Full Year 2025 SoftBank Group Corp Earnings Call
Operator: Thanks for waiting everyone.
Operator: Now we would like to start the SoftBank Group Corp earnings results announcement for the fiscal year ended March 31st, 2025. First of all, I would like to introduce today's participants. From left, we have Yoshimitsu Goto, Board Director, NCFO. Kazuko Kimiwada, Corporate Officer, Chief Sustainability Officer, Senior Vice President and Head of Accounting Unit. Navneet Govil, CFO, SB Investment Advisors, and SB Global Advisors. Jason Child, Executive Vice President, and CFO. Today's announcement is live broadcast over the internet.
Now we'd like to start the Softbank Group Corp earnings results announcement for the fiscal year ended March 31st 2025.
Uh huh.
First of all I would like to introduce today's participants from list. We have you'll see me to go though bill just a N CFO.
[music] classical accumulator corporate officer, a chief sustainability Officer, Senior Vice President and head up our talent to get it.
Novack Gogo: Novack Gogo CFO, it's been investment advisors and their speed global advisors.
Novack Gogo: Jason Child, Executive Vice President and CFO.
Novack Gogo: Today's announcement is live broadcast over the Internet.
Novack Gogo: Yeah.
Novack Gogo: Yeah.
Yoshimitsu Goto: Now I would like to invite Yoshimitsu Goto to present you the earnings results and business overview. Good afternoon, everyone. Thank you very much for sharing your time with us today.
Speaker Change: Now I would like to invite Mr. Bottle to present, you the earnings results and business overview.
Speaker Change: Yes.
Speaker Change: Yeah.
Speaker Change: Good afternoon, everyone. Thank you very much for sharing your time with us today.
Yoshimitsu Goto: So today is a kind of a summary for the fiscal year, a whole year, full year. So let me dive into presentation. So the past one year.
Speaker Change: So today, if I thought about somebody for the fiscal year, a whole year full year.
Speaker Change: So let me dive into the presentation.
Speaker Change: So the best money up.
Yoshimitsu Goto: Economical Trends, Market Environments. It's been very uncertain, very unclear. continues to grow. U.S. tension has been escalated.
Speaker Change: Economical trends market environment, it's been very uncertain very unclear.
Speaker Change: Continuous to grow.
Speaker Change: U S a tension.
Speaker Change: That's been yesterday they did.
Yoshimitsu Goto: Unknown Market Including Japan has been confused with the situation. At the same time, unfortunately, we've been seeing the ongoing conflicts across the regions. and after Mr. Trump assumes president. There are many policies, direction changes, which also impacted to the market. Well, of course, leaders, head of the countries, they always focus on the prosperity of their own country. But when you think about the worldwide Peaceful system, optimal for everyone. which everyone has been enjoying the free trade in the past but the free trade also or making some disadvantage as well and from that sense U.S. position.
Speaker Change: Market, including Japan has been coffee is to me it's a situation.
At the same time, Unfortunately, we've been seeing the ongoing conflicts across the regions.
Speaker Change: And after that Mr. Trump Hudson's President.
Speaker Change: But there are many policies.
Speaker Change: Direction changes, which also impact it to the market.
Speaker Change: Mhm.
Speaker Change: But.
Speaker Change: Of course leaders.
Speaker Change: Set up the countries they always focus on the prosperity deal, but they own country, but when you think about the worldwide.
Speaker Change: Yes.
Speaker Change: Peaceful system upstream all for everyone.
Speaker Change: Which everyone has been enjoying the free trade in the past, but the free trade the also or making some.
Speaker Change: The advantage as well.
Speaker Change: From that sense.
Speaker Change: U S position.
Yoshimitsu Goto: is not always selfish. to cost for maintaining the peace in global wide. is something that we need to focus. Otherwise, we cannot really solve the situation. And I believe tariff is one of the options for that solution as well.
Speaker Change: Is not always selfish.
Speaker Change: Yeah.
Speaker Change: Two cost for maintaining the piece in global wide.
Speaker Change: It's something that Oh, we need to focus otherwise we cannot read the soap the situations and that would be deemed study is one of the options are for that solution as well. So I I believe that's something that we need to focus refocus is once again a problem the market didn't financial industry as well.
Yoshimitsu Goto: So I believe that's something that we need to focus, refocus once again, from the market and financial industry as well. And under such circumstance, how are we going to do in SoftBank Group? Without any change, we keep focusing on our corporate philosophy of information revolution, happiness for everyone.
Speaker Change: And under such circumstance, how are we going to do in Softbank group without any change we keep focusing on corporate.
Speaker Change: Corporate it if you don't see it'll be information Revolution happiness for everyone mismatched 44th year since the foundation of the business. So from the beginning of the company are beginning of the business. We started with the distribution of a piece of software.
Yoshimitsu Goto: This marks 44th year since the foundation of the business. So from the beginning of the company, beginning of the business, we started with the distribution of PC software. and that was the motivation to start the business by Mr. Son and gradually we started ...revisiting what is the information revolution every time and then. Information revolution right now is AI revolution from AGI to ASI. How can we benefit society and the people? And how can we address? And how can we play the role for such changes? That's the kind of the things that we always need to pay attention to.
And that was the motivation to start the business by Mr. Sun.
Speaker Change: In garage are the we start.
Speaker Change: Revisiting what is the information Revolution every time and then.
Speaker Change: Information reversal right now is AI revolution from a G. I did he say how can we benefit.
Speaker Change: Benefit.
Speaker Change: So society and the people and how can we address.
Speaker Change: And how come we played the role for such a Tianjin. So that's the kind of the things that we always needs to pay attention to.
Yoshimitsu Goto: And this has been used for the AGM last year, so to make this ASI. Realize there are four things that we need to focus right now. First is the AI chip. This is going to be the core of the AI so that the arm and other companies need to focus on AI chip and also robotics. which also requires data center to support.
Speaker Change: And these have been used for the AGM last year, so to make this a S. A.
Speaker Change: [noise] realize there are four things that we need to focus right now.
Speaker Change: Is the AI chip this is going to be the core all day I saw that the and Oh.
Speaker Change: Other companies, we used to focus on AI chip and also robotics.
Speaker Change: Which also requires deep I sent that to support.
Speaker Change: They've all loosen up the AI AR and also the generative Ah <unk> and for that we need on the energy. So those are the agenda that we had been thinking for the past few years and it is here I believe that the way it's been a year of green shoots.
Fumika Sato: Fumika Sato, Rene Haas, Fumika Sato, SoftBank Group More specifically... I believe these are the actions that we made based on that understanding. First, that we announced the Stargate project in partnership with OpenAI, Oracle, MZX, and at the same time announced the Crystal Intelligence. between SoftBank Group and OpenAI. and additional or follow on investment the OpenAI has been committed. and up to $30 billion upon full syndication. and also decided to acquire Ampere for $6.5 billion. That's a part of our strategy for the future growth of our AI strategy, AI revolution, and that is expected to be closed in the second half of 2025.
Speaker Change: More specifically.
Speaker Change: I believe these are the actions that we made are based on that understanding first that the we announced the Stargate project in partnership is open the I R Uncle N G X and at the same time and that was the Crystal intelligence.
Oh, it's a partnership.
Speaker Change: Between first Bancorp and opened the eye.
Speaker Change: An additional offer alone Nimbus meant the open the eye has been committed.
Speaker Change: And up to 30 billion upon full syndication.
Speaker Change: And also decided to acquire them care for $6.5 billion.
That's a part of our strategy for the future growth Obama AIA a strategy.
Speaker Change: A revolution and that is expected to be closed are in our second half of 2025, So we weren't able to make a such a big sticks.
Yoshimitsu Goto: So we were able to make such a big step. in this fiscal year.
Speaker Change: In our India. This guy Yeah, and many people wonder what Splunk is doing what's how you're going to do there are many questions also concerned about what we are going to do now.
Yoshimitsu Goto: Many people wondered, what's SoftBank doing? What are you going to do? There are many questions also concerned about what we are going to do. But this time that we were with this fiscal year, we were able to show what is the action that we are taking.
Speaker Change: Now at this time that the way you are at least this fiscal year, we were able to show what is the action that we're taking.
Yoshimitsu Goto: And for the fiscal year 2024, as a financial summary wise, these are the highlights. First of all, We've been seeing the weaker performance of tech stocks, so that we've been seeing also the big market volatility and net asset value at the end of March. a 25.7 trillion, down 2.1 trillion year over year. But still, 25 trillion net asset value with the high liquidity, which I believe is the only one company in Japan which has a high liquidity in net asset value, also maintaining financial policy on loan-to-value and cash-on-hand, no change for the fiscal year 2025 as well.
Speaker Change: And for the fiscal year 2024 or is that not a financial somebody lives are these are the highlights first of all.
Speaker Change: We've been seeing the week off or myself pick stocks. So that the we'd be seeing also the big market volatility and net asset value at the end up much.
Speaker Change: E 20, 572 young are down 2.1, Chilean yellow by yeah.
Speaker Change: But still a 25 she's your on net asset value, we see high liquidity, which I believe is the only one company in Japan, which has a high degree D. D. In net asset value also maintaining financial policy on loan to value.
Speaker Change: And cash on hand, no change for the fiscal year 'twenty 'twenty five as well.
Yoshimitsu Goto: And net income of 1.15 trillion up 1.38 trillion year-over-year first profit in four years as an investment company. Most important, KPI. bit different from enterprise value, I believe. However, Still, net income, having a net income profitability is a very good thing, so I believe we are very happy to see this profit in four years, and progress towards realizing ASI, so that's the target announced, following investment in OpenAI. Quite a large number, amount has been announced. These are the highlights for the fiscal 2024.
Speaker Change: And a net income of 1.15 trillion up a 1.3, a trigger on Yelp I, Yeah first profit in four yes, as an investment company.
Speaker Change: Most important kept P I.
Speaker Change: Uh Huh spin.
Speaker Change:
Yeah.
Speaker Change: Different from enterprise value I believe however.
Speaker Change: Still net income having a net income profitability is very good thing. So I believe what we are very happy to see this as a profit in four yes in our progress towards realizing ASI saw that saga announced following investment in opening yay.
Speaker Change: Quite a large number amount has been announced are these are the highlights for the fiscal 2024.
Yoshimitsu Goto: Key Indicator These three indicators we always revisit with you. Net asset value, as you saw, 25.7 trillion. Loan-to-value, 18%. Compared to last year, March end, 8.4%. 10% point increase. But at the same time. Uh, we have a guidelines of the 25% hold on to value of safety level so that we still have a very good hedge room there. Cash position. as we actively made an investment. So the cash position decreased from 4.7 to 3.4, but still 3.4 is very much a good level of the cash position from our understanding. and of course our next announcement is to show you the end of the quarter which is March end.
Speaker Change: Key indicators.
Speaker Change: Yeah.
Nick: These are three indicate as we always are we visit with you Nick I say, it's about the audio so oh 25.7 to the known to Baidu, 18% compared to last year March and a eight 4% 10% point increase.
Speaker Change: But at the same time.
Speaker Change: Are we how about guidelines of the 25% hold onto Baidu a safety level. So that we still have a very good headroom that cash position.
Speaker Change: As we made our active active they made any investments so that guests want some decrease from four seven to $3 four but still three painful is very much good live or of the cash position for my understanding.
Speaker Change: Yeah.
Speaker Change: And Oh of course, our earnings announcement is just show you the and of the Cotai, which is much and how whereby our net asset value changes based on the share price.
Yoshimitsu Goto: However, our net asset value changes based on the share price. So based on this morning's share price, we made a performer numbers here. On your far right, as of this morning, net asset value $27.4 trillion recovered from $25.7 trillion. So about the same level as last year, March end. Launch value also being improved. Cash position, we've been spending a little bit, so $3.3 trillion. That is the latest, latest performer numbers because we are the company watching the balance sheet. So I also wanted to share this performer number with you.
Speaker Change: So based on this morning surprise, we made the pro forma numbers yeah.
Speaker Change: On your far right.
Speaker Change: This morning, it doesn't Madhu 27 point torture, you recovered from $25 seven I saw about the same level as last year much and don't give money also.
Speaker Change: Oh being improved.
Speaker Change: In Peru.
Cash position that we'd be spending a little bit on some 3.3.
That is D latest latest not pro forma numbers.
Speaker Change: Because we are the company are watching the balance sheet. So I also wanted to share a there's a pro forma number with you.
Yoshimitsu Goto: And these are the history of the net asset value. Net asset value is the most important indicator for us to see a business our share price is coming from here, I believe. So, of course, market changes varies every day, it goes ups and downs. And if it goes up, we are happy if goes down, it's unfortunate. However, it's not something that we should be being happy or not happy every day. But we should be, it's not a quarterly basis. It's not the annual basis. But I believe we need to see 10 years, 20 years as an investment company to end whether are we showing the tendency to increase our value.
And he felt the history of the net asset value.
Speaker Change: Net asset value is the most important indicator for us to see our business our share price is coming from here I believe so of course market changes varies everyday it goes ups and downs and if it goes up we are happy if it goes down it's unfortunate.
Speaker Change: However, it's not something that we should be.
Speaker Change: Beginning happy Youre, not puppy everyday, but we should be a it's not a quarterly basis is not the annual basis, but diabetes blended to see 10 years 20 years as an investment company did and whether a wheat soy and attended a tendency to increase our value and from that sense. I believe this is the most important.
Yoshimitsu Goto: And from that sense, I believe this is the most important slide to share with you. Cash position, we have an ample financial resources, which is 3.3 trillion. Covers 2-Year Debt Redemption which set it for our financial policy. Loan to Value. Our policy keeps growth ongoing at 38 percent, 15.40 percent, as of the end of March, 20 to maintain the loan-to-value at less than 25%. As of today, we still have a very good headroom here. There may be some fluctuation here. Sometimes we kind of hit the gas for the investment activities, but sometimes market volatile so that it may hit 25% threshold.
Speaker Change: On slide to share with you.
Speaker Change: Cash position.
Speaker Change: We have an ample financial resources three three to them.
Speaker Change: This.
Covers two yeah dead redemption, which fitbit.
Speaker Change: For our financial policy loan to values.
Speaker Change: 18.0% other.
Speaker Change: The end of March 20% pro forma basis, our policies.
Speaker Change: To maintain a loan to your buddy unless some 25%.
Speaker Change: As of today, we still have a very good headroom here there may be some fluctuation.
Speaker Change: So actuation, yeah, sometimes we kind of hit the gas for the our investment activities, but sometimes market volatile so that the eat me.
Speaker Change: Hit a 25% threshold, but still I believe that we do need to make sure Oh and share that how are you going to bring that back it's about.
Yoshimitsu Goto: But still, I believe that we do need to make sure and share that how we going to bring it back. But at the same time, try to avoid such situation. We would like to manage our financials as much as possible.
Speaker Change: But at the same time tried to avoid such situations, we would like to manage our financials as much as possible.
Yoshimitsu Goto: Now consolidated results. NetSales. $7.2 trillion up by $487 billion year-on-year. mostly driven by SoftBank KK. gain on investment was 3.7 trillion or up by 460, sorry, 4.2 trillion. income before income tax 1.7 trillion net income 1.1 trillion so as you can see our performance was pretty good last year Let me elaborate again on investment later.
Speaker Change: Now consolidated results.
Speaker Change: Net sales.
Speaker Change: Seven point to Julien.
Speaker Change: By 487 billion year on year.
Speaker Change: Mostly driven by Softbank KK.
Speaker Change: Dean.
Speaker Change: On investment was $3 seven trillion or up by 460.
Speaker Change: Sorry, four point CIT turning young.
Speaker Change: Income before income tax 1.7, Chilean net income at one point to 120 of them. So as you can see our performance was pretty good last year.
Speaker Change: Let me elaborate on our gain on investment in lead time.
Yoshimitsu Goto: So, uh, if you could, uh... Go over each topic, net income. In FY 2020, we recorded almost 5 trillion, but we have been suffering negative numbers since, but it's been improving. And in FY 2024, we saw the positive number for the first time in four years to 1.1 trillion. Correlation between gain or loss in investment and net income on a quarterly basis, but the trend-wise, it's been going up. In the latest quarter, we posted a very strong result, which we are pleased with. and talking about gain or loss on investments which are fluctuating every quarter so I should elaborate on this.
Speaker Change: So if you could.
Speaker Change: Go over each topic net income.
Speaker Change: In FY 'twenty 10 T V recorded at almost a five a Chilean but we have been suffering a negative numbers since but its been improving and in F. 'twenty 'twenty four the so the positive number for the first time in four yes, two one points.
Speaker Change: On Chilean.
Speaker Change: Covid niche I'm betraying gain or loss in investment and not inked clamour on quarterly basis, but the trend wise, it's being going up.
Speaker Change: In the latest quarter.
Speaker Change: We posted a very strong result, which are we are pleased with it.
Speaker Change: And I'm talking about a gain or loss on investments, which are flocks aging every quarter also I should elaborate on this.
Yoshimitsu Goto: Sometimes we sold assets. earlier. or with a prepaid forward contract like Alibaba, we monetize. based on the fixed share price. And then the share price went up. On accounting basis, we can post up gain, but we also have to record a derivative loss. But from investment gain or loss perspective, we cannot net out. So if you can look at the colored bars. Those are... including Alibaba, for which we already sold shares due to prepaid forward contract. We posted 1.5 trillion gain on investment, but dotted line shows derivative loss. For example, Q2, 1.5 trillion, and Q4, 1.2 trillion, and Q3, 686 derivative gain.
Speaker Change: Sometimes that we sold the assets.
Speaker Change: Earlier.
Speaker Change: Or are we at the prepaid afford a contract like Alibaba being monetized.
Speaker Change: Based on the effect of share price.
Speaker Change: And then the share price went up on a accounting basis.
Speaker Change: He can post op gain but we also have to record deliver David Ross.
Speaker Change: The off Rama investment a gain or loss perspective, we cannot that net out.
Speaker Change: So if you can look at the color of the bars.
Speaker Change: Those are our.
Speaker Change: Including Alibaba.
Speaker Change: For which we already sold she has a jujitsu prepaid for the contract.
Speaker Change: It posted a 1.5, the Chilean gain on investment, but dumped it all lines shows deliver even loss for example in Q2, Oh My 1.5, Chile.
Speaker Change: And Q4 1.2 G and Q3 are 686 derivative gain.
Yoshimitsu Goto: in Q3. 3.7 gain or loss on investment, our real power is reflected and colored bars.
Speaker Change: In Q3.
Speaker Change: Yes.
Speaker Change: All of it.
Three seven game I'm close on investment our real power is a factor and then our Colorado boss.
Yoshimitsu Goto: All in all, this is the Final result. gain or loss in investment is reflected in Income Before Income Tax So deducting a derivative loss, our actual... are capability is around able to yield around over 1 trillion yen. income or gain on investment. Foreign Exchange. Well, it was fluctuating in the last quarter. For example, as of March 31st, it was 151 per dollar last year. But as of March 31st, 2025, 149. Yeah, but in a span of one year, it was a little impact on our results.
Speaker Change: All in all this stuff.
Speaker Change: Find out a result.
Speaker Change: Gain or loss in investment is it affected it and.
Speaker Change: Income before income taxes.
Speaker Change: So deducting a deliberative Ross our acocella.
Speaker Change: Capability is around are able to be equal to around over one Chilean yen off.
Speaker Change: Income.
Speaker Change: [noise] or gain on indefinitely.
Speaker Change: Foreign exchange.
Speaker Change: Well it was flattish 18 aim the last corner for example, as of March 31st It was 151.
Speaker Change: For a dollar of them last year, but Ah as of March 31st 2020, 549, yeah, but in.
Speaker Change: Span one year it was a.
Speaker Change: We have a impact on the result.
Yoshimitsu Goto: And I'd like to share some segment-basis reports, starting from Vision Fund. Profit. Again, and actually the Vision Fund 1 contribution was large. Vision Fund 2, Due to the public security's impact was there. Maybe we can touch on a little bit more details later, pages. And here is the breakdown of gain and loss. If you see the Vision Fund 1. and based on the variation. This is coming from the market factors. So, as a result, out of... out of the 1.8 billion. Fumika Sato, Rene Haas, Fumika Sato, SoftBank Group The green one is a positive one, which is preliminary, primarily open AI.
Speaker Change: And I would like to share our semi segment basis reported starting from vision fund.
Speaker Change: This quarter.
Speaker Change: As a.
Speaker Change: Profit again and actually the vision fund one contribution was lush you don't want to.
Speaker Change: Due to the public securities' impact once there maybe we can touch on it a little bit.
Speaker Change: More details they thought pages and here is the breakdown the gain and loss you can see the vision fund one.
Speaker Change: Dark blue mainly by does.
And based on the valuation.
Speaker Change: This is coming from the market put us.
Speaker Change: So.
Speaker Change: As a result.
Speaker Change: Oh the.
Speaker Change: Out of the one point that Vivian.
Speaker Change: Number two maturities are coming from this market factor.
Speaker Change: The bank does and on the right hand side of the vision fund two.
Speaker Change: Yeah.
Speaker Change: The agreement is a positive one which is not the primary D. Open now so originally we had the portion already in April.
Yoshimitsu Goto: So originally, we had a portion already, and in April. uh... made the latest round and using that variation as referring to recent transactions. but the public portfolios. with a bit of drop. Although it was a very good market in India, however, some slowdown and also the drops in share price of those portfolios in India was one of the reasons for that, but hopefully that we'll be able to see the good recover from there.
Speaker Change: May the latest round.
Speaker Change: And using that valuation.
Speaker Change: I was on the referring to recent transactions.
Yeah.
Speaker Change: But the public portfolios.
Speaker Change: Well, the a bit of a jump.
Speaker Change: Although it was a very good market in India. However, some slowdown and also the jumps in share price of those portfolio in India was one of the reasons for that but hopefully that we will be able to see their go to recover from there.
Yoshimitsu Goto: And here is the cumulative gain and loss on investments. There were some big drops in the past, but now that we are coming very much back to the water phase and... There are still good pipelines for the Vision Fund, which is something that makes me excited so that after this, hopefully, we'll be able to see better numbers going forward. I'm convinced that we'll be able to share good news going forward.
Speaker Change: And here is the cumulative gain and loss on investments.
Speaker Change: There was some big jumps in the past, but now that we are coming very much a back to the.
Speaker Change: What the face and.
Speaker Change: There are still a good the pipelines for the original funds, which something that makes me excited.
Speaker Change: So that after this hopefully we'll be able to see a better numbers going forward I'm convinced that they will be able to see a good news going forward.
Yoshimitsu Goto: And here is the cumulative investment to return to John Fund 1. 90 Billion Investments, Performance 113 Pretty good so far. On your right-hand side, Vision Fund 2, $60 billion investment. We are still return here at $37.9. So we would like to show you the good return of the performance of the Vision Fund 2.
Speaker Change: And here is the cumulative investment return.
Speaker Change: You won't find one.
Speaker Change: Ah 90 billion investments performance Huntington 13.
Speaker Change: Pretty good sofa.
Speaker Change: Oh, Yeah, right onsite visuals on two six I'd be doing investment.
Speaker Change: We are still a work done here at 37 point Tonight. So.
Speaker Change: So we like to show you that good to return of the performance of the vision fund two and here are the pipelines are for the future growth. So from the left hand side. We have made a 55 listing of their portfolio companies since inception.
Yoshimitsu Goto: And here are the pipelines for the future growth. So from the left-hand side, we have made 55 listings of the portfolio companies since the inception of the Vision Fund. In fiscal 2024, five companies went public a little bit smaller than the other other years, but there were good IPOs and also late stage companies which matured in the way so that these total fair value of the late stage portfolio is right now $36 billion. And these are the logos of the late stage companies. Not only this, of course, there are others as well, but these are especially the highlights, for example, ByteDance Klarna.
Speaker Change: The mutual fund.
In fiscal 2024, five companies went public a little bit smaller than the other other yes, but are there a lot of good ideals and also late stage companies, which are matured are in in the way.
So that these are total fair value of the late stage portfolio is right now $36 billion.
Speaker Change: And are these are are the logos of the late stage companies.
Speaker Change: Not only this of course, there are others as well, but these are especially the highlights for example by Danske loud enough.
Yoshimitsu Goto: The planner actually was ready for the IPO but has postponed. of course OpenAI. can be the good upside for the future after the IPO. And of course, I forgot the Peipei, not to forget Peipei, one below the OpenAI. Those are actually the good potential contributor for the uplift of the performance of the Vision Fund going forward.
Speaker Change: Glen I actually was ready for the IPO, but has postponed.
Speaker Change: Quebec Planalytics.
Speaker Change: Of course, the open there.
Those.
Speaker Change: Can be a good upside.
Speaker Change: For the future after the IPO.
Speaker Change: And of course, I forgot to pay base not to forget our pay be one below the open there are those that are actually the good potential contribute therefore that ups up lift up the performance of the regional plans going forward.
Yoshimitsu Goto: and New Investments in Fiscal 2024. There are several, but for example, these are the companies that we made in Fiscal 2024. You see the open air logo many, many times. But at the same time, Helion, this is the next generation fusion technology company. It may also can be the good driver to changing the world, a green runway. Those are great companies, too. So those companies are released to AI and AI revolution and also the expected good upside. It's something that we, Vision Fund team, are working on to explore so that we'll be able to find those good numbers.
Speaker Change: And the new investments in fiscal 'twenty 'twenty four.
Speaker Change: There are some robot for example, these are the companies that we made in fiscal 'twenty 'twenty four you see the open dialogue with many many times about.
Speaker Change: At the same time helium are this is the next generation fusion technology company.
Speaker Change: It may also or can be a good try but they're changing the world are glean. The winery those are great companies do so those companies that relates to AI and AI Revolution and also the expected good upside it's something that we visuals and team are working on to explore.
Speaker Change: So that we would be able to find those good numbers companies.
Yoshimitsu Goto: and ARM is also a big. in our portfolio. RME posted a great result. After the performing well in FI 2024. They posted record high annual revenue, license and other revenue, royalty revenue. So again, it's been going well. Non-Gap Operating Income Grew Steadily posting 31% increase year-on-year, which is great.
Speaker Change: And arm is also a big.
Speaker Change: In our portfolio.
Speaker Change: <unk> posted a great result steadily performing wall in F. 'twenty 'twenty four.
Speaker Change: And then he posted record high annual revenue.
Speaker Change: License and other revenue royalty revenue, so again, it's being going well.
Speaker Change: non-GAAP operating income grew steadily.
Speaker Change: Posting a 31% increase year on year, which is great.
Yoshimitsu Goto: So what is the growth driver of royalty revenue? They have some... building blocks of their revenue, including royalty revenue. Computer Subsystems Issued Support for the Growth of Royalty Revenue CSS is an IP package. With ARM design, by adopting CSS, you can reduce the development time and cost. Royalty rate of CSS is higher than ARM9. In the past, CSS was adopted in data center, mobile markets, and PC, then... They signed the first automotive CSS license agreement with a major EV car or EM. So, as you can see... CSS is going across diverse markets. We can expect more royalty revenue.
Speaker Change: So what is the growth driver of royalty revenue.
Speaker Change: They have some oh.
Speaker Change: Building blocks of that revenue, including royalty revenue.
Speaker Change: Computer subsystem issued a support for the growth of our royalty revenue.
Speaker Change: She S S S I P podcast.
Speaker Change: With the army design by adopting E. S. S. I, you can't reduce the development time and cost.
Speaker Change: Royalty.
Speaker Change: Right, obviously U S. S is higher with an arm in nine.
Speaker Change: In the past she S. ASUR was adopted and data center and mobile markets and P. C.
Speaker Change: Then.
Speaker Change: Are they signed the first ultimately we see assessing license agreement with a major E V car or E. M. So as you can see.
Speaker Change: As.
Speaker Change: I see a S. S S going across diverse markets, we can expect more right or royalty revenue.
Speaker Change: Yeah.
Yoshimitsu Goto: From the perspective of accelerating for the penetration of ARMv9, which also supports royalty revenue. Arm V9 is the latest CPU architecture, which has been deployed in mobile PC, data center, and automotive sectors. And for the first time, they announced Cortex-A320, which is the smallest Arm V9-based CPU implementation for IoT and edge devices. We're talking about Edge AI, which is going to be more and more important going forward. Not a cloud, but on the edge side, device side, more and more demands are there to process AI on device side. And ARM plays an important role. Why?
Speaker Change: From the perspective of accelerating for the penetration of AMT V nine which also supports the royalty revenue.
Speaker Change: Okay.
A benign is the latest CPU architecture, which has been deployed in mobile and PC data center and automotive sectors.
Speaker Change: And for the first time, they announced a cortex, a 320 <unk>, which is the smallest of the nine BCP implementation for Iot and edge devices.
Yeah.
Speaker Change: Yeah.
Speaker Change: Well talking about the edge AI.
Speaker Change: It's going to be more and more important going forward.
Speaker Change: Not a crowd on the edge side, the buy side are more and more demands are they up to process a eye on demand side and army. Please.
Speaker Change: Plays an important role why because almost Felicia has energy efficiency improvement by 50%.
Yoshimitsu Goto: Because ARM's solution has energy efficiency improvement by 50%. So with limited power, edge needs to run. and focusing on edge devices is going to be very important. and Rene, ARM CEO, said AI is everywhere, you cannot run AI without ARM. So HAI's penetration would be supporting arms for the growth going forward.
Speaker Change: So with the limited of power.
Speaker Change: And she needs to run.
Speaker Change: And focusing on edge devices is going to be very important.
Speaker Change: And.
Speaker Change: Benign arm C. E. O said AI is every rep, you cannot run a without arm.
Speaker Change: So H F EIS penetration be supporting Omnicell for the growth going for them.
Yoshimitsu Goto: Armistice Guidance was announced. For the first quarter FY 2025, revenue-wise, from 1 to 10... 1 to 1.1 billion, for example, or 6.5% to 17.1%. compared to last year's quarter. Non-GAAP operating expenses expected to $625 million. They have not announced a full year guidance, only quarter guidance, because things are so fluctuating and the tax one. Tariff issue could make a lot of changes going forward, so I made a decision not to disclose guidance for the full year.
Speaker Change: Honest guidance was announced.
Speaker Change: For the first quarter and 520 25 revenue lives from all want to tend to.
Speaker Change: One to 1.1 billion for example, or six 5% to 17.
Speaker Change: 1%.
Speaker Change: Compared to.
Speaker Change: Last year's quarter, and non-GAAP operating expenses expected it to $625 million, they have not announced our full year guidance only quarter our guidance because things are so flux, you're aging and the tax one.
Speaker Change: Tariff issue CDR.
Speaker Change: Make a lot of a team just going for the film a made a decision not to disclose our guidance for the full year.
Yoshimitsu Goto: And here is the OpenAI follow-on investment. This March, we had committed following investments in open AI commitment of is up to $40 billion, of which $10 billion is syndicated out to the third parties. So for SoftBank Group's point of view, it is up to $30 billion. There are some agreements. and this for the billion. One of the scenarios is that the $40 billion can be reduced down to $20 billion. As you may know, the OpenAI's reorganization, whether it's going to be completed or not, is one of the agendas. And without such completion with this year, this $40 billion will be reduced down to $20 billion.
Speaker Change: And here's the opening I follow on investments.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: This much we had committed follow on investments in opening a commitment or.
Speaker Change: It's up to $40 billion of which 10 billion.
Speaker Change: Is syndicated out to the third parties.
Speaker Change: So for Softbank group's point of view it is up to 30 billion.
Speaker Change: There are some agreements.
Speaker Change: And this 40 billion.
Speaker Change: One of the scenarios is that the Ford the video can be reduce down to tend to be the R. G E.
Speaker Change: I know that our mobilization excuse me to open their eyes a reorganization.
Speaker Change: There's going to be completed or not is a one of the agenda.
Speaker Change: And without such completion rate is this yeah. This 40 billion will be reduced it down to 10 to be there and of course, we are expecting and hoping to be able to see the good completion of the reorganization and based on that though we would be making their activities.
Yoshimitsu Goto: Of course, we are expecting and hoping to be able to see the good completion of the reorganization. And based on that, we will be making our activities for the financial activities.
Speaker Change: Our financial activities.
Yoshimitsu Goto: and Advantage of OpenAI. back in 2018. GPT-1 was launched, and GPT-3 in 2020. So here, that the people start realizing the name of OpenAI ChatGPT. Some people may say that, what was this company? What service they are providing? But after then, they are making a steady evolution. And in addition to GPT, they are also launching the inference-enhanced model. And this relentless technological evolution has been made by OpenAI. That made a big delta between them and the others. and that actually keep them very strong position in the industry. this month. A weekly active user actually reached to 500 million.
And the advantage of opening night.
Speaker Change: But the intent D a tool.
Speaker Change: G. P D. One what's launched N G. P D. Three in 'twenty 'twenty. So here the people start realizing the name ups are open the eye chart G. P. D. Some people may say that what was this company what's the service they are providing.
But after then that that Theyre, making a city evolution and in addition to the G. P. T that they're also launching the inference and comes to model and this.
Speaker Change: Our relentless technological evolution.
<unk> has been made by open there that made a big delta between them and the others.
Speaker Change: And that actually keep them there is show our position in the industry.
Speaker Change: This much.
Speaker Change: They ought to be user extra reached two 500 median.
Yoshimitsu Goto: I also like to share the comparison data with the competitors, but we don't have the most accurate numbers, but I believe the market share of the OpenAI can be around 80%. So they have a very big advantage in terms of the market share, from my understanding, and the delta with the competitors is very large. So, uh, this was also touched at the third quarter announcement, but once you have such a big difference, this is really difficult to exceed the frontrunner. So in this space, because OpenAI has been developing their service and products in a very rapid pace.
Speaker Change: I also like to share that our comparison data with the competitors, but we don't have a most accurate numbers, but I believe the market share of the open the I can be around 80%. So they have a very a big advantage in terms of the market.
Speaker Change: Yeah from my understanding.
Speaker Change: And the Delta was a competitor does is very large.
Speaker Change: So this was also touched on the third quarter announcements, but once you have such a big difference. This is really difficult to exceed the front runner.
Speaker Change: So in this space because Oakland has been developing their service and products are in a very rapid pace.
Speaker Change: Yeah.
Yoshimitsu Goto: so that they will be able to maintain strong positions in the industry.
Speaker Change: So that they have a they're able to maintain our strong positions in the industry.
Speaker Change: Yeah.
Yoshimitsu Goto: And now that I believe OpenAI is a service becoming a de facto standard for the world users and that is also making the great value for the company and Stargate is a project that we announced this project by Developing this project, we will be able to provide a data center, a huge data center. And for that, we will be having a collaboration from the chip makers, energy power producers, power generators. So with those collaborations, we will be able to provide the data center capacity to OpenAI, so that OpenAI will be able to enhance their services and products, so that the application layers or the users of such services will be able to even develop for their services and products.
Speaker Change: And now that I believe opened the eyes of sub is becoming the de facto standard for the world to use us and that is also a making a great value for the company and starting to ease a project that we announced this project by it.
Speaker Change: Developing this project, we will be able to provide the data center huge data center and for that they will be having a collaboration.
Speaker Change: M D Chipmakers are energy power producers as well as generate us so with those a collaboration that will you be able to provide that data center capacity through April and yeah. So that the open they'll be able to in house, that's habits and products so that the.
Speaker Change: Litigation layers or the users of such subjects, who will be able to even develop afford for their services and products.
Yoshimitsu Goto: And that will change people's lifestyles. by partnering with OpenAI, we'll be able to transform the society and the people's life. That's something that I am expecting from here.
Speaker Change: And that will changing people's lifestyles, so stonegate.
Speaker Change: By partnering with the opening I will be able to transport the society and the People's life, that's something that I am expecting from here.
Yoshimitsu Goto: In the Stargate programs here, right now. There are more than hundreds of proposals being made and we are having due diligence for those sites. but still not being able to announce first yet. I believe that one will be coming out from state of Texas, maybe first, second, and third will be coming from the state of Texas, but there are several.
Speaker Change: And as targets programs here right now.
Speaker Change: Yes.
Speaker Change: There are more than hundreds proposals are.
Speaker Change: Dean are made and we are having a due diligence for those sites.
Speaker Change: But still not being able to announce our first yet.
Speaker Change: I believe the demand will be coming out from state of Texas, maybe first second and third will be coming from the state of Texas, but that there are several.
Speaker Change: Going gone apparently.
Speaker Change: I saw that though we are not yet so I cannot really be specific which probably will be the first but I believe we are a very close are there.
Yoshimitsu Goto: Fumika Sato, Rene Haas, Fumika Sato, Rene Haas, Fumika Sato, Rene Haas, Fumika Sato, Some media covering that the banks are hesitating to finance something like that. However, that's not really true. That actually we are very much making progress and making good steps here.
Speaker Change: But there are some media reporting and so on.
Speaker Change: And.
Speaker Change: Some media coverage that the banks are hesitating to finance something like that however, that's not really true that actually we are very much a making a progress in making a good steps here.
Yoshimitsu Goto: Overview of Crystal Intelligence to SoftBank. and OpenAI. find a partnership agreement to devolve. Enterprise AI Agent And SoftBank plays a key role in customizing for different customers. and Customized Crystal Intelligence should be marketed across Japan. For that, we decided to establish a joint company, OpenAI Japan. Talking about crystal intelligence. What would happen with crystal intelligence? Miyakawa-san announced the financial results the other day, and he said that... They were discussing with OpenAI and... Try to... Develop a best solution for a company to transform the business management overall, not only optimizing individual business areas, but also completely optimize the corporate as a whole.
Speaker Change: Overview of Crystal intelligence.
Speaker Change: Rich.
Speaker Change: Yeah.
Speaker Change: The Softbank.
Speaker Change: And open and I.
Speaker Change: Signed a partnership agreement to develop.
Speaker Change: Enterprise AI agent.
Speaker Change: And Softbank plays a key role.
Speaker Change: In Customizing Forum.
Speaker Change: Yeah.
Speaker Change: Different customers.
Speaker Change: And the customized crystal Intuit since it should have been market across Japan for that Avi established in <unk>.
Speaker Change: We decided to establish and I joined a company open AI Japan.
Speaker Change: Talking about Crystal intelligence.
Speaker Change: What will happen with the Crystal intelligence.
Speaker Change: Yeah.
Speaker Change: Neocon also announced our financial results the other day and he said that.
Speaker Change: They weren't discussing Ah well open and I and.
Try to.
Speaker Change: Develop a best of a solution for a company to transform a business management overall, not only optimizing individual all business areas, but also.
Speaker Change: Complete dream optimize the corporate as a whole phase one was.
Yoshimitsu Goto: Phase one was Individual optimization which should not have a positive impact on the Corporate-wide business management. So Crystal Intelligence should help a company to completely transform and optimize the overall business management. Again, from individual optimization to overall optimization as illustration, if you can look at the left-hand side, with AI, you could implement different teams or different organization, but those individual organizations are not necessarily coordinated well, but with crystal intelligence, by having AIs working together across the different business units, this should help a company to completely transform the business management.
Speaker Change: Individual optimization, which should not have a positive impact on NIM.
Speaker Change: Corporate wide it business management, so our crystal and twos and should help a company to completely transform and optimize the overall business management.
Speaker Change: Yeah.
Speaker Change: Again, our from individual optimization to overhauled our optimization as illustration. If you can look at the left hand side I E.
Speaker Change: Aye.
Speaker Change: You could implement different teams at different organization, but those individual organizations are not unnecessarily coordinated wall, but a really crystal in case, yes.
Speaker Change: By having a a ice working together across the different business units are this and should have helped the company to completely transform the business management.
Yoshimitsu Goto: Acquisition of Ampere, which was announced in March, total $6.5 billion. Quite a large number here. So it's been a while since we announced a large amount of investment in Rust. But the closing is expected to be the second half of this year.
Speaker Change: How could you send up on PR, which was announced in March a total of $6 $5 billion.
Speaker Change: Quite a large number here.
Speaker Change: So it's been awhile since we announced the large amount of the investment in last but the clothing expect it to be the second half of this year and company overview here. They have about a thousand engineers AI cloud AI focused semiconductor design a company.
Yoshimitsu Goto: And company overview here. They have about a thousand engineers, AI cloud, AI focused semiconductor designer company. and they actually design ARM-based server chip for cloud and AI specifically. and this beer. Actually, I'm used to be the shareholder of this company as well. So this is another thing that I wanted to highlight.
Speaker Change: And they actually design arm based server chip for cloud and AI specifically.
Speaker Change: And this yeah actually I'm used to be the shareholder of this company as well. So this is another thing that I wanted to highlight and a reason why the rationale behind the acquisition here there are three.
Yoshimitsu Goto: And the reason, or the rationale behind our position here, there are three points. First, that we wanted to secure the highly skilled engineer. So they have about thousand very matured, well-trained engineers there. This is also the company that is playing a very important role for the semiconductor design. They have an expertise in taping out chips. They have a lot of experience in several products that they've been... working on the taping out of the chips, which experience is also important, which means I believe they have a very good project management capability. In addition to that, this company can also complement ARM's design strength because they have been designing ARM-based server chips for cloud and AI so that that's going to also enhance and complement the capacity and capability of the group overall.
Speaker Change: First that we wanted to secure the highly skilled engineer. So they have about thousand a very much a well trained engineers that.
Speaker Change: And.
Speaker Change: This is also the company that are playing a very important role for the semiconductor design.
Speaker Change: And.
Speaker Change: They have an expertise expertise in taping out chips.
Speaker Change: So that.
Speaker Change: They have a lot of my experience in several products that they've been.
Speaker Change: Working on the taping out the chips.
Speaker Change: And the rich experience is also important.
Speaker Change: Which means that I believe they have a very good project management capability.
Speaker Change: In addition to that this company can also complement the strengths are because they have been designing space. So about chips for cloud in the eye. So that that's going to also enhance and complement the capacity and capability of the group overall so is that the we hope that we will be.
Yoshimitsu Goto: So with that, we hope we will be able to strengthen the group's semiconductor business to realize ASI. and SoftBank Group's AI strategy that is becoming clearer with those, I believe, last year.
Speaker Change: About the same thing are the groups semiconductor business to realize a site.
Speaker Change: And Softbank group's strategy.
Speaker Change: That they speak I mean Clara this those I believe last year.
Yoshimitsu Goto: In addition to Ampere, we also had an acquisition of Graphcore. I'm being a center. We've been...
Speaker Change: In addition to peer.
Speaker Change: You also had an acquisition of graph guar so.
Speaker Change: Being a center.
Speaker Change: Leading.
Yoshimitsu Goto: Applying those businesses of Graphcore and peer so that you'll be able to enhance the AI compute and with that we would like to Thank you for listening. can be utilized for the AI applications. so that these companies can enhance the quality of AI and the quality of the company's business. So that's going to lead to the transformation of people's working style and their lifestyle. By having these three companies under the umbrella of SoftBank Group, our semiconductor engineers count up to 8,400. For other Japanese companies, having such a large number of engineers is very few. Of course, Arm, Graphcore, Ampere, they are not a Japanese company.
Speaker Change: Acquiring those businesses of graphical M D S. What they'll do it they're able to enhance the AI compute and with that we would like to.
Speaker Change: Store are the necessarily computing power to the data center.
Speaker Change: With target and then with our latest is AI model.
Speaker Change: Oh.
Speaker Change: Can be utilized for the AI applications.
Speaker Change: Yeah.
Speaker Change: So that Oh. This company is gonna be enhanced quality O B I N. The quality of the company's business. So that that's going to lead to the transformation the people's working style and a lifestyle.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: By having these three companies under the umbrella of a Softbank group's our semiconductor engineers counts up to 8404 other Japanese company, having such a large number of engineer is very few.
Speaker Change: Of course graph guar M P or they are not the Japanese company. However, I felt my group other than the Japanese company are they a group companies are they are family saw that we believe.
Yoshimitsu Goto: However, the SoftBank Group is a Japanese company. They are our group companies. They are our family, so that we believe. This is a good number that we have as a capability for the engineers.
Speaker Change: This is a good number that we have is on our capabilities for the engineers.
Yoshimitsu Goto: Next, Apepe. We started preparing for IPR. Pepe is quite a young company. but they fully utilize the resources in their company and the business model of PayPay. I believe that Masa Son has a great contribution to building business model for PayPay. SoftBank, Line Yahoo, they are working Unknown Speaker ____________________________________________ We are working with SoftBank and we are working with PayPay, sorry, through SoftBank, Line Yahoo, and also investments made by SVF and PayTM. are providing technical support to launch the PayPay system. So we really appreciate the PAYT and its great support at the beginning of the PAYPAY.
Speaker Change: Next I pay Fay.
Speaker Change: We started preparing for our I P O.
Speaker Change: Pete This is quite a younger company.
Speaker Change: But.
Speaker Change: They fully utilize the resources and they are a company.
Speaker Change: And the business model I'll pay pay I believe that that muscle song has a great contribution to building business model for paid pay something back.
Speaker Change: Bhagavan Yahoo, and they are working.
Speaker Change: Uh huh.
Speaker Change: We are working with Softbank and Oh, they're walking with Tpa, sorry, three Sop back Yang our line Yahoo, and also investment made by S. V. F N P T M.
Speaker Change: Providing technical support to the launch of pay pay system.
Speaker Change: So we really appreciate the P T in its great support at the beginning of the paint Bay.
Speaker Change:
Yoshimitsu Goto: So it's been. Busy. in the last year. and before they knew it, they realized they have over 68 million in just 45 years since launch. Our paper is used by one in two people in Japan and two in three smartphone users. So Apepe has a very strong position in the market share. and they have a pretty decent... KPI So first, they get coverage, and then... Go deeper. In other words, get the market as wide as possible, even though spending a cost. And then once you've got the great coverage, you should shoot for generating revenue and income.
Speaker Change: So it's been.
Speaker Change: Busy.
Speaker Change: And last year.
Speaker Change: And before they knew it they realize they have over 68 millennium in just six block 45 ear since lunch a paid thing is used by one in two people in Japan and two into smartphone users.
Speaker Change: So a P. P has a very strong position and the market's chair.
Speaker Change: And they have a pretty.
Speaker Change: Are these centers are.
Speaker Change: Can't be eyes.
Speaker Change: So first a day.
Speaker Change: Get our coverage and then.
Speaker Change: Go deeper in other words I get the market are as wide as possible, even though spending across and then once you got the great coverage you shouldn't do shoot for generating revenue and income and EBIT are F. 'twenty 'twenty.
Yoshimitsu Goto: EBIT FY 2024 was $45 billion, and GMB $15.4 trillion, or 23% increase year-on-year.
Food was 45 billion and G. M. B 15 point for Chilean while 23% increase year on year. So I believe that they pay as a fully ready for I P O.
Yoshimitsu Goto: So I believe that PayPay is fully ready for IPO. So as a company, they are ready, but is it enough? Not necessarily. Why? Because market condition is very important. Again, market has been volatile in the last 12 months, whether this year or next year or in three years. We never know when is the best timing for PayPay to go public.
Speaker Change: So as a company they already but is it enough not necessarily why because of market condition. It's very important again market has been volatile in the last 12 months, whether this year or next year or in theory, Yes, you never know when is the best timing for paper to go public.
Yoshimitsu Goto: So Unknown Speaker. Thank you. Looking at the market conditions and the paper's corporate maturity level, they should figure out the best timing for IPO. and they completely transformed themselves from just payment application to digital transformation. They reorganized their structure to support card business, banking business and securities business. So they are now very decent financial platform and take this value should be increasing further more. and Financial Strategy. Basically, no change. That's the most important thing. So however, we see the differences or the changes in the environment. of Supreme Court We would like to ensure full readiness to promptly shift to a more defensive financial operation when necessary.
Speaker Change: So.
Speaker Change:
Speaker Change: Looking at the market conditions, and the Paypal corporates maturity level, they should figure out the best timing for I P O.
Speaker Change: And that they are completely transformed the they're myself from a just a claimant application to digital transformation they reorganize their structure shift support.
Speaker Change: Card business, our banking business and securities business. So they are now.
Speaker Change: Very decent.
Speaker Change: Financial platform.
Speaker Change: And take these values should it be a increasing for the more.
Speaker Change: And financial strategy.
Speaker Change: Basically no change that's still most important thing. So however, we see the differences or the changes in the environment.
Speaker Change: Are we.
Speaker Change: We'd like to ensure our food readiness to appropriately shift to a more defensive financial operational and necessary Oh, our financial policy unchanged, which is maintaining a loan to value below 25% and also maintaining at least two years worth of the bond redemptions in cash.
Yoshimitsu Goto: Our financial policy unchanged, which is maintaining loan to body below 25% and also maintaining at least two year worth of the bond redemptions in cash.
Yoshimitsu Goto: So, Mr. Trump just celebrated the 100th day anniversary after the assumption of president, but environment has changed dramatically. So, in a high-uncertain environment... But still, we would like to engage in financial activities with prudence and boldness to build a solid foundation for net asset value. Growth. And to make such a growth, we do need to think what is the best action that we should be making at the time.
Speaker Change: So Mr. Trump just celebrated our 100 day anniversary after that sounds from the President my environment have changed dramatically. So in the highly uncertain environment.
Speaker Change: That's still where you like to engage in financial activities was prudence and boldness to build a solid foundation for net asset value.
Speaker Change: Growth and to make such a growth we do need to.
Speaker Change: Think what is the best action that we should be making at the time.
Speaker Change: So as a company for decision, making a point twice our capital allocation is only three new investments.
Yoshimitsu Goto: So as a company, for decision making, point wise, our capital allocation is only three new investments. Return to Shareholders, or Enhancement of the Balance Sheet. So those, we would like to pursue the best mix and best balance of those three, so that we will be able to enhance our enterprise value. So continuously, we would like to work on that. And that's something that we always discuss internally, especially when it comes to the financial activity wise, investment, financing, loan to value. Those are the strengths that we have. As we've been cultivating the financial foundation developed over years of disciplined financial management, so that we would like to swiftly address any market fluctuation, market change.
Speaker Change: Return to shareholders.
Speaker Change: Enhancement of the balance sheet. So those are where you would like to make a push pursue the best mix in this balance of those three so that will be able to enhance the enterprise value.
Speaker Change: Continuously we would like to work on that and that's something that we always discuss internally, especially when it comes to the financial activity wise investment financing loans to your Buddy.
Speaker Change: Those are the the strength that we have.
Speaker Change: US we've been cultivating the financial foundation develop go by yes, a disciplined financial management. So that we would like to swiftly address any market fluctuation market sense and at the same time, we would like to respond to it.
Yoshimitsu Goto: And at the same time, we would like to respond in synchronized with management. So we have MASA, Board of Directors meeting, Board of Directors members, that we would like to keep the space with them so that we'll be able to synchronize with their movement, their actions. And at the same time, to address any changes in the market.
Speaker Change: Synchronized with management.
Speaker Change: So we have Masa board of directors meeting most predict as our members that the way you would like to keep.
Speaker Change: Keep the pace with them, so that they will be able to synchronize with their movement their actions.
Speaker Change: And at the same time to address any changes in the market.
Yoshimitsu Goto: Financing. I always like to explore the variety of the option. And we've been addressing many optionalities as well, try to meet up the needs at the time. So for example, is it the bonds? Is it the loan or in debt? And we would like to understand and take an advantage of each market considering the stakeholders in the bond market, loan market, having a good discussion so that we'll be able to choose the best of the scheme for the financing activities. In loan-to-value, we would like to maintain strict discipline in loan-to-value management. Investment amount. Last year, 7.9 billion, close to 8 billion.
Speaker Change: Financing.
Speaker Change: Oh, it's like to explore the variety of adoption and we've been adjusting many optionality, that's well try to meet up D needs at the time. So for example is it the bonds is it alone or in in a debt.
Speaker Change: And we would like to understand and taken advantage of the each a market of course is that in the stakeholders in the bond market low market.
Speaker Change: Having a good discussion so that we'll be able to choose the best of the scheme for the financing activities and loan to value are we with that still maintain strict discipline in loan to value of management's investment amount.
Speaker Change: Last year 7.9 billion close to 8 billion.
Yoshimitsu Goto: The previous year was 3.4, 9. So like, compared to 2023 fiscal, 2024 was about doubled. And this year, it's as of the April 15th, 2025. But because we had several large conditions, so actually, the amount has been cumulated. And after this, As I mentioned about the commitment to open AI, up to $30 billion. and also 6.5 of ampere is going to be coming this year so that we believe that the amount can be larger for the investment but still I believe we'll be able to keep the good balance with our safetiness on the soundness of our financials so that we'll be able to make a healthy growth of the business and so like a safetiness healthiness and also the growth is something that we would like to pursue and also we'd like to share with because of the The first investment in OpenAI and also the Ampere acquisition was parallelly addressed.
Speaker Change: The previous year was $3 four nine so that compared to 2023 fiscal 2024 was about doubled indicia are at as of the April 15th a 2025, but because we had a several large condition. So actually the amount has been accumulated.
Speaker Change: And after this.
Speaker Change: As I mentioned about the commitment to open their eyes light up to 30 billion.
Speaker Change: And also $6 five a bump here is going to be coming this year. So that the we believe that amount can be larger for the investment, but still I believe we'll be able to keep a good balance with our safety nets or the soundness of our find ourselves so that they would be able to make a healthy growth.
Speaker Change: The business and saw that gas safety nets helpless and also the growth is something that the way you would like to pursue and also like to share with our stakeholders.
Speaker Change: Okay.
Speaker Change: Because of the.
Speaker Change: For the first in this first investment know Panera and also the MTR cuts as shown was primarily a go are addressed and therefore that a $6 five up there peer and also $8 five up the opening I follow on investment totaled 15 billion, it's about 2.3 trillion.
Yoshimitsu Goto: Therefore, 6.5 of the Ampere and also 8.5 of the OpenAI follow-on investment, total 15 billion. It's about 2.3 trillion Japanese yen probably. That's quite a large amount, and we made it structure the bridge loan. But fortunately, we were able to have very good bank groups to be able to have this bridge loan to be structured. 15 billion syndication here. Actually, demand has more than two times more than that. So two NT institutions, Mizuho, JP Morgan, SMBC, and other important bankers. Actually, twice that's up.
Speaker Change: Japanese and probably that's quite a large amount and we made the structure of the bridge loan, but Fortunately we were able to have a very good bank groups to be able to hub. There's a bridge loan to be structured 15 video syndication yep.
Speaker Change: Actually demand has a more than two times more than that so two into our institutions be the whole J P. Morgan is N V C.
Speaker Change: Other important our bankers.
Speaker Change: Uh huh.
Speaker Change: Actually two.
So I set up the speed of the a project that we were able to conclude.
Yoshimitsu Goto: Fumika Sato, Unknown Shareholder, Rene Haas, Fumika Sato, SoftBank Group OpenAI, Ampere, those are very strategic investments for our future growth and we have a target for the next phase, so we believe. Rene Haas, Fumika Sato, SoftBank Group Dividend no change. This time, again, 22 yen for interim, year-end 22 yen per share. We would like to maintain this dividend per share. for I believe this is also in language under this forecast. But I saw some different numbers in some coverage, but I believe the majority of the people has an inline forecast with this dividend.
Speaker Change: Open I M. P. M. Those are very strategic investments for our future growth and do we have a surrogate for the next phase so a.
Speaker Change: We believe.
Speaker Change: Year three years five years ahead, and we always share with our bankers. How we are looking at the future. So we're there, but we have such a project.
We are very much thankful for those bankers to be able to address such a nice because I believe we have a good communication with those bankers for our future outlook.
Speaker Change: And our strategy.
Speaker Change: Share buyback share repurchase are also or like to share with you. The status last year August we have not made an announcement of the maximum 500 billion up the share repurchase and we have done to.
Speaker Change: 286 billion. So it's a 57% progress so far and we will be aiming towards a D. A maximum 500 billion, let's see Oh, two more a way of buying back shares dividend no change this time again.
Speaker Change: 22 yen for interim year in 'twenty, two young star chef, who you'd like to maintain this dividend per share.
Speaker Change: Yeah.
Speaker Change: For.
Speaker Change: I believe this is also in line with under this forecast.
Speaker Change: But I saw some different different numbers in some coverage, but I believe the majority of the people has a in line forecast vis vis dividend then fiscal 'twenty 'twenty four highlights let us say if other financial policy net income.
Yoshimitsu Goto: And fiscal 2024 highlights, net asset value, financial policy, net income. and Stargate OpenAI Actual Actions. Those are the kind of highlights for Fiscal 2024.
Speaker Change: Stargate openly eye.
Speaker Change: Our actual actions those are the kinds of about highlights for the fiscal 2024.
Yeah.
Speaker Change: Yeah.
Speaker Change: Yeah.
Yoshimitsu Goto: So I thought I should show Omasa-san's picture, at least one. I don't know if he is watching this today or not, but anyway, Realizing ASI for Human Evaluation. is What he talked about last year. So what is the business SoftBank Group is doing? often asked that question. is Information Revolutionalist That would be our answer, because it's our mission and Our vision is to realize information revolution, looking back. Our philosophy has been always consistent. So what is the information revolution then? When you start a business... Mr. Son used computer software by himself, and he wanted all people in Japan to utilize software.
Speaker Change: So I thought I should have shown almost facades a picture at least one.
I don't know he's watching this today or not but anyway, realizing ASI for human evolution.
Speaker Change: Yes.
What he.
Speaker Change: Talked about the last year.
Speaker Change: Okay.
Speaker Change: Yeah.
Speaker Change: So what is the business Softbank group is doing.
Speaker Change: Often asked about the question.
Speaker Change: Softbank group it is.
Speaker Change: Information Revolution Alastair.
Speaker Change: That would be our answer because it's a mission and.
Speaker Change: Our vision is to realize information revolution looking back.
Speaker Change: Yeah.
Speaker Change: Of our philosophy has been always a consistent.
Speaker Change: So what is the information we're bullish on them.
Speaker Change: When you start a business.
Speaker Change: Mr Song used a computer software by himself and he wanted to all people in Japan to utilize our software.
Yoshimitsu Goto: But there were no ways for the general public to purchase their computer software, because there were not... Electricity sorry home appliance shop. to easily buy a computer software. So they, he started the company to sell computer software. He started it as a distributor of computer software. And the users want to know in advance what's fun with the software or the game. So he started publishing business. provided publishing for the people. to understand what's good about software. So setting a software or distributing publishing. That's an infrastructure he wanted to build for companies to utilize technology in 2000.
Speaker Change: There were no ways for the public to purchase a soft their computer software because they were not.
Speaker Change: Our electricity, sorry, Oh home appliance on shops.
Speaker Change: So easily by a computer software so they all he started the company to sell a computer software he started as a distributor of computer software.
Speaker Change: And they use us want to know in advance.
Speaker Change: What's fun with that software Oh the game. So he started publishing business.
Speaker Change: Yeah.
Speaker Change: He.
Speaker Change: Provided publishing.
Speaker Change: For the people.
Speaker Change: To understand what's good about software yeah.
Speaker Change: So setting a software or distributing publishing them.
Speaker Change: That's our infrastructure he wanted to build for companies to utilize technology and juice products.
Yoshimitsu Goto: from the scratch. He wanted to start a broadband business, which was a surprise for me, and from a finance guy's perspective, it was not an easy job to support the launch. He wanted to start a broadband business because he wanted people to use his services at a very speedy speed. And we... We went through a challenging times in terms of financing the business and running the business and We have been doing this consistent thing. Even though our product offerings are different, but those product offerings are for people to use information service. So we provide infrastructure for people to use information service.
Speaker Change: From the scratch.
Speaker Change: He wanted to start a Baldwin business, which Russ surprise for me and from Finance Guy perspective, It was not easy job to support the launch.
Speaker Change: And he wanted to just start Vodafone business because he.
Speaker Change: He wanted the people to use that his services at a very speedy speed them.
Speaker Change: And V.
Speaker Change: There are challenging.
Times insurance, all financing the business and running the business.
Speaker Change: And.
Speaker Change: We have been doing this consistent thing.
Speaker Change: Even though all of our product offerings are different but the dose product offerings are.
Speaker Change: For people to use information service. So we provide infrastructure for people to use the information service. So our we have been consistent from the beginning which is to provide basic infrastructure for people to use our information service.
Yoshimitsu Goto: So we have been consistent from the beginning, which is to provide basic infrastructure for people to use information service. I showed this a slide earlier. A year ago... Did we have all tools in the toolbox? Not. We had ARM in AI chip place. And we had a robot business in AI robot. But when it comes to data center, we didn't have a tool. Energy, we didn't have a lot. But since then, we have a lot more tools in a toolbox. So, we can play a baseball game in the professional league as opposed to an amateur league.
Speaker Change: I showed this slide earlier.
Speaker Change: A year ago.
Speaker Change: Did we have a old tools in the toolbox not.
Speaker Change: We had oh I'm in a cheap place.
Speaker Change: And we had a robot business and irobot, but when it comes to data center, we didn't how about to energy we didn't have a lot but since then they have a lot more tools in the toolbox.
Speaker Change: So he can play.
Speaker Change: A baseball game and the professional league suppose Gen Amateur League.
Yoshimitsu Goto: if you will. So SoftBank Group is being... Pretty good, and we are capable enough.
Speaker Change: If you will so Softbank group is being.
Speaker Change: Pretty good.
Speaker Change: N V our Oh.
Speaker Change: Capable enough 18 years ago, we used this chart for a financial a result announcement.
Yoshimitsu Goto: 18 years ago, we used this chart for the financial result announcement. to explain.
Speaker Change: To explain.
Yoshimitsu Goto: Unknown Speaker What kind of businesses we wanted to... Deliver. Likewise, we have three layers, infrastructure and portal and content. We wanted to have all layers in place to deliver our product offerings. And now, in the era of AI, we are doing pretty much the same as 18 years ago. I didn't really copy the format of the presentation of 18 years ago, but I realized we are doing pretty much similar thing than before. We have been growing. It's been 20 years since the inception of the company, but our role. in AI and ASR is something that we keep thinking about myself.
Speaker Change: What kind of businesses all we wanted to.
Speaker Change: De lever.
Speaker Change: Likewise, we have three layers infrastructure and portal and content that we wanted to have it all layers in place to deliver our product offerings and now.
Speaker Change: In the era of AI, we all do.
Speaker Change: And pretty much the same as 18 years ago.
Speaker Change: I didn't really coffee the format of the presentation of 18 years ago, but I realize we are doing pretty much similar thing done before.
Speaker Change: We have been growing it's been 20 years since the inception of the company, but our wall.
Speaker Change: In a I N S. A it's something that we keep thinking about myself. Thank you.
Yoshimitsu Goto: Thank you.
Operator: Now we would like to take questions. First, we would like to take questions from the floor. Please wait for the microphone and start with your name and affiliation. For those who are on Zoom. Please access to the Zoom. and press raise hand button and wait for your name is called. If you would like to withdraw your question, please press the lower hand button. Please also refrain from connecting to other live streams to avoid any echoing. For those who are on Japanese Zoom, please make your question in Japanese. We would like to take up to two questions per person so that we can take questions from as many people as possible.
Speaker Change: Now we would like to take questions.
Speaker Change: First we would like to take questions from the floor.
Speaker Change: Please wait for the microphone and start with your name and affiliation.
Speaker Change: For those who are on zoom.
Speaker Change: Please access so that's M.
Speaker Change: In Paris raised hands button and wait for your name is called.
If you'd like to withdraw your question. Please press the raw, hence bottom, but he's also refrain from connecting to other like seem to avoid any echoing.
Speaker Change: For those who are on Japanese too. Please make your question in Japanese.
Speaker Change: I'd like to take up to two questions per person. So that we can take questions from as many people as possible.
Operator: So first, we would like to take questions from floor. If you have any, please raise your hand. Thank you.
Speaker Change: So first of all we would like to take a question from Florida. If you have any please raise your hand. Thank you.
Speaker Change: So that I mean, that's what I probably didn't hit it on the radio.
Unknown Attendee: The first front row person, please.
Speaker Change: The first front row a person please.
Unknown Attendee: Owner from Yomiuri Newspaper, I have two questions. is about Stargate. So thank you for sharing the progress of Stargate. But the tariff situations by Mr. Trump's semiconductor requires for the data center maybe have a price change due to the tariff, and the environment has been changing. Is there any effect to the current preparation or how much impact do you see from such a tariff policy? And my second question is about OpenAI. Recently announced that they give up on restructuring to the profit organization, but OpenAI Global additional investment has any impact from that change? That's my two questions.
Speaker Change: Although from Yomiuri newspaper I have two questions first is about Stargate.
Speaker Change: So thank you for sharing the progress of Star gate, but the tariff situations by Mr. Trump.
Speaker Change: Semiconductor requires for their data center may be tight how about a price sensitive to the tariff and the environment has been changing.
Speaker Change: Is there any effects to the current preparation or how much impact do you see from such a tariff policy and my second question is about opening I recently announced that they gave up on a restructuring to the profit organization, but they won't be open the globe.
Speaker Change: Additionally investment.
Speaker Change: It has any impact from that change that's my two questions.
Yoshimitsu Goto: So Stargate for your first question. That was announced in January. The tariff discussion has not been started back then, so compared to that time, that was actually... The event after the announcement of the Tharget Project Bastille. Things are changing every day, so at this moment, I don't want to be too specific. and we try to explore the best decision, best option at the time, but I don't think. The tariff itself is going to stop the project's progress or something like that. We would like to wait and see a little bit. But more than that, the project itself is something that we would like to make sure to launch, and that negotiation is very important for us.
Speaker Change: So stargates for your first question.
Speaker Change: That was announced in January.
Speaker Change:
Speaker Change: The tariff discussion has not been started back then so compared to that time that was actually.
Speaker Change: The event after the announcement of the target project, but still.
Speaker Change: Things are changing every day so at this moment.
Speaker Change: I don't.
Speaker Change: We want to be too specific.
Speaker Change: And we tried to explore the best decision best option at the time, but I don't think.
Speaker Change: The tariff itself, it's kind of a.
Speaker Change: I'll stop there.
Speaker Change: The projects progress or something like that where you would like to wait and see a little bit but more than that project itself is something that the way you would like to make sure to launch in that negotiation is very important for us.
Yoshimitsu Goto: For your second question about OpenAI, recently OpenAI updated their blog. and also the media has been covered and there are some misunderstandings. See, like you said that the media saying giving up on becoming the profit organization. I don't think that's the correct understanding. The shareholder of the, or the holding company is the non-profit, and underneath the company who, which... does a business. But more specifically, nothing has been changed at this moment. They just showed the direction of the structure. That's what's been announced. So at this moment, nothing has really happened or changed. Just to discuss the direction.
Speaker Change: For your second questions about the open there.
Speaker Change: Recently, the open the I update did their block.
Speaker Change: And also the media that's been covered then there was some misunderstanding C and you like you said that it is the media, saying, giving up on becoming the profit organization I don't think that's the correct understanding.
Speaker Change: The shareholder of the Oh, the holding company if the nonprofit and underneath are the company who are rich.
Speaker Change: Uh huh.
Speaker Change: That's our business.
Speaker Change: But more specifically nothing has been changed at this moment, they just show the direction of the structure.
Speaker Change: That's how it what's been announced so at this moment nothing has been a really happened or what changed just to discuss the direction and for us.
Yoshimitsu Goto: And for us. I don't think that that's a wrong direction, a bad direction. That's something that we've been expected. And our investment is in the business vehicle. And this is hopefully that they'll be able to grow. Then that I believe that's a good thing for our investment. Thank you.
Speaker Change: I don't think that that's a wrong direction about the protection, that's something that the way you're being expected.
Speaker Change: And our investment is in the business FICO and this is.
Speaker Change: Is hopefully that they'll be able to grow our then that I believe that's a good thing for our investments.
Speaker Change: Thank you.
Unknown Attendee: Next question, please.
Speaker Change: Next question please.
Speaker Change: Yeah.
Speaker Change: Yeah.
Unknown Attendee: Ayagi from Nikkei. First question is about OpenAI. Investment demand, what would it be? Investment demand would be half or? $30 billion remain the same.
Speaker Change: Oh, Yeah gave from Nikkei.
Speaker Change: First question is about the open eye.
Speaker Change: Investment in mind, what the B investment amount it would be half or.
Speaker Change: 30 billion remained the same.
Speaker Change: Yeah.
Speaker Change: Yeah.
Yoshimitsu Goto: And before such a press coverage was there, what kind of conversation did OpenAI have with you? So investment amount of two open AI. as an underwrite of $40 billion, as you can see in the chart in my presentation. Investment from SoftBank Group, I believe, is your question. Even though we underwrite $40 billion, but of them, $10 billion will be syndicated to third-party investors. So our principle is $30 billion as an investment amount. Probability-wise?
Speaker Change: And before a such a press coverage Ross there or what kind of conversations did open I had with you.
Speaker Change: So investment amount of to open a I.
Speaker Change: As an underwriter of $40 billion.
Speaker Change: As you can see in the chart in my presentation.
Speaker Change: Our investment the first Softbank group I believe is your question, even though we underwrite 40 billion, but all of them 10 billion it'd be syndicated to a third party investors. So a principal as of 30 beryllium as an investment amount.
Speaker Change: Probability wise.
Yoshimitsu Goto: What if there is no third-party investor? It could be $40 billion, but in fact, already some investment was made, so it's not going to be $40 billion in total because already some part was syndicated. and the commitment will be from 40 to 20. Then, our investment will be up to $20 billion. according to a certain condition. So we assume the maximum investment amount to drive our financial strategy. So at this moment.
Speaker Change: Well the if there is no a third party investor it could be 40 billion, but in fact already.
Speaker Change: Already some investment there wasn't may either.
Speaker Change: So it.
Speaker Change: That's gonna be 40 billion in total because already some part of it was a syndicated.
Speaker Change: Okay.
Speaker Change: And commitment would be.
Speaker Change: From a 42 10 G.
Speaker Change: Then our investment it'd be up to 10 2 billion.
Speaker Change: According to a certain condition.
Speaker Change: So we are some of them are maximum investment amount to drive all of our financial strategy. So at this moment.
Yoshimitsu Goto: I believe that Chairman's was included in the agreement that could reduce the amount down to $20 billion. At the moment is that such event happening? No. Event is not happening now. So, if such event takes place by the end of the year, then reduce from $40 billion to $20 billion.
Speaker Change: So I believe that Germany was included in the agreement that they could get reduced amount down to 20 billion at the moment is that such events happening no.
Speaker Change: It's not happening now so F. Such event takes place by the end of the year then reduced from 40 to attempt you never know when such event takes place.
Yoshimitsu Goto: We never know when such event takes place.
Yoshimitsu Goto: Then, second question, again, about OpenAI. Your investment amount could be up to 3 trillion yen maximum. Then... Are you going to be a major shareholder of OpenAI or a leading investor of OpenAI or you? How do you want to position OpenAI after following investment? Well, our investment amount, you mentioned major shareholder or subsidiary, even though we invested $30 billion, still minority investment. It's not going to be our making open AI as a subsidiary.
Speaker Change: And then second question again about open AI.
Speaker Change: Your investment amount.
Speaker Change: Okay.
Speaker Change: Could it be up to three Chilean Yan maxima.
Speaker Change: Dan.
Speaker Change: Are you going to be a major shareholder of opening a IOR, leading investor of open and I or.
Speaker Change: <unk> you.
Speaker Change: Howard.
Speaker Change: Do you want to position open AI after following the investment.
Speaker Change: Well our investment amount you mentioned.
Speaker Change: Major shareholder or subsidiary, even though invested of 30 billion still minority investment.
Speaker Change: It's not gonna be our making open and I as a subsidiary.
Yoshimitsu Goto: The first investment in April was done by Vision Fund 2. We had made investment in OpenAI last year several times, and we did investment several times since the beginning of FY 2020, oh, sorry, calendar year 2025, because a small amount. Because of that, we wanted to utilize Vision Fund as a vehicle. But now we are talking about big number, so we want to figure out the best. approach for us to make an investment in such a big amount in open AI.
Speaker Change: The first investment in April it was done by a vision fund two.
Speaker Change: Yeah.
Speaker Change: We have made investment in open AI last year, several times and we did invest them in several times since the beginning of FY 'twenty or 'twenty, I'm, sorry calendar year, 'twenty or 'twenty five.
Speaker Change: Because a small amount because of that we wanted to utilize our vision fund as a vehicle, but now we are talking about the big number so we want to.
Speaker Change: Figure out the best.
Speaker Change: Our approach for us to make an investment in in such a big amount and open AI.
Operator: Any other questions, please?
Speaker Change: Any other questions. Please.
Unknown Attendee: Ben to draw from the front. M.G. from Bloomberg. Different Subject, Recently SoftBank has an investment in relation to crypto, the media coverage has been shared.
Speaker Change: Then.
Speaker Change: Third row from the front.
Speaker Change: M C from Bloomberg.
Speaker Change: Different subject recent.
Speaker Change: Recently Softbank.
Speaker Change: Has the investment in relation to crypto that media coverage has been a shot.
Yoshimitsu Goto: Last time, you made an investment in FTX and after making a loss from FTX, I I believe that the SoftBank was not paying too much attention to the crypto but what is the background for setting up this venture company? So we made an investment in a company called Tether. Personally, I hate I don't like crypto, but that's nothing to do with a business decision. but the crypto itself. is becoming.
Speaker Change: Last time you.
Speaker Change: You've made the investment in F T X and after making a loss from F. T X I.
Speaker Change: He believes that the softbank was not paying too much attention to the crypto, but what is the background for setting up this bench a company.
Speaker Change: So we made the investment.
Speaker Change: In a company called Pizza.
Speaker Change: Yeah.
Speaker Change: Personally.
Speaker Change: I hate I don't like crypto, but that's nothing to do with a business decision.
Speaker Change: But the group itself.
Speaker Change: It's becoming.
Speaker Change: A certain level of the size of that and I said to be managed.
Yoshimitsu Goto: Unknown Presenter, Unknown Attendee, Unknown Shareholder, Rene Haas, There are many investors. and I believe this vehicle or the entity will be able to provide opportunities for the investors to... Invest or manage their assets. Of course, we are not investing the bitcoins or the crypto itself. but investing in such entity which will... Provide Made available for the access by the investors for the Tether and Tethers Group allocation.
Speaker Change: And.
Speaker Change: There are.
Speaker Change: This says.
Speaker Change:
Speaker Change: I believe this vehicle or the entity will be able to provide opportunities for them. This is stu.
Speaker Change:
Speaker Change: Invest oh, the manage their assets of course, we are not investing the bitcoins are the crypto itself.
Speaker Change: But investing in such entity.
Speaker Change: Which will.
Speaker Change: Probate.
Speaker Change: It made available for the office by the investors for the theater Antidotes group a location.
Yoshimitsu Goto: How are they going to grow is one of the questions. and of course that we need to learn more about the crypto market so that's why that we come to this decision of investing in this company a little bit deeper than we used to have as a position of the crypto. It's not that we are going to directly investing in or selling crypto itself.
Speaker Change: How do they are going to grow it's one of the question.
Speaker Change: And of course that we need to learn more about the crypto market. So that's why we come to a decision of investing in this company.
Speaker Change: A little bit deeper than we used to have us in the position of the crypto but.
Speaker Change: It's not that we are going to directly investing in not having a crypto itself.
Yoshimitsu Goto: My second question is about OpenAI once again. So the Vision Fund will be investing quite a big amount in open AI. That seems to leave little room for extra investments in other companies.
Speaker Change: My second question is about the open there once again.
Speaker Change: Yeah.
Speaker Change: So the vision fund Uh huh.
Speaker Change: We will be investing quite uptake amount and open AI and that seems to leave little room for extra investments in other companies. So I'd like to ask the overall strategy for efficient fund going forward in the new fiscal year.
Yoshimitsu Goto: So I'd like to ask the overall strategy for Vision Fund going forward in the new fiscal year. Thank you. Un, Hai, Anou Yes, for Vision Fund too. We don't have any limitations of the size of the fund. So if it's necessary, if there is any necessary funds, we can upsize the Vision Fund too. This time, April OpenAI investment was large amount, but that doesn't mean that we are not going to do any other investment at all. We will be. Looking into good pipelines explored by the great fund managers, investment managers in VisionFund. and if there is any good companies who you would like to make investment in such.
Speaker Change: Thank you.
Speaker Change: Hello.
Speaker Change: Yes for vision fund two.
Speaker Change: We don't have any limitations on the size of the funds. So if it's necessary. If there is any necessary funds, where you can upsides that his own funds too.
Speaker Change: This time April open AI investment towards larger amount, but.
Speaker Change: That doesn't mean that we're not going to do any other investment at all.
Speaker Change: We will be.
Speaker Change: Looking into.
Speaker Change: Good the pipelines are exports by Donna Great Fund managers investment managers in Abidjan Fund.
Speaker Change: And if there is any good companies, where you would like to make investment and such.
Speaker Change: Yeah.
Yoshimitsu Goto: Thank you.
Unknown Attendee: Any other questions from the floor?
Speaker Change: Thank you.
Speaker Change: And you had a question from the floor.
Unknown Attendee: Shota from TV Tokyo. Sorry, again, a question about OpenAI. if investment amount was down from 40 to 20. a project, like a Stargate project. What kind of a difference? would like to make in the project that you are working on with OpenAI. Could you give us on the color, please? Yes. if amount down from 40 to 20 well 20 is still a big enough 3 trillion yen It's not going to change the relationship between OpenAI and SoftBank Group. We are together running a big business project, and I believe that open AI is closest to us than any other companies to drive AI efforts, be it Crystal Intelligence or Stargate.
Speaker Change: Shelter from TV Tokyo.
Speaker Change: Sorry, again, a question about the open AI.
Speaker Change: F investment amount was down from 40 to 20.
Speaker Change: And project like Us target project.
Speaker Change: What kind of it.
Speaker Change: Your friends.
Speaker Change: Who'd like to make and the projects that you're working on with open AI.
Speaker Change: Could you give us some color please.
Speaker Change: Yes.
Speaker Change: If amount down from 40 to 20, well 'twenty is still a big enough three Chilean yen.
Speaker Change: It's not going to change the relationship between open AI and Softbank group.
Speaker Change: We are.
Speaker Change: Together running a big business there.
Speaker Change: <unk> project and I believe that open the I S are closest to us than any other company to drive AI efforts be it Crystal intelligence on Star Gate.
Yoshimitsu Goto: They are huge and very close relationship, so it doesn't matter whether our investment amount is 40 or 20 or big or small.
Speaker Change: These are huge.
Speaker Change: And I'm very close.
Speaker Change: Relationship so it doesn't matter, whether the investment amount is 40 or turnkey or big or small.
Yoshimitsu Goto: Thank you.
Speaker Change: Thank you next question looking at the Softbank group.
Yoshimitsu Goto: Next question, looking at the SoftBank Group's history. You have been captured advantage of borderless information. Service. or information itself and if going forward information will be limited by national borders. What kind of impact or negative impact that you should anticipate? What your political risks are, I think what you are talking about. You are right. Geopolitical risks could have an impact on services. and Businesses. And if... U.S.-China tension continues. and even becomes more serious, then Not in sync anymore, but still, we have to continuously running a business, no matter what would happen. We are in the West, if you will.
Speaker Change: History.
Speaker Change: You have been captured advantage of boarder less information.
Speaker Change: Service.
Speaker Change: Or information on yourself.
Speaker Change: And if going for Ida.
Speaker Change: Formation will be limited by National borders.
Speaker Change: What kind of impact or negative impact that you should anticipate.
Speaker Change: What your political risks are I think are what you are talking about.
Speaker Change: You are right.
Speaker Change: Yeah.
Speaker Change: The geopolitical risks and could have an impact on services.
Speaker Change: Yeah.
Speaker Change: And businesses.
Speaker Change: And if.
Speaker Change: U S China tension.
Speaker Change: Continues.
Speaker Change: And even becoming more serious.
Speaker Change: Then.
Speaker Change: Our investment activities in different areas may be.
Speaker Change: Not in sync anymore, but I still.
Speaker Change: Have to continuously running a business no matter what did happen.
Speaker Change: We are and the rest if you will and then.
Yoshimitsu Goto: And then We need to run the business in the context of network on the west side of the world. But, still... We have had a relationship with great business leaders in China. There are still great entrepreneurs and business leaders in China. And to be very blunt with you, we'd like to work with them, but We need to focus on the immediate priority. I cannot answer your question easily, but we have to continuously make an effort to maximize our corporate value. under the circumstance.
Speaker Change: We need to run the business in the context of a network on the west side of the World.
Speaker Change: But still.
Speaker Change: We have had a relationship there the great business theaters in China, there are still a great entrepreneurs and business leaders in China.
Speaker Change: And to be very blunt with you we look to work with them.
Speaker Change: But.
Speaker Change: We need to.
Speaker Change: Focus on the immediate priority.
Speaker Change: I cannot answer to your question easily, but we have to continuously making efforts to maximize our corporate value.
Speaker Change: Under the circumstances.
Yoshimitsu Goto: Any other questions, please? The second row from the front. Nagashima from Kyodo Tsuushin, relates to the previous question. So this fiscal year. Business Forecast, Performance Forecast, or the Stargate Forecast wise. What is the biggest risk that you are expecting, so for the tariff? I believe that you said that it may not have a large impact on the Stargate project, but what is the biggest risk from your understanding at this moment? as a SoftBank Group overall. From the tariff point of view, I don't believe not many portfolio companies may negatively be impacted from the tariff, and may need to adjust a little bit if there is any.
Speaker Change: Any other questions. Please.
Speaker Change: The second row from the front.
Oh gosh sema from killed outsourcing relates to the previous question.
Speaker Change: So this fiscal year.
Speaker Change: Business focus performance focused or the Stargate focus wise.
Speaker Change: What is the biggest risk do you expecting.
Speaker Change: So for the tariff.
Speaker Change: I believe that the you said that they didn't know how about the impact on the Stargate project, but what is the biggest risk from your understanding at this moment.
Speaker Change: That Softbank group overall.
Speaker Change: From the tariff point of view I don't really have not many portfolio company may negatively impact it too from that tariff.
Speaker Change: Me.
Speaker Change: Need to address a little bit Ah if there is any.
Yoshimitsu Goto: from the tariff point of view. When you look at FUVIA as an investment company and try for the performance of investment activities We have a large portfolio and growth in the big portfolio is one of the risks. For example, ARM is one of the biggest portfolios, so asset value of ARM may be negatively impacted for many reasons. That can be one of the risks for our investment performance. And also, if the business performance of the large investment can be another risk, for example, we are going to make a big investment in OpenAI. If there is any at all for the damage to the value of the business, that's going to be another risk for us as an investment company.
Speaker Change: From the tariff point of view.
Speaker Change: When you look at the full year as an investment company and tried them for the performance of investment activities.
Speaker Change: We have a large portfolio.
Speaker Change: And our growth are in the big portfolio is one of the risks for example armies are one of the biggest but our portfolio. So I said Buddy a barn may be negatively.
Speaker Change: Impacted for many reasons that can be one of the risk for our of our investment performance and also if that is the performance of the large investments are can be another risk. For example, you are going to make a big investment in open their eyes. If there is any.
Speaker Change: At all before the damage to the value of the business that's going to be another risk for the unnamed discipline company. Jason do you can you comment about the tariffs are in the in fact too ambitious.
Jason Child: Jason, can you comment about the tariff impact to ARM business? Yes. So, regarding tariffs, as Goto-san said, it's a very, very dynamic situation. But as of right now, tariffs don't apply to design or design services, which is what ARM provides. It's only on the end product. There is some discussion that there may be tariffs on the actual chips, which could have impact. But of course, today we provide designs for chips, we don't cell phone charity. So, I think it remains to be seen exactly how the tariff situation plays out. I would say as it relates to Stargate, there's a lot of partnership between, I know, SoftBank and Arm and all the different parts of the portfolio with the US government on that project.
Speaker Change: Yes, so regarding tariffs.
Curtis: As Curtis onset, it's it's a very very dynamic situation.
Curtis: But as of right now tariffs don't apply to design or design services, which is which is what arm provides it's only on the product. There is some discussion that there may be tariffs on the actual chips are which could have impact but of course today. We provided designs for chips, we don't actually.
Curtis: Cell phone chips. So I think it remains to be seen exactly how the tariff situation plays out I would say as it relates to star game. There's a lot of partnership between I know Softbank and an arm in all the different.
Curtis: Parts of the portfolio with the.
Curtis: The U S government on that project and so I would expect that whatever tariff policy is decided.
Navneet Govil: And so, I would expect that whatever tariff policy is decided would probably not be detrimental to the overall project, but we'll see. Professional Fund Navneet, do you have any comments about the tariff impact to the Vision Fund and Vision Fund activity itself? Yes, sure. So in terms of tariffs, you know, it really depends on three factors, the level duration and the type of tariffs. And, you know, the first two are, you know, relatively easily understandable, but the latter matter is more to us as most tariffs are on physical goods. And if you look at the vision fund investments that we have made about 500 or so investments over the last eight years, the majority of our investments are what we call high value assets.
Curtis: It would probably not be detrimental to the overall projects, but we'll see.
Curtis: Thank you.
Curtis: That's all.
For vision fund.
Speaker Change: Not me do you have any comments about the tariff impact to the beach unfunded conductivity itself.
Speaker Change: Yes sure sure.
Speaker Change: In terms of tariffs you know it really depends on three factors the level of duration.
Speaker Change: Type of tariffs.
Speaker Change:
Speaker Change: And you know the first two are relatively easily understandable, but the ladder of matters more to us as most tariffs are on physical goods.
Speaker Change: And if you look at the vision fund investments that we've made about 500 or so investments over the last eight years. The majority of our investments are what we call high value assets, you know companies like by Copel DT pay pay River loot, Florida.
Navneet Govil: You know, companies like ByteDance, Coupang, Didi, PayPay, Revolut, Klarna. and they are IP heavy, but asset light by nature of being AI native. So, you know, the net of all of this is that there is very limited impact on, of the tariffs on our portfolio companies.
Speaker Change: And their IP heavy but asset light nature of being a native.
Speaker Change: So the net of all of this is that there.
Speaker Change: There's very limited impact on of the tariffs on our portfolio companies.
Speaker Change: Thank you.
Speaker Change: Yeah.
Speaker Change: Yeah.
Operator: SoftBank. are going to take questions from online participants. And please make sure you turn off live stream other than this Zoom. Connection to avoid echoing. Again, if you are on a Zoom with Japanese, please ask question in Japanese first.
Speaker Change: Some of them.
Speaker Change: I'm going to take questions from online participants.
Speaker Change: Yeah.
Jim: And please make sure you turn off a live stream other than this is Jim.
Speaker Change: Yeah.
Speaker Change: Connection.
Speaker Change: Echoing again, if you are on that Jim in Japanese.
Speaker Change: Please ask a question in Japanese and first subtle sound from Nikkei Asia.
Unknown Attendee: Sato-san from Nikkei, Asia. Can you hear my voice? Thank you, Sato-san. The first question is about OpenAI. So whether... Take place or not, you will see, you said, but, um... I wonder whether OpenAI explained to you... Where they would go? Yes, talking about the organization. Of course, our conversation is based on the assumption that a reorganization will take place. There are different stakeholders, however. And some people may intervene in this project, and this may not go as smooth as we hope. But it's out of our control, so we are just wait and see what will happen, and not really just on a negative term, but positive term.
Speaker Change: Oh can you hear my voice.
Speaker Change: And kiss at Awesome.
The first question is about the open AI.
Speaker Change: So weather.
Speaker Change: Yeah.
Speaker Change: Event stipulated and terms and agreement it is it going to.
Speaker Change: Take place or not you will see you said, but.
Speaker Change: I wonder whether open and I explained to you.
Speaker Change: Where they would go.
Speaker Change: Yes, I'm talking about the organization.
Speaker Change: Of course, our compensation is based on the assumption that a reorganization that take place there are different stakeholders. However.
Speaker Change: And some people may intervene and this project and this may not go as smoothly as we hope.
Speaker Change: But it's all out.
Speaker Change: Out of our control.
Speaker Change: So we are just a wait and see what will happen and not really just a on the negative but time, but positive time since the announcement of open AI in April I'm, sorry, Mi you still remain close relationship with open and yes.
Yoshimitsu Goto: Since the announcement of OpenAI in April, sorry, may you still remain close relationship with OpenAI?
Jason Child: Our second question is about... Ampere, Graphcore, and Sphere, you acquired a... 8,000 talents or engineers. So going forward, not only CPU, but the processors or AI semiconductors, you want to expand the area, that's why. So 8,000 semiconductor engineers, do you have all parts in place to expand the areas? Most of the engineers are engineers. So not only CPU, but also you want to increase the number of engineers for processor in area. So Jason-san, could you elaborate on that, your direction? So in terms of the capabilities, certainly within the SoftBank portfolio, ARM obviously provides significant capability across the design side for CPU, GPU, MPU technology.
Speaker Change: Second question is about.
Speaker Change: Hum.
Speaker Change: The graph Cora AR and AR sphere, you acquire the <unk>.
Speaker Change: 8000 talents or engineers.
Speaker Change: So going for not only CPU, but the processors or a I call center contact stuff you want to expand the area. That's why so 8000 semiconductor engineers do you have a old parts in place.
Speaker Change: To expand the areas most of all of the engineers are engineers, so not only U C. P. But also you want to increase the number of engineers for a processor in area. So Jason Sun could you elaborate on that you are a direction.
Speaker Change: So in terms of the capability is certainly within the south bank portfolio or arm.
Speaker Change: Obviously provide significant capability across the design side for CPU GPU technologies.
Jason Child: And certainly Ampere is a great partner, a company that we actually have had an investment in, and Ampere is unique. It's a team of ex-engineers that came from Intel that had a lot of experience taping out world-class and developing world-class server and server chips. Previously on x86, they then brought that technology to ARM. So they actually taped out at least five different chips, server chips on ARM. So that was certainly because of the partnership that ARM has had with them. That was a great acquisition that we have a lot of synergies with. In terms of Graphcore, they are a company that has a history of building GPU or NPU accelerator products.
Speaker Change: And certainly <unk> is a.
Speaker Change: Great partner, a company that we actually have had an investment in a in a amperes unique it's a it's a team of X.
Speaker Change: Engineers that came from Intel had a lot of experience tape it out world class in developing World class server and server chips previously on X 86, then brought that technology to arm. So they actually taped out at least five different chips.
Speaker Change: <unk> chips on arm so.
Speaker Change: So.
Speaker Change: Certainly because of the partnership that arm has had with them that was a great a great acquisition that we have a lot of synergies with it in terms of the graph core.
Speaker Change: They are a company that has a history of building a GPU oriented few accelerator products and they have taped out a number of products over the years and have also had.
Jason Child: And they have taped out a number of products over the years and have also had a lot of success in that area. That is an area that ARM has not worked in in the past. And so I would say there's very much a high synergy or complementary aspect across all three companies. In terms of capabilities to address the opportunities for Stargate, there definitely is from a CPU and possibly beyond.
Speaker Change: Had a had a lot of success in that in that area that is an area that arm has not worked in the past and so I would say, there's very much a high synergy or complementary aspect across all three companies are in terms of our capabilities to address the opportunities are.
For Stargate there definitely is from a CPU and possibly.
Speaker Change: You know beyond that.
Jason Child: But no products have been announced thus far, but certainly lots of capabilities have been created.
Speaker Change: But no products have been announced thus far.
Speaker Change: But certainly lots of capabilities have been have been created.
Speaker Change: Thank you.
Speaker Change: Yeah.
Jason Child: Thank you. So just to make sure I understood correctly the translation. So the number of current semiconductor engineer are enough to... have a capability for semiconductor, for AI semiconductor in the future. Is my understanding correct? to to actually Fumika Sato, Rene Haas, Fumika Sato, Unknown Shareholder, Rene Haas, Fumika Sato, Unknown Technology in-house, as well as some of the different partners that arm, I think, GraphCorp, and I know Ampere all work with, I would say the capability is largely either in-house or under contract.
Speaker Change: And I think yeah.
Speaker Change: So just to make sure I understood you correctly the translation.
Speaker Change: So the number of current semiconductor engineer are enough [laughter] at schuh.
Speaker Change: Have a capability for semiconductor so AI semiconductor in the future is my understanding correct.
Speaker Change: Two to actually.
Speaker Change: Completely get to a full tape out and development of a chip. There typically is a large design capability I would say we have most of the capability across certainly those three companies.
Speaker Change: In terms of being able to typically to get to the more complex chips requires working with others are typically a sick or application specific integrated surfing providers are and so I would say the combination of the technology in house as well as some of the different partners.
Speaker Change: That arm I think Ralph Court I know ampere I'll work with I would say the capability is.
Speaker Change: It's largely either in house or under contract.
Operator: Thank you very much.
Speaker Change: Thank you very much.
Operator: Thank you.
Speaker Change: Thank you.
Unknown Attendee: Next question. Mr. Masuno from Nomura Securities, please unmute and start your question. This is Masuno speaking. I have two questions. One is about robo-holdings. Looking at the Robots have been focused very much on Then there are several robot activities and this time SPG. 10 out of SoftBank Group and 6 from the Vision Fund to set up the robo-holdings, and mainly SoftBank Group is going to be the shareholder, which is a good structure and very interesting as well. So I am excited to see the rapid movements here. And for the robotics, I believe that the main, mainly held by, and what is the background of why that holding company is becoming the main player for this robotics and robotics investment?
Speaker Change: Next question.
Speaker Change: Mr. Massimo from Nomura Securities. Please on building such a cushion.
Speaker Change: This is the Muslim speaking I have two questions. One is about the rubber holdings.
Speaker Change: Looking at the.
Speaker Change: Robot has been focused very much.
Speaker Change: Then there are several robots activities and at this time S. B G.
Speaker Change: Thin out the software group and six from the no beach on funds to set up their own beholding to mainly Softbank group is going to be the shareholder which is a good structure and very interesting as well. So I am excited to see the rapid movements here and therefore, the robotics are I believe that the main mainly.
Speaker Change: Held by and what effects our backgrounds at the way that the holding company is becoming a main player for this robotics and robotics investments.
Yoshimitsu Goto: Thank you for your question. Robot holdings is a very important challenge for us. As for Robotics... actually that we've been actually addressing this robotics for past 10 years or so and there are several portfolio companies which has the robotics expertise. Along with the AI development, robotics is going to be developed at the same pace, I believe, in the services in the market. Including people's working styles, their lifestyles is going to be changed. That's very visible, and especially robotics is very visible from that sense. So, many preparation has been done, things have not been fully discussed here, but hopefully that you can be looking forward to, and MASA and ourself is going to be directly involved in this robotics activities.
Robert: Thank you for your question Robert Our holdings.
Speaker Change: Very important challenge for us.
Robert: As for robotics.
Robert: Actually that we've been actually addressing this robotics for the past 10 years or so and there are several portfolio companies of which has the robotics expertise.
Robert: Along with the AI development, a robotics is going to be developed at the same pace I believe and the services are in the market.
Including people are walking styles, our lifestyles is going to be changed that's very visible and especially the Baltic sea is very busy both from that sense.
Robert: Uh huh.
Robert: So in the many preparation has been done things has not been fully discussed here, but hopefully that that you can be looking forward to and Martha and ourselves it's going to be directly involved in this robotics activities.
Yoshimitsu Goto: Thank you. Personally, I believe... It can be the same size of the business as Vision Fund. So I'm very much expecting on that.
Robert: Thank you.
Robert: Personally I believe.
Robert: A big you can't be a same size of the business has been sort of a fun. So I'm very much expecting on that and my second question is about the investment objective bulb, that's thinking up on the eye. So my understanding is that that you like to long hold they open the eye by S. B G for the future.
Yoshimitsu Goto: Then my second question is about the investment, the objective of investing in OpenAI. So my understanding is that you like to long-hold the OpenAI by SVG for the future strategy and future expectations. Fumika Sato, Unknown Attendee, Unknown Shareholder, Rene Haas, Fumika Sato, SoftBank Group Fumika Sato, Unknown Attendee, Unknown Shareholder, Rene Haas, Fumika Sato, SoftBank Group The logic is because... We've been using Vision Fund as the investor for OpenAI for the last phase. And that's starting as this is the minority investment. And also, many investors are participating in this financial round. So, and at the same time they have a clear road map to the monetization.
Robert: Our strategy in huge expectations, but Ah.
Robert: Law, making alone to be doing fine from Mitsubishi in the digital front not only that but also having the masseuse our individual a guarantee that was very surprising to me I thought that they should be done by U S. P. G itself, but is it because to make the better performance for visual in front of us.
Robert: So making that vision fund as a industry.
EBIDTA for the open the I. Thank you for your question. This is something that we have an internal discussion very seriously and we have decided to make the is vision fund is in the in desktop.
Robert: The logic is because.
Robert: We've been a U.
Robert: We don't fund has been the inverse stifle are open there for the last piece and that's on the starting Oh. This is the minority investment and also many besides what spotty, stating in the this final surround.
Robert: And at the same time, they have a clear roadmap to the monetization. So that it's right that we have decided to use our digital front, but the launch myself a part.
Yoshimitsu Goto: So, that is why we have decided to use Vision Fund. But the loans, masters part. that we would like to... Maintain the framework of Vision Fund 2 as much as possible, but at the same time, because the amount is large, so therefore, we would like to utilize intercompany loan instead of preferred share, so that we'll be able to get the return back faster. but still there is a remainder for the investment amount which is also not small so that we would like to have a decision this discussion internally so that we can decide. And I think it's too stretching to depending on Masa's personal guarantee.
Robert: But we would like to.
Robert: Maintain the framework of vision fund two as much as supposed to both but at the same time.
Robert: Because the amount is large so therefore, well where you would like to utilize intercompany loan instead of preferreds or share a thought that they would be able to get the return back to a fast start.
Robert: Uh huh.
Robert: But still there is a remainder for the investment amount, which is also not small so that where you would like to have a decision. This discussion internally so that we can decide.
Robert: And I think it's two stretching too depending on myself.
Robert: A personal guarantee we are not depending on that but the because of the structure from vision fund two we maintained the same structure for vision fund two to make this investment that is why are the other approach becomes this way understood. Thank you very much.
Yoshimitsu Goto: We are not depending on that, but because of the structure from Vision Fund 2, we maintain the same structure for Vision Fund 2 to make this investment. That is why the approach becomes this way.
Unknown Attendee: Understood.
Operator: Thank you very much.
Operator: So, we'd like to conclude the Q&A. Thank you very much. The SoftBank Group Co-op earning results announcement for the fiscal year ended March 31st, 2025 is now closed. The video footage of this meeting will be distributed on demand from our corporate website.
Robert: So we like to.
Robert: To conclude the Q&A.
Robert: Thank you very much the.
Robert: The Softbank Group Corp earnings announcement for the fiscal year ended March 31st 2025 is now closed the video footage of this meeting will be distributed on demand from our corporate website. Thank you very much once again for joining of Softbank Group Corp. 's earnings results announcement for the fiscal year ended at March 30.
Operator: Thank you very much once again for joining the SoftBank Group Co-op earning results announcement for the fiscal year ended March 31st, 2025.
Robert: The first 2025.
Robert: I'd rather than myself.