loans at PayPay Bank Corporation and LINE Bank Taiwan Limited. Deferred tax assets 138.3 129.8 -8.5 Other non-current assets 114.0 119.8 +5.8 Consolidated Statement of Financial Position (Assets) 32
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(JPY bn) As of Mar 31, 2026 As of Jun 30, 2026 Variance Reasons for Variance Total liabilities 13,833.7 14,704.1 +870.4 Current liabilities 8,525.2 8,922.3 +397.1 Interest-bearing debt 1,956.4 2,461.8 +505.4 Increase mainly due to short-term financing by PayPay Bank Corporation, SoftBank, and PayPay Card Corporation Trade and other payables 3,285.3 3,168.6 -116.7 Mainly due to decreases in trade payables and other payables at SoftBank Contract liabilities 169.1 188.9 +19.9 Deposits for banking business 2,556.0 2,662.1 +106.0 Increase in ordinary deposits at PayPay Bank Corporation Other financial liabilities 25.4 31.7 +6.3 Income tax payables 150.9 69.7 -81.2 Decrease mainly due to corporate tax payments by SoftBank Provisions 67.7 74.2 +6.6 Other current liabilities 314.5 265.3 -49.2 Non-current liabilities 5,308.5 5,781.8 +473.3 Interest-bearing debt 4,528.2 4,959.6 +431.4 Increase mainly due to bond issuances by SoftBank, financing by LY, and the lease of telecommunications equipment by OpenFiber Japan Corp. Other financial liabilities 170.2 204.6 +34.4 Provisions 161.3 163.6 +2.2 Deferred tax liabilities 336.2 342.3 +6.1 Other non-current liabilities 112.6 111.8 -0.8 Consolidated Statement of Financial Position (Liabilities) 33
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(JPY bn) As of Mar 31, 2026 As of Jun 30, 2026 Variance Reasons for Variance Total equity 4,668.5 4,638.5 -29.9 Equity attributable to owners of the Company 2,957.9 2,912.2 -45.6 Common stock 244.4 247.7 +3.3 Capital surplus 962.3 963.0 +0.8 Retained earnings 1,728.3 1,667.8 -60.5 -210.2 from dividend payments by SoftBank, +150.1 from net income Treasury stock -27.1 -27.1 +0.0 Accumulated other comprehensive income 50.0 60.7 +10.7 Non-controlling interests 1,710.6 1,726.3 +15.7 Consolidated Statement of Financial Position (Equity) Shareholders’ equity ratio*1 16.0% 15.1% -0.9% Ratio of total equity to total assets 25.2% 24.0% -1.3% 34*1: Shareholders’ equity ratio = total equity attributable to owners of the Company / total assets
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Consolidated Statement of Cash Flows 35 (JPY bn) FY25 Q1 FY26 Q1 Reasons for Variance Cash flows from operating activities 197.1 100.4 Net income 182.3 201.5 Depreciation 188.8 202.3 Change in working capital -61.1 -175.8 Includes changes in the banking and securities businesses Interest paid -19.7 -27.1 Income taxes paid/refunded -130.1 -155.2 Other 36.9 54.7 Cash flows from investing activities -344.7 -378.0 Purchases of/proceeds from sales of property, plant and equipment and intangible assets -144.7 -163.8 Proceeds from sales/redemption of investments -55.8 -205.8 Investment in Energy Global, LP Proceeds from obtaining control of subsidiaries -52.1 -6.4 Proceeds from loss of control of subsidiaries -0 -0.8 Other -92.1 -1.3 Includes changes in the banking business Cash flows from financing activities 261.1 480.2 Proceeds from interest-bearing debt 463.0 653.3 Issuance of EUR-denominated Notes Repayment of interest-bearing debt -354.1 -303.0 Net increase/decrease of short-term interest-bearing debt 373.3 370.9 Proceeds from issuance of shares 9.5 5.6 Cash dividends paid -201.6 -204.1 Cash dividends paid to non-controlling interests -51.7 -43.8 Other 22.7 1.3 Effect of exchange rate changes on cash and cash equivalents 8.2 4.3 Cash and cash equivalents at the beginning of the period 1,435.5 1,438.8 Cash and cash equivalents at the end of the period 1,557.3 1,645.8 Adjusted free cash flow (excluding LY, PayPay, etc.) 86.3 -128.5
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Subsidiaries (1/2) 337 group companies at the end of June 2026 (of which, 270 subsidiaries and 67 affiliate*1 companies) 36*1: Affiliate companies include joint ventures *2: As of December 31, 2025 *3: As of March 31, 2026 *4: As of May 20, 2026 Blue: Listed company 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. 40.9%*2 Internet advertising business Cubic Telecom Ltd. 54.3% Provision of software-defined connected vehicle solutions Cybertrust Japan Co., Ltd. 56.4%*3 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 services Media & EC LY Corporation 62.4% Internet advertising business, e-commerce business and membership services business development, as well as management of group companies' administrative operations ZOZO, Inc. 51.9%*3 Operation of an e-commerce fashion website, distribution of private brand, operation of fashion media ASKUL Corporation 46.9%*4 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. Kurashiru, Inc. 54.6%*3 Operations of "Kurashiru", etc. LINE Bank Taiwan Limited 51.2% Banking business
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Segment Company Name Ratio of Voting Rights Held Business Description Financial PayPay Corporation 62.2% 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. 53.2%*1 Operation of comprehensive IT information site “ITmedia” 37 Segment Company Name Ratio of Voting Rights Held Business Description Affiliate companies Demae-can Co., Ltd. 35.3%*2 Operation of website “Demae-can” and related businesses Webtoon Entertainment Inc. 24.0%*3 Operation of mobile content service Subsidiaries (2/2), Affiliates Blue: Listed company Blue: Listed company *1: As of March 31, 2026 *2: As of August 31, 2025 *3: As of September 30, 2025