Full Year 2025 SoftBank Group Corp Earnings Call

May 13, 2026

Speaker #1: Result announcement for fiscal year ended March 31, 2026. First of all, I would like to introduce today's participant. From left, we have Yoshimitsu Goto, board director and CFO.

Yoshimitsu Goto: Result announcement for fiscal year ended March 31, 2026. First of all, I would like to introduce today's participants. From left, we have Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Corporate Officer, Senior Vice President and CAO. Navneet Govil, Executive Partner and CFO, SoftBank Investment Advisers and SoftBank Global Advisors. Jason Child, Executive Vice President and CFO, Arm. Today's announcement is live broadcast over internet. I'd like to invite Yoshimitsu Goto to present you the earnings results and business overview. Thank you very much for joining our earnings announcement today, during your busy schedule. I would like to update you with our 1 full year results. When we announced the Q3 announcement, I remained seated and make an presentation. I still have some in the recovery process for my knee.

Operator: Result announcement for fiscal year ended March 31, 2026. First of all, I would like to introduce today's participants. From left, we have Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Corporate Officer, Senior Vice President and CAO. Navneet Govil, Executive Partner and CFO, SoftBank Investment Advisers and SoftBank Global Advisors. Jason Child, Executive Vice President and CFO, Arm. Today's announcement is live broadcast over internet. I'd like to invite Yoshimitsu Goto to present you the earnings results and business overview.

Speaker #1: Thank you very much for waiting, everyone. Now, we would like to start the SOFTBANK GROUP CORP. Earnings Result Announcement for Fiscal Year Ended March 31, 2026.

Yoshimitsu Goto: Thank you very much for waiting, everyone. We would like to start the SoftBank Group Corp earnings result announcement for fiscal year ended 31 March 2026. First of all, I would like to introduce today's participant. From left, we have Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Corporate Officer, Senior Vice President and CAO. Navneet Govil, Executive Partner and CFO, SB Investment Advisers and SB Global Advisers. Jason Child, Executive Vice President and CFO, Arm. Today's announcement is live broadcast over internet. I would like to invite Yoshimitsu Goto to present you the earnings results and business overview. Thank you very much for joining our earnings announcement today, during your busy schedule. I would like to update you with our 1 full year result. When we announced the Q3 announcement, I remained seated and make a presentation.

[Company Representative]: Thank you very much for waiting, everyone. We would like to start the SoftBank Group Corp earnings result announcement for fiscal year ended 31 March 2026. First of all, I would like to introduce today's participant. From left, we have Yoshimitsu Goto, Board Director and CFO. Kazuko Kimiwada, Corporate Officer, Senior Vice President and CAO. Navneet Govil, Executive Partner and CFO, SB Investment Advisers and SB Global Advisers. Jason Child, Executive Vice President and CFO, Arm. Today's announcement is live broadcast over internet. I would like to invite Yoshimitsu Goto to present you the earnings results and business overview.

Speaker #1: Kazuko Kimiwada, corporate officer, senior vice president and CEO. Navneet Goval, executive partner and CFO, SP investment advisors and SP global advisors. Jason Child, executive vice president and CFO, today's announcement is live broadcast over internet.

Speaker #1: First of all, I would like to introduce today's participant. From left, we have Yoshimitsu Goto, Board Director, NCFO.

Speaker #2: Kazuko Kimiwada, Corporate Officer. Senior Vice President and CEO. Navneet Govil, Executive Partner and CFO, SP Investment Advisors and SP Global Advisors. Jason Child, Executive Vice President and CFO, today's announcement is live broadcast over Internet.

Speaker #1: Now I'd like to invite Yoshimitsu Goto to present you the earnings results and business overview. Thank you very much for joining our earnings announcement today, during your busy schedule.

Yoshimitsu Goto: Thank you very much for joining our earnings announcement today, during your busy schedule. I would like to update you with our 1 full year results. When we announced the Q3 announcement, I remained seated and make an presentation. I still have some in the recovery process for my knee.

Speaker #1: So I would like to update you with our one full year, results. When we announced the third quarter announcement, I remained seated and make a presentation, I still have some, in-in a recovery process for my, knee, so, let me, ki stay seated for the presentation.

Speaker #1: Now, I would like to invite Yoshimitsu Goto to present you the earnings results and business overview. Thank you very much for joining our earnings announcement today.

Yoshimitsu Goto: Let me stay seated for the presentation. Thank you very much for your understanding. For this year, Masa and together with us actually made every effort, and I believe we were able to make quite good results and outcome. Market and environment, which we all know that AI became even a bigger buzzword, making an influence to the variety of places and segments and industry. This influence becoming bigger and stronger, and that is actually creating the good expectation as well as risk consideration as well. I understand there are many discussions taking place here and there. From the SoftBank Group's point of view, we made quite good capital-intensive investments in the big AI infrastructure. And now we start seeing the physical AI actually utilized in practice.

Speaker #1: Thank you very much for your understanding. For this year, Masa, and together with us, actually, made every effort, and I believe we were able to make a quite a good results.

Yoshimitsu Goto: Thank you very much for joining our earnings announcement today, during your busy schedule. I would like to update you with our one full year result. When we announced the Q3 announcement, I remained seated and make a presentation.

Speaker #1: During your busy schedule, I would like to update you with our full-year results. When we announced the third quarter announcement, I remained seated and made a presentation.

Speaker #1: And outcome. Market and environment, which you all know, that AI became even a bigger buzzword, making a influence to the, variety of places and segments and industry.

Speaker #1: I still have some inner recovery process for my knee, so let me stay seated for the presentation. Thank you very much for your understanding.

Yoshimitsu Goto: I still have some in the recovery process for my knee, so let me stay seated for the presentation. Thank you very much for your understanding. For this year, Masa and together with us, actually made every effort, and I believe we were able to make a quite a good results and outcome. Market and environment, which we all know that AI became even a bigger buzzword, making a influence to the variety of places and segments in the industry. This influence becoming bigger and stronger, and that is actually creating the good expectation as well as risk consideration as well. I understand there are many discussions taking place here and there. From the SoftBank Group's point of view, we made a quite a good capital-intensive investments in the big AI infrastructure.

Speaker #1: This i-influence becoming bigger and stronger. And that is actually creating the, good expectation as well as, risk consideration as well. So I understand there are many, discussions, taking place here and there.

Speaker #1: For this year, MASA and together with us, actually made every effort, and I believe we were able to make quite a good results. And outcome.

Speaker #1: From the SoftBank's group point of view, we made a, quite a good capital-intensive, investments, in the, big AI infrastructure, and now we start seeing the physical AI, actually utilized in practice, and at the same time, AI agent, real full-fledged execution, is now discussed, at the same time.

Speaker #1: Market and environment, which you all know, AI became an even bigger buzzword, making an influence on a variety of places, segments, and industries.

Speaker #1: This influence is becoming bigger and stronger. And that is actually creating the good expectation as well as risk consideration as well. So I understand there are many discussions taking place here and there.

Yoshimitsu Goto: At the same time, AI agent, real full-fledged execution is now discussed at the same time. Sometimes this AI service can be replacing existing or traditional business in some extent, and at the same time, it may create the materializing the risk which has not been seen in the past. Our vision, based on all those circumstances, we aim to become the number one ASI platform provider. Now that we are continuing our journey, and this was a kind of a starting year for this fiscal year. We have share this slide in many occasions by me, myself, and Masa himself. There are four major pillars when it comes to ASI. AI model, AI chip, physical AI, and AI infrastructure.

Speaker #1: From the SoftBank Group's point of view, we made quite a good, capital-intensive investment in the big AI infrastructure. And now we start seeing the physical AI actually utilized in practice.

Speaker #1: Also, sometimes this AI service can be replacing existing or traditional business in some extent, and at the same time, it may create the materializing, the risk which has been has not been seen, in the past.

Yoshimitsu Goto: Now we start seeing the physical AI actually utilized in practice. At the same time, AI agent, real full-fledged execution, is now discussed at the same time. Sometimes, this AI service can be replacing existing or traditional business in some extent, and at the same time, it may create the materializing risk which has not been seen in the past. In our vision, based on all those circumstances, we aim to become the number one ASI platform provider. Now that we are continuing our journey, and this was a kind of a starting year for this fiscal year. We have shared this slide in many occasions by me, myself, and Masa himself. There are four major pillars when it comes to ASI.

Speaker #1: And at the same time, AI agent real suffrage execution is now discussed at the same time. Also, sometimes this AI service can be replacing existing or traditional business to some extent.

Speaker #1: And our vision, based on all those, circumstances, we aim to become the number one ASI platform provider, and now that we are continuing our journey and this was a kind of a starting year for this fiscal year, we have, share, this slide in many occasions by me, myself, and Masa himself, and there are four major pillars, when it comes to ASI.

Speaker #1: And at the same time, it may create the materializing the risk, which has not been seen in the past. And our vision based on all those circumstances we aim to become the number one ASI platform provider and now that we are continuing our journey and this was a kind of a starting year for this fiscal year.

Speaker #1: AI model, AI chip, physical AI, and AI infrastructure. And, here I would like to share, that how we've been developing, in these areas, especially I would like to highlight those two, which is AI model and AI chip for AI model.

Yoshimitsu Goto: Here I would like to share that how we've been developing in these areas. Especially, I would like to highlight those two, which is AI model and AI chip. For AI model, we have invested in OpenAI. At the same time, they've been making a good growth as we expect. We've been having a good discussion when it comes to strategic collaboration. That is another good benefit in terms of increasing our knowledge in AI. For AI chip, of course, this is the main focus by Arm. Recently, we saw a market cap very near to the record level, $221 billion. For AI model, let me deep dive here.

Speaker #1: We have, invested, in OpenAI, and at the same time, they've been making, a good growth as we expect, and, we've been having a good discussion when it comes to strategic collaboration, that is, another good, benefit in terms of increasing our knowledge in AI.

Speaker #1: We have a share this side in many occasions by me myself and MASA himself. And there are four major pillars when it comes to ASI, AI model, AI chip, physical AI, and AI infrastructure.

Yoshimitsu Goto: AI model, AI chip, physical AI, and AI infrastructure. Here I would like to share that how we've been developing in these areas. Especially, I would like to highlight those two, which is AI model and AI chip. For AI model, we have invested in OpenAI. At the same time, they've been making a good growth as we expect. We've been having a good discussion when it comes to strategic collaboration. That is another good benefit in terms of increasing our knowledge in AI. For AI chip, of course, this is the main focus by Arm. Recently, we saw a market cap very near to the record level, $221 billion. For AI model, let me deep dive here.

Speaker #1: And for AI chip, of course, this is, the main focus by ARM, , and, recently, we saw, market cap very near to the record level, 221 billion dollars.

Speaker #1: And here I would like to share how we've been developing in these areas, especially I would like to highlight those two which is AI model and AI chip for AI model.

Speaker #1: We have invested in OpenAI and at the same time they've been making a good growth as we expect and we've been having a good discussion when it comes to strategic collaboration that is another good benefit in terms of increasing our knowledge in AI.

Speaker #1: For AI model, let me deep dive. Here, so in October this year, once that we finish all those investment that we committed, that's gonna lead us to 64.6 billion dollars, which will be nearly 10 trillion yen under the current forex.

Yoshimitsu Goto: In October this year, once we finish all those investment that we committed, that's gonna lead us to $64.6 billion, which will be nearly JPY 10 trillion under the current Forex. At the same time, we've been expanding strategic collaboration with OpenAI. For AI chip, which led by Arm. Of course, Ampere is going to be in this section. The biggest move that Arm made was to announce first in-house CPU chip recently. Also, we have completed the acquisition of Ampere, which I would like to touch this on later pages. Also we have Jason, CFO of Arm. If you have any question, please do not hesitate to ask any questions to him. Physical AI. This is actually a long history in us.

Speaker #1: And for AI chip, of course, this is the main focus by ARM, and recently we saw market cap very near to the record level, $221 billion.

Speaker #1: And, at the same time, we've been expanding strategic collaboration with OpenAI. For AI chip, which, led by ARM, of course, ARM peer, is going to be in this section, and the biggest move, that ARM made was to announce first in-house CPU chip recently, also we have completed the acquisition of ARM peer.

Speaker #1: For AI model, let me deep dive here. So in October this year, once we finish all those investments that we committed, that's going to lead us to $64.6 billion, which will be nearly ¥10 trillion under the current forex.

Yoshimitsu Goto: In October this year, once that we finish all those investment that we committed, that gonna lead us to $64.6 billion, which will be nearly JPY 10 trillion under the current Forex. At the same time, we've been expanding strategic collaboration with OpenAI. For AI chip, which led by Arm, of course, Ampere is going to be in this section. The biggest move that Arm made was to announce first in-house CPU chip recently. Also, we have completed the acquisition of Ampere, which I would like to touch this on later pages. Also, we have Jason, CFO of Arm. If you have any question, please do not hesitate to ask any questions to him. Physical AI. This is actually a long history in us.

Speaker #1: Which I would like to touch these on later pages, and also we have Jason, CFO of ARM, so if you have any question, please, do not hesitate to ask any questions.

Speaker #1: And at the same time, we've been expanding strategic collaboration with OpenAI. For AI chip, which led by ARM, of course, Ampere is going to be in this section.

Speaker #1: to him. Physical AI, this is actually, long history in us, Pippa, you may recall, were the humanoid robots that we started with. So physical AI section is, has, several, good portfolio companies, of which about 20 of those portfolios has been covered together under Robo Holdings.

Yoshimitsu Goto: Pepper, you may recall, were the humanoid robots that we started with. Physical AI section is has several good portfolio companies, of which about 20 of those portfolios has been covered together under Robo Holdings. In addition, as we announced, we have announced the acquisition, the major robotics company, ABB Robotics business. In coming few months, we expecting that we will be able to close this acquisition transaction, and that can be another good strength for our Physical AI segment, and that can be a great value added to our group. Last but not least, AI infrastructure, which is led by SB Energy in US. This entity is leading a main role.

Speaker #1: And the biggest move that ARM made was to announce first in-house CPU chip recently. Also, we have completed the acquisition of Ampere. Which I would like to touch this on later pages.

Speaker #1: And also we have Jason CFO BARM, so if you have any question, please do not hesitate to ask any questions. To him. Physical AI this is actually a long history in us.

Speaker #1: And in addition, as we announced, we have announced the acquisition, the major, robotics company, ABB Robotics, business. So in the, coming few months, we expecting that we will be able to close, this, acquisition transaction, and that can be another good, strength, for our physical AI segment, and that can be a great value added, to our group.

Yoshimitsu Goto: Pepper, you may recall, were the humanoid robots that we started with. Physical AI section is has several good portfolio companies, of which about 20 of those portfolios has been covered together under Robo Holdings. In addition, as we announced, we have announced the acquisition, the major robotics company, ABB Robotics business. In coming few months, we expecting that we will be able to close this acquisition transaction. That can be another good strength for our Physical AI segment, and that can be a great value added to our group. Last but not least, AI infrastructure, which is led by SB Energy in United States. This entity is leading a main role.

Speaker #1: Pepper, you may recall, were the humanoid robots that we started with. So physical AI section is has several good portfolio companies. Of which about 20 of those portfolios has been covered together under Robo Holdings.

Yoshimitsu Goto: Pepper, you may recall, were the humanoid robots that we started with. Physical AI section is has several good portfolio companies, of which about 20 of those portfolios has been covered together under Robo Holdings. In addition, as we announced, we have announced the acquisition, the major robotics company, ABB Robotics business. In coming few months, we expecting that we will be able to close this acquisition transaction. That can be another good strength for our Physical AI segment, and that can be a great value added to our group. Last but not least, AI infrastructure, which is led by SB Energy in United States. This entity is leading a main role.

Speaker #1: Last but not least, AI infrastructure, which is led by SB Energy, in United States. this, is this entity is leading, main role, and also we announced the, major Japan-US public-private project, which is the Ports Technology Campus.

Speaker #1: And in addition, as we announced we have announced the acquisition, the major robotics company ABB Robotics business. So in the coming few months, we expect that we will be able to close this acquisition transaction and that can be another good strength for our physical AI segment and that can be a great value added to our group.

Yoshimitsu Goto: We announced the major Japan-US public-private project, which is the Portus Technology Campus, which is a symbolic project for this AI infrastructure segment. Not only this project, we also looking at the development of further data center sites, led mainly by SB Energy. We are looking forward to have a further development in the progress of such projects. With these efforts, how has that been contributed to our numbers? Here, our profit, actually highest ever, JPY 5 trillion level in net income. This net income, as far as we understand, we believe this is highest ever profit in Japanese corporate history. From the net income highest ever, back in 2020, we achieved JPY 4.9 trillion.

Speaker #1: which is a symbolic project for this AI infrastructure segment. Not only this project, but, we also li looking at the development of further data center sites, led by mainly by SB Energy.

Speaker #1: Last but not least, AI infrastructure, which is led by SB Energy in the United States—this entity is playing a main role. Also, we announced the major Japan-US public-private project, which is the Ports Technology Campus. This is a symbolic project for this AI infrastructure segment.

Speaker #1: And we are, we are looking forward to have a further development, and the progress of such, projects. And with, with these, efforts, how does has that been contributed to our numbers here?

Yoshimitsu Goto: Also, we announced the major Japan-US public-private project, which is the PORTS Technology Campus, which is a symbolic project for this AI infrastructure segment. Not only this project, but we also looking at the development of further data center sites, led by, mainly by SB Energy. We are, we are looking forward to have a further development in the progress of such projects. With, with this efforts, how has that been contributed to our numbers here? Our profit, actually highest ever, JPY 5 trillion level in net income. This net income, as far as we, understand, we believe this is highest ever profit in Japanese corporate history. From the net income highest ever, back in 2020, we achieved JPY 4.9 trillion.

Speaker #1: profit, actually highest ever, 5 trillion yen level. In net income. And this net income, as far as we understand, we believe this is highest ever profit in Japanese corporate history.

Speaker #1: Not only this project, but we also are looking at the development of further data center sites, led mainly by SB Energy. And we are looking forward to further development and the progress of such projects.

Speaker #1: From the net income highest ever, back in 2020, we achieved 4.9 trillion yen. That was the highest, in this time we were able to exceed.

Speaker #1: And with this, efforts how has that been contributed to our numbers here profit actually highest ever 5 trillion yen level. In net income. And this net income as far as we understand, we believe this is highest ever profit in Japanese corporate history.

Yoshimitsu Goto: That was the highest, and this time we were able to exceed that number. In addition, when you see to enterprise value, actually this is even more important indicator than P&L, which is net asset value. From our assets held, less net debt, and here we are looking at JPY 40.1 trillion for the net asset value for this quarter. Latest number pro forma basis, actually, as of this morning, on estimated basis, JPY 47.7 trillion. That's a net number. This is less after net interest-bearing debt. Consolidated results. Net sales, gain loss on investments, income before income tax and net income. In all segments, we were able to made a significant growth across all profit measures.

Speaker #1: That number. In addition, when you see, to, to enterprise value, actually this is even more important indicator than P&L, which is net asset value.

Speaker #1: So from the our assets held, less, net debt, and here we, looking at 40.1 trillion yen, for the, net asset value for this quarter.

Speaker #1: From the net income highest ever back in 2020, we achieved ¥4.9 trillion. That was the highest, and this time we were able to exceed that number.

Yoshimitsu Goto: That was the highest. This time we were able to exceed that number. When you see to enterprise value, actually this is even more important indicator than P&L, which is net asset value. From our assets held, this net debt, here we are looking at JPY 40.1 trillion for the net asset value for this quarter. Latest number pro forma basis, actually, as of this morning, on estimated basis, JPY 47.7 trillion. That's a net number. This is after this net interest-bearing debt. Consolidated results. Net sales, gain, loss on investments, income before income tax and net income. In all segments, we were able to made a significant growth across all profit measures.

Speaker #1: Latest number, proforma basis, actually, as of this morning, an estimated basis, 47.7 trillion yen, that's a net number. So, this is less after le less net interest bearing debt.

Speaker #1: In addition, when you see to enterprise value, actually this is even more important indicator than P&L which is net asset value. So from our assets held, less net debt and here we are looking at 40.1 trillion yen for the net asset value for this quarter.

Speaker #1: Consolidated results. Net sales, gain, loss on investments, income before income tax, and net income in all. Segments, we were able to, made a significant growth across all profit measures.

Speaker #1: Latest number, pro forma basis, actually as of this morning, an estimated basis is ¥47.7 trillion. That's a net number. So this is less, after this, net interest-bearing debt.

Speaker #1: As an a key, performance indicator, net asset value, as of the end of March this year, 40.1 trillion yen. And the latest number, proforma basis, about 48 trillion.

Yoshimitsu Goto: As on a key performance indicator, net asset value as of the end of March this year, JPY 40.1 trillion. The latest number pro forma basis, about JPY 48 trillion. The loan to value, which is net debt divided by equity value of holdings, 17.0% as of the end of March. Again, when you look at the previous year-ends, actually, making a even improvement even after the bigger investments that we have made. The pro forma base latest number, I would say 15-ish percent. The balance sheet moves around, so this is just a for your reference.

Speaker #1: Consolidated results net sales gain loss on investments income before income tax and net income in all segments we were able to make a significant growth across all profit measures.

Speaker #1: And the loan-to-value, which is net debt divided by equity equity value of holdings, 17.0% as of the end of March. Again, when you look at the previous year-end, actually, making a even improvement.

Speaker #1: Even after the bigger, investments that we have made. And the proforma base, latest number, I would say 15-ish, 15-ish, percent. But the balance sheet moves around, so this is just, for your reference.

Speaker #1: As a key performance indicator, net asset value as of the end of March this year is ¥40.1 trillion. And the latest number, on a pro forma basis, is about ¥48 trillion.

Yoshimitsu Goto: On a key performance indicator, net asset value as of the end of March this year, JPY 40.1 trillion. The latest number pro forma basis above JPY 48 trillion. The loan to value, which is net debt divided by equity value of holdings. 17.0% as of the end of March. Again, when you look at the previous year-ends, actually, making a even improvement, even after the bigger investments that we have made. The pro forma base latest number, I would say fifteen-ish percent. The balance sheet moves around, so this is just for your reference. As of March end, I can say we've been improving actually, since then in terms of loan to value. Cash position.

Speaker #1: So as of, March, and end, I can say we've been improving actually, since then in terms of loan-to-value. And cash position? As on financial policy, we always like to maintain our cash position to cover two-year equivalent of the, bond redemption.

Speaker #1: And the loan-to-value, which is net debt divided by equity value of holdings, is 17.0% as of the end of March. Again, when you look at the previous year-end, actually making an even improvement.

Kazuko Kimiwada: As of March end, I can say we've been improving actually since then in terms of loan to value. Cash position, as on financial policy, we always like to maintain our cash position to cover 2 year equivalent of the bond redemption, and actually, this covers even more than that. As a result, it comes to the JPY 3.5 trillion for the cash position as of the end of March. Now, let me touch upon our major contributors to the financial result. First, Arm. Again, they announced first in-house chip. There were some rumor in the past, officially announced in March this first in-house chip. Also they had the record high market cap. Since listing, their market value was JPY 52 billion.

Yoshimitsu Goto: As of March end, I can say we've been improving actually since then in terms of loan to value. Cash position, as on financial policy, we always like to maintain our cash position to cover 2 year equivalent of the bond redemption, and actually, this covers even more than that. As a result, it comes to the JPY 3.5 trillion for the cash position as of the end of March. Now, let me touch upon our major contributors to the financial result. First, Arm. Again, they announced first in-house chip. There were some rumor in the past, officially announced in March this first in-house chip. Also they had the record high market cap. Since listing, their market value was JPY 52 billion.

Speaker #1: And actually, this covers even more than that. And as a result, it comes, to the, to 3.5 trillion yen for the cash position as of the end of March.

Speaker #1: Even after the bigger investments that we have made. And the proforma base latest number, I would say 15-ish percent. But the balance sheet moves around, so this is just a four-year reference.

Speaker #2: Now, let me touch upon a major contributor to the financial result. First, ARM. Again, they announced first in-house chip. There were some rumor in the past, but officially, announced.

Speaker #1: So as of March end, I can say we've been improving, actually, since then in terms of loan-to-value. And cash position? As a financial policy, we always like to maintain our cash position to cover two years' equivalent of the bond redemption, and actually, this covers even more than that.

Yoshimitsu Goto: As on financial policy, we always like to maintain our cash position to cover 2-year equivalent of the bond redemption. Actually, this covers even more than that. As a result, it comes to JPY 3.5 trillion for the cash position as of the end of March. Now, let me touch upon our major contributors to the financial results. First, Arm. Again, they announced first in-house chip. There were some rumor in the past. Officially, announced in March this first in-house chip. Also, they had the record high market cap. Since listing, their market value was JPY 52 billion. It's been growing for over 4 times over the last less than 3 years. In terms of revenue, they have been increasing revenue year on year.

Speaker #2: In March, this first in-house chip. And also, they had the record high market cap. Since listing, there are market value was 52 billion. It's been growing for over four times.

Speaker #1: And as a result, it comes to the 3.5 trillion yen for the cash position as of the end of March.

Speaker #2: Now, let me touch upon a major contributor to the financial result. First, ARM. Again, they announced first in-house chip. There were some rumors in the past, but officially announced.

Kazuko Kimiwada: It's been growing for over 4 times over the last less than 3 years. In terms of revenue, they have been increasing revenue year on year and FY 2025 in Japan calendar, they recorded JPY 4.9 billion or up 22% year on year. They have been growing very steadily. As you can see on the slide, left-hand side in a cloud market, they have gained more shares. AWS, Microsoft, Google, they used Arm's CPU. On the right-hand side, in the area of CSS or compute subsystem, which has a very high margin. Since they have capability to deliver combined technology which allows customers to develop on their own very easily. Again, in the CSS area they have been growing and they have acquired up to 23 contracts including Microsoft and Samsung.

Speaker #2: Over the last less than three years. In terms of revenue, they have been increasing revenue year on year. And FY2025 in Japan, calendar, they recorded 4.9 billion or up 23% year on year.

Speaker #2: In March, this first in-house chip. And also, they had the record high market cap. Since listing, their market value was $52 billion. It's been growing over four times in less than three years.

Speaker #2: So they have been growing very steadily. As you can see on the slide, left-hand side, in a cloud market, they have gained more shares.

Speaker #2: In terms of revenue, they have been increasing revenue year on year, and for FY2025, in the Japan calendar, they recorded $4.9 billion, or up 23% year on year.

Speaker #2: AWS, Microsoft, Google, they used ARM's CPU. And on the right-hand side, in the area of CSS or computer subsystem, which has, very high margin.

Yoshimitsu Goto: FY2025 in Japan calendar, they recorded JPY 4.9 billion or up 22% year on year. They have been growing very steadily. As you can see on the slide, left-hand side in a cloud market, they have gained more shares. AWS, Microsoft, Google, they used Arm's GPU. On the right-hand side, in the area of CSS or compute subsystem, which has a very high margin. Since they have capability to deliver combined technology which allows customers to develop on their own very easily. Again, in the CSS area they have been growing.

Speaker #2: So they have been growing very steadily. As you can see on the slide, left-hand side, in the cloud market, they have gained more shares—AWS, Microsoft, Google—they used ARM's TPU. And on the right-hand side, in the area of CSS, or computer subsystem, which has a very high margin.

Speaker #2: Since they have capability to deliver combined technology which allows customers to develop on their own very easily. So again, in the CSS area, they have been growing.

Speaker #2: And, they have acquired, up to 23 contracts. Including Microsoft and Samsung. in terms of EPS, again, they had the record high EPS. They have spent a lot in R&D for their future growth.

Kazuko Kimiwada: In terms of EPS, again, they had the record high EPS. They have spent a lot in R&D for their future growth. However, the revenue offset such R&D expenses, they are able to hit the record high EPS. Let me remind you why Arm is strong. As you can see, Arm provides IP license to semiconductor makers. They have a business model to deliver a source of the semiconductor industry. Without Arm, the industry wouldn't stand. They have a compute platform most popular in the world. The total chips ever shipped is over 350 billion. Global population using products or services percentage-wise, 70% of the people in the world use Arm in any way. There's a huge developer community based upon Arm's technology to develop varieties of semiconductors.

Speaker #2: Since they have capability to deliver combined technology which allows customers to develop on their own very easily so again in CSS area they have been growing and they have acquired up to 23 contracts.

Speaker #2: However, the, revenue offset such R&D expenses and they are able to hit the record high EPS. And let me remind you why ARM is strong.

Yoshimitsu Goto: They have acquired up to 23 contracts, including Microsoft and Samsung. In terms of EPS, again, they had a record high EPS. They have spent a lot in R&D for their future growth. However, the revenue offset such R&D expenses, and they are able to hit the record high EPS. Let me remind you why Arm is strong. As you can see, Arm provides IP license to semiconductor makers. They have a business model to deliver a source of the semiconductor industry. Without Arm, the industry wouldn't stand. They have a compute platform most popular in the world. The total chips ever shipped is over 350 billion. Global population using product or services, percentage-wise, 70% of the people in the world use Arm in any way.

Speaker #2: Including Microsoft and Samsung. In terms of EPS, again, they had record-high EPS. They have spent a lot in R&D for their future growth.

Speaker #2: As you can see, ARM provides IP license to semiconductor makers. So, they have a business model to deliver source of the semiconductor industry without ARM.

Speaker #2: However, the revenue offset such R&D expenses and they are able to hit the record-high EPS. And let me remind you why ARM is strong.

Speaker #2: The industry wouldn't stand. And, they have a compute platform most popular in the world. And the total chips ever shipped is over 350 billion.

Speaker #2: As you can see, ARM provides IP license to semiconductor makers. So they have a business model to deliver source of the semiconductor industry without ARM, the industry wouldn't stand.

Speaker #2: And global population using products or services percentage-wise, 70% of the people in the world use ARM in any way. And there's a huge developer community based upon ARM's technology to develop varieties of semiconductors.

Speaker #2: And they have a compute platform that's the most popular in the world. And the total chips ever shipped is over 350 billion. And, globally, percentage-wise, about 70% of people in the world use ARM in some way.

Speaker #2: In fact, 22 million developers are making use of ARM technology. So ARM is leading the whole industry. Like I said, they announced the first in-house CPU chip.

Kazuko Kimiwada: In fact, 22 million developers are making use of Arm technology, so Arm is leading the whole industry. Like I said, they announced the first in-house CPU chip. They provide licenses and royalty to customers traditionally. On top of that, with the in-house CPU chip, they are going to deliver more. Let me show you a short video clip Rene talking about the background, why they decided to build their CPU chip.

Speaker #2: And there is a huge developer community based on ARM's technology to develop a variety of semiconductors. In fact, 22 million developers are making use of ARM technology, so ARM is leading the whole industry.

Yoshimitsu Goto: There's a huge developer community based upon Arm's technology to develop varieties of semiconductors. In fact, 22 million developers are making use of Arm technology. Arm is leading the whole industry. Like I said, they announced the first in-house CPU chip. They provide licenses and royalty to customers traditionally. On top of that, with the in-house CPU chip, they are going to deliver more. Let me show you a short video clip Rene Haas talking about the background, why they decided to build their CPU chip.

Speaker #2: So they provide licenses in royalty to customers. Traditionally, so on top of that, with the in-house CPU chip, they are going to deliver more so let me show you a short video clip running talking about the background why they decided to, build their CPU chip.

Speaker #2: Like I said, they announced the first in-house CPU chip. So, they provide licenses and royalties to customers traditionally. So, on top of that, with the in-house CPU chip, they are going to deliver more. So, let me show you a short video clip really talking about the background—why they decided to build their CPU chip.

Speaker #3: In the last number of months, has been this explosion of agents. As we move to agentic query, the number of tokens per human go up by 15x, if not greater.

Rene Haas: In the last number of months has been this explosion of agents. As we move to agentic query, the number of tokens per human go up by 15x, if not greater. The data center is choking. These accelerators, which are very expensive, that generate the tokens, now need to send those tokens back through the cloud. What you see is a huge bottleneck now. What does that mean? You need more and more CPUs.

Speaker #3: The data center is choking. These accelerators which are very expensive that generate the tokens now need to send those tokens back through the cloud.

Speaker #3: So what you see is a huge bottleneck now. So what does that mean? You need more and more CPUs.

Speaker #3: In the last number of months, there has been this explosion of agents. As we move to agentic query, the number of tokens per human goes up by 15x, if not greater.

Speaker #2: That's why they decided to offer most efficient agentic CPU in the world or ARM AGI CPU. They developed ARM. AGI CPU with Meta and there are launch partners supporting them, including OpenAI.

Kazuko Kimiwada: That's why they decided to offer most efficient agentic CPU in the world or Arm AGI CPU. They developed Arm AGI CPU with Meta. There are launch partners supporting them, including OpenAI. Those major brands are supporting them, and they have been communicating each other. Based upon the new business model, how Arm's financial performance is going to look like. Announcement was made in March, like I said, their revenue in FY 2025 was JPY 4.9 billion, but in 2030 or in the 5 years, they are expecting to hit 5 times bigger revenue. Also EPS, they expect 5 times bigger EPS over the next 5 years. Arm is ready to hit those numbers and from profitability perspective, they already have an IP business which has high margin.

Speaker #3: The data center is choking. These accelerators, which are very expensive and generate the tokens, now need to send those tokens back through the cloud.

Speaker #3: So what you see is a huge bottleneck now. So what does that mean? You need more and more CPUs.

Speaker #2: Those are major brands are supporting them and they have been communicating each other. Based upon the new business model, how ARM's financial performance is going to look like.

Yoshimitsu Goto: That's why they decided to offer most efficient agentic CPU in the world or Arm AGI CPU. They developed Arm AGI CPU with Meta. There are launch partners supporting them, including OpenAI. Those major brands are supporting them, and they have been communicating each other. Based upon the new business model, how Arm's financial performance is going to look like. Announcement was made in March, and like I said, their revenue in FY2025 was JPY 4.9 billion, but in 2030 or in the 5 years, they are expecting up to get 5 times bigger revenue. Also, EPS, they expect 5 times bigger EPS over the next 5 years.

Speaker #2: That's why they decided to offer the most efficient agentic CPU in the world, or ARM AGI CPU. They developed the ARM AGI CPU with Meta, and there are launch partners supporting them, including OpenAI.

Speaker #2: Announcement was made in March. And like I said, their revenue in FY25 was 4.9 billion, but in 2030 or in the five years, they are expecting to hit five times bigger revenue.

Speaker #2: Those major brands are supporting them, and they have been communicating with each other. Based upon the new business model, how is ARM's financial performance going to look like?

Speaker #2: And also, EPS, they expect five times bigger EPS over the next five years. So ARM is ready to hit those numbers and from profitability perspective, well, they have already have an IP business which has high margin.

Speaker #2: The announcement was made in March, and like I said, their revenue in FY25 was $4.9 billion, but by 2030, or in five years, they are expecting to hit five times bigger revenue.

Speaker #2: And with this, chip manufacturing ARM, I think it's going to draw a new growth story going forward. Now, let us, go into the OpenAI, slides.

Kazuko Kimiwada: With this chip manufacturing Arm, I think is going to draw a new growth story going forward. Now let us go into the OpenAI slides. There are three highlights for OpenAI, I believe. First, valuation compared to a year before, which was $260 billion in March 2025. That became $730 billion. Investment amount in fiscal 2025 as of the end of March, $32.4 billion has been made in OpenAI. From April to October, over three times that in total we will be making follow-on investments of $30 billion, and that has already been agreed. The first tranche in April, $10 billion, has been already paid. This is the OpenAI valuation movement.

Speaker #2: And also, EPS—they expect five times bigger EPS over the next five years. So ARM is ready to hit those numbers, and from a profitability perspective, well, they already have an IP business, which has high margins. And with this chip manufacturing, ARM, I think, is going to draw a new growth story going forward.

Speaker #2: There are three highlights for OpenAI, I believe. First, valuation. Compared to a year before, which was 260 billion, in March 2025. And that, became 730 billion dollars.

Yoshimitsu Goto: Arm is ready to hit those numbers. From profitability perspective, well, they already have an IP business which has high margin. With this chip manufacturing Arm, I think is going to draw a new growth story going forward.

Speaker #2: And the investment amount in fiscal 2025, as of the end of March, 32.4 billion dollars. Has been made in OpenAI. And, from April to October, over three times, that in total will be making, follow-on investments of 30 billion and that has already been agreed.

Speaker #2: Now, let us go into the OpenAI slides. There are three highlights for OpenAI, I believe. First, valuation. Compared to a year before, which was $260 billion in March 2025.

Yoshimitsu Goto: Now let us go into the OpenAI slides. There are three highlights for OpenAI, I believe. First, valuation compared to a year before, which was JPY 260 billion in March 2025. That became $730 billion. Investment amount in fiscal 2025, as of the end of March, $32.4 billion has been made in OpenAI. From April to October, over three times that in total we will be making follow-on investments of JPY 30 billion, and that has already been agreed. The first tranche, in April, JPY 10 billion, has been already paid. This is the OpenAI valuation movements. At initial investment in OpenAI back in September 2024, back then, OpenAI valuation was $150 billion.

Speaker #2: The first tranche, in April, 10 billion, has been already paid. And, this is the, OpenAI valuation movement. At initial investment in OpenAI, back in September 2024, back then, OpenAI valuation was 150 billion dollars.

Speaker #2: And that became $730 billion. And the investment amount in fiscal 2025, as of the end of March, $32.4 billion, has been made in OpenAI.

Kazuko Kimiwada: At initial investment in OpenAI back in September 2024. Back then, OpenAI valuation was $150 billion. Last year, we had additional investments of $30 billion. At that time, when we made a commitment of $30 billion additional investment, valuation was $260 billion in March 2025. After then, they had another financial round, and this February, in 2026, we made a follow-on investment commitment. That moment, our valuation was $730 billion. Since the initial investment, it took about 2 years and a half and actually made about five times of the valuation. I assume you are also a good user of ChatGPT and the service that provided by OpenAI that you've been experiencing.

Speaker #2: Last year, we had additional investments of 30 billion. At that time, when we made a commitment of 30 billion additional investment, valuation was 260 billion dollars in March 2025.

Speaker #2: And from April to October, over three times, that in total will be making a follow-on investments of 30 billion and that has already been agreed.

Speaker #2: The first tranche in April, 10 billion, has been already paid. And this is the OpenAI valuation movement. At initial investment in OpenAI, back in September 2024, back then, OpenAI valuation was 150 billion dollars.

Speaker #2: And after then, they had financial round, another financial round, and this February, in 2026, we made the, follow-on investment commitment. And that moment, a valuation was 730 billion dollars.

Speaker #2: Last year, we had additional investments of $30 billion. At that time, when we made a commitment of $30 billion in additional investment, valuation was $260 billion in March 2025.

Speaker #2: So since the initial investment, it took about two years and a half and actually made about five times of the valuation I assume you are also a good user of ChatGPT and the service that provided by OpenAI that you've been experiencing.

Yoshimitsu Goto: Last year, we had additional investments of $30 billion. At that time, when we made a commitment of $30 billion additional investment, valuation was $260 billion in March 2025. After then, they had financial round, another financial round, this February 2026, we made a follow-on investment commitment. In that moment, our valuation was $730 billion. Since the initial investment, it took about two years and a half and actually made about 5 times of the valuation. I assume you are also a good user of ChatGPT and the service that provided by OpenAI that you've been experiencing. I think that you can understand why they are making such a great growth in valuation.

Speaker #2: And, I think that you can understand why they are making such a great, growth in valuation. And also, this is the, investment amount in OpenAI, 2.2 billion in fiscal 2024.

Speaker #2: And after that, they had a financial round, another financial round, and this February, in 2026, we made a follow-on investment commitment. At that moment, the valuation was $730 billion.

Kazuko Kimiwada: I think that you can understand why they are making such a great growth in valuation. Also this is the investment amount in OpenAI, 2.2 billion in fiscal 2024. Last year, $32.4 billion. Additional follow-on, additional $30 billion. Total investment in October 2024, reaching to $64.6 billion. That moment, ownership will be somewhere around 13%.

Speaker #2: Last year, 32.4 billion dollars. And, additional follow-on, additional 30 billion. So total, investment, in October, this year, reaching to 64.6 billion dollars. And that moment, ownership will be somewhere around 13%.

Speaker #2: So since the initial investment, it took about two and a half years and actually made about five times the valuation. I assume you are also a good user of ChatGPT and the services provided by OpenAI that you have been experiencing.

Speaker #2: And I think that you can understand why they are making such great growth in valuation. And also, this is the investment amount in OpenAI—$2.2 billion in fiscal 2024.

Speaker #2: Once again, 30, out of 30 billion, 10 billion, has already been funded in April, this year as an first tranche. And this is a growth of the ChatGPT service.

Yoshimitsu Goto: Out of JPY 30 billion, JPY 10 billion has already been funded in April this year as a 1st tranche. This is the growth of the ChatGPT service. These are the data that are shared by and disclosed by OpenAI. The weekly active user here, 900 million-plus number of users are actually counted for February 2026, which is accounted for 15% of global internet users. Also paid subscribers, it's over 50 million subscribers now. ChatGPT initially focus on the retail or the consumer market. You've been seeing these numbers, but actually, OpenAI has been also putting an effort in enterprise business, they are accelerating this business as well.

Yoshimitsu Goto: This is the investment amount in OpenAI, $2.2 billion in FY2024. Last year, $32.4 billion. Additional follow-on, additional $30 billion. Total investment in October this year, reaching to $64.6 billion. In that moment, ownership will be somewhere around 13%. Once again, out of $30 billion, $10 billion has already been funded in April this year as an first tranche. This is the growth of the ChatGPT service. These are the data that are shared by and disclosed by OpenAI. Weekly active user here, 900 million-plus number of users are actually counted for February 2026, which is accounted for 15% of global internet users.

Speaker #2: Last year, $32.4 billion. And additional follow-on, additional $30 billion, so total investment in October this year, reaching $64.6 billion. And at that moment, ownership will be somewhere around 13%.

Speaker #2: And then these are the data that, shared by and disclosed by OpenAI. And, weekly active user here, 900 million plus, number of users, actually, counted for February 2026, which is accounted for 15% of global internet users.

Speaker #2: Once again, out of $30 billion, $10 billion has already been funded in April this year as a first tranche. And this is a growth of the ChatGPT service.

Speaker #2: And also, paid subscribers, it's over 50 million, subscribers now. ChatGPT initially, focused on the retail or the consumer, market. So you've been seeing this, numbers, but actually, OpenAI has been also putting an effort in enterprise business.

Speaker #2: And these are the data that are shared by and disclosed by OpenAI. And, weekly active users here, 900 million plus. Number of users are actually counted for February 2026, which is accounted for 15% of global internet users.

Speaker #2: And they are accelerating, this business as well. Right now, it's about, 40%, enterprise share of the total revenue. and that is expected to be 50%, by the end of 2026.

Yoshimitsu Goto: Right now, it's about 40% enterprise share of the total revenue, and that is expected to be 50% by the end of 2026. As a result, consumer business and enterprise business will be about the same size. That's how we see around the end of this year. Also paying e-business users as of this April, that they have already reached and exceeds 9 million users. The coding agent, as you can tell that the coding is a very complicated task, and this agent executes complex coding tasks on behalf of you or for you. That actually creates a great productivity in how much people actually using. This is only in 4 months, and this number of users are in 10 times.

Speaker #2: And also, paid subscribers—it's over 50 million. ChatGPT initially focused on the retail, or the consumer, market. So you've been seeing these numbers, but actually, OpenAI has also been putting effort into the enterprise business.

Yoshimitsu Goto: Also paid subscribers, it's over 50 million subscribers now. ChatGPT initially focus on the retail or the consumer market. You've been seeing these numbers, but actually, OpenAI has been also putting an effort in enterprise business, and they are accelerating this business as well. Right now, it's about 40% enterprise share of the total revenue. That is expected to be 50% by the end of 2026. As a result, consumer business and enterprise business will be about the same size. That's how we see around the end of this year. Also paying e-business users as of this April, that they have already reached and exceeds 9 million users.

Speaker #2: So, as a result, consumer business and enterprise business will be about the same, same size. that's how we see around the end of this year.

Speaker #2: And also, paying e-business users, as of this April, that they have already reached, and exceed 9 million, users. And according, agent, as you can tell, that according is a very complicated task.

Speaker #2: And they are accelerating this business as well. Right now, it's about 40% enterprise share of the total revenue. And that is expected to be 50% by the end of 2026.

Speaker #2: And, this agent executes complex coding tasks on behalf of you. or for you. And that actually creates a great productivity and how much people actually using this is only in four months and this number of users are in 10 times.

Speaker #2: So, as a result, consumer business and enterprise business will be about the same size. That's how we see it around the end of this year.

Speaker #2: And also, paying e-business users as of this April, they have already reached and exceeded 9 million users. And according to the agent, as you can tell, coding is a very complicated task, and this agent executes complex coding tasks on your behalf.

Speaker #2: So that this growth is, tremendous. And, that's something that, is happening in, coding area. So compute is the foundation of AI evolution. You need more compute.

Yoshimitsu Goto: This growth is tremendous and that's something that is happening in the coding area. Compute is the foundation of AI evolution. You need more compute. With having more compute, you'll be able to have more intelligent models. Once you have a more intelligent models, that leads you to more intelligent products. That actually faster adoption and more revenue and more cash flow. That's how we've been seeing wider range of the use case in AI. Access to compute is a strategic advantage. Also compute is provided with multiple partners, but that doesn't comes to you in overnight. You do need a good preparation, and you do need a strong partners. Otherwise, you cannot really have an access to compute.

Yoshimitsu Goto: A coding agent, as you can tell that the coding is a very complicated task, this agent executes complex coding tasks on behalf of you or for you. That actually creates a great productivity in how much people actually using. This is only in 4 months, and this number of users are in 10 times. This growth is tremendous, and that's something that is happening in coding area. Compute is the foundation of AI evolution. You need more compute. With having more compute, you'll be able to have more intelligent models. Once you have a more intelligent models, that leads you to more intelligent products. That actually faster adoption, more revenue, and more cash flow. That's how we've been seeing wider range of the use case in AI.

Speaker #2: Or for you. And that actually creates a great productivity and how much people actually using this is only in four months and this number of users are.

Speaker #2: And with you having more compute, you'll be able to have more intelligent models. And once you have a more intelligent models, that leads you to more intelligent, products.

Speaker #2: 10 times. So that this growth is tremendous. And that's something that is happening in coding area. So compute is the foundation of AI evolution.

Speaker #2: And that actually faster adoption and more revenue and more cash flow. So that's how we've been seeing wider range of the use case. in AI.

Speaker #2: You need more compute. And with having more compute, you'll be able to have more intelligent models. And once you have a more intelligent models, that leads you to more intelligent products.

Speaker #2: So access to compute is a strategic advantage. And also, compute is provided with multiple partners, but that doesn't come to you in overnight. You do need a good preparation.

Speaker #2: And that actually means faster adoption, more revenue, and more cash flow. So that's how we've been seeing a wider range of use cases in AI.

Speaker #2: And you do need a strong partners. Otherwise, you cannot really have an access to compute. And OpenAI, having a, chip vendors like NVIDIA Oracle's for data centers, or cloud, providers such as Microsoft's.

Yoshimitsu Goto: OpenAI having chip vendors like NVIDIA, Oracle, for data centers or cloud providers such as Microsoft. Having a great relationship and partnership with those companies, as a result, they will be able to create such a infrastructure and having an access to compute. They are on the in the process of such a development of further advantage for the company. Now on to Vision Fund. Actually, it is showing quite a good number this time that we are happy to share with you. JPY 45.7 billion as a cumulative investment gain compared to the year-over-year, that is additional incremental JPY 46.2 billion. Accumulated investment gain is also becoming a positive number.

Speaker #2: So access to compute is a strategic advantage and also compute is provided with multiple partners, but that doesn't come to you overnight. You do need a good preparation and you do need a strong partners; otherwise, you cannot really have an access to compute.

Speaker #2: So, having, great relationship and partnership with those companies, as a result, they'll be able to create such a, infrastructure and having an access to compute.

Yoshimitsu Goto: Access to compute is a strategic advantage. Also compute is provided with multiple partners, but that doesn't come to you in overnight. You do need a good preparation, and you do need strong partners, otherwise you cannot really have an access to compute. OpenAI having chip vendors like Nvidia, Oracle, for data centers or cloud providers such as Microsoft, and having a great relationship and partnership with those companies, as a result, they'll be able to create such an infrastructure and having an access to compute. They are on the process of such a development of further advantage for the company. Now on to Vision Fund. Actually, it is showing quite a good number this time that we are happy to share with you.

Speaker #2: And they are on the in the process of such a development of further, advantage for the company. And now onto Vision Fund. Actually, it is showing a quite a good number this time that we are happy to share with you.

Speaker #2: And OpenAI having a chip vendors like NVIDIA Oracles for data centers or cloud providers such as Microsoft. So having a great relationship and partnership with those companies as a result, they'll be able to create such a infrastructure and having an access to compute.

Speaker #2: 45.7 billion as an cumulative investment gain, compared to the, year-over-year, that's additional incremental of 46.2 billion. And accumulative investment gain is also. Becoming a positive number.

Speaker #2: And they are in the process of such a development of further advantage for the company. And now, onto Vision Fund. Actually, it is showing quite a good number this time that we are happy to share with you.

Speaker #2: And this is the actual, cumulative, investment gain and/or loss, from the Vision Fund segment point of view. And actually, made a significant improvement. 24.2 billion incrementals for Vision Fund One and 21.8 billion for Vision Fund Two.

Yoshimitsu Goto: This is the actual cumulative investment gain and/or loss from the Vision Fund segment point of view, and actually made a significant improvement. JPY 24.2 billion incremental for Vision Fund 1 and JPY 21.8 billion for Vision Fund 2. Since 2022, 2021, that they made a significant increase. After then, that actually they made a great recovery compared to at the time of 2020. The Vision Fund 1 actually is making a steady growth. Of course, in portfolio, some of them are doing good because of several factors, especially for those public securities. There are some companies that are having some slowdown of the share price increase, but each one of them has their own reason.

Speaker #2: 45.7 billion as an cumulative investment gain, compared to the year-over-year that's additional incremental of 46.2 billion. And accumulative investment gain is also becoming a positive number.

Speaker #2: So since 2022, 2021, that they made a significant increase. And after then, that, actually they made a great recovery. compared to, at the time of the 2020.

Yoshimitsu Goto: JPY 45.7 billion as a cumulative investment gain compared to the year-over-year, that's additional in-incremental of JPY 46.2 billion. Accumulative investment gain is also becoming a positive number. This is the actual cumulative investment gain and or loss from the SoftBank Vision Fund segment point of view, actually made a significant improvement. JPY 24.2 billion incremental for SoftBank Vision Fund 1, and JPY 21.8 billion for SoftBank Vision Fund 2. Since 2020 to 2021 that they made a significant increase. After then, that actually they made a great recovery, compared to at the time of the 2020. The SoftBank Vision Fund 1 actually is making a steady growth. Of course, in portfolio some of them are doing good because of several factors, especially for those public securities.

Speaker #2: And this is the actual cumulative investment gain and/or loss from the Vision Fund segment point of view and actually made a significant improvement. 24.2 billion incrementals for Vision Fund One and 21.8 billion for Vision Fund Two.

Speaker #2: And the Vision Fund One actually is making a steady growth. Of course, in portfolio, some of them are doing good because of several, factors, especially for those public securities, there are some companies that, are having some slowdown of the share price increase, but each, one of them has, their own reason.

Speaker #2: So since 2021 to 2022, they made a significant increase, and after that, actually, they made a great recovery compared to the time of 2020.

Speaker #2: And as far as we understand the reason, I believe that we can understand and at the same time, Vision Fund One will be able to, see and manage leading to the best, monetizations for the fund as Vision Fund already finished this investment period.

Yoshimitsu Goto: As far as we understand the reasons, I believe that we can understand and at the same time, Vision Fund 1 will be able to see and manage, leading to the best monetization for the fund as Vision Fund already finished its investment period. For Vision Fund 2 on your right-hand side, needless say, OpenAI's contribution is large. These numbers as OpenAI is still the private company, but at the same time, we will be expecting some exit stories going forward for those portfolio companies, including IPO or divestments. The fund 2 still have a good investment period, so we would like to look forward to see a good growth of those portfolio companies, including OpenAI for the future. Here's a cumulative investment return.

Speaker #2: And the Vision Fund One actually is making a steady growth. Of course, in portfolio, some of them are doing good because of several factors, especially for those public securities, there are some companies that are having some slowdown of the share price increase, but each one of them has their own reason.

Speaker #2: And for Vision Fund Two, on your right-hand side, need to say, OpenAI's contribution is large. These numbers as OpenAI through the private company. but at the same time, we will be expecting some exit stories going forward for those portfolio companies, including IPO or divestments.

Yoshimitsu Goto: There are some companies that are having some slowdown of the share price increase, but each one of them has their own reason. As, as we understand the reason, I believe that we can understand and at the same time, Vision Fund 1 will be able to see and manage leading to the best monetization for the fund as Vision Fund already finished its investment period. For Vision Fund 2 on your right-hand side, needless to say, OpenAI's contribution is large. These numbers as per OpenAI is still the private company. But at the same time, we will be expecting some exit stories going forward for those portfolio companies, including IPO or divestments. The Fund 2 still have a good investment period.

Speaker #2: And as we understand the reason, I believe that we can understand, and at the same time, Vision Fund One will go to see and manage, leading to the best management solutions for the fund, as Vision Fund already finished this investment period.

Speaker #2: But the fund two still have a good, investment period. So we would like to, look forward, to see a good growth of those portfolio companies, including OpenAI, for the future.

Speaker #2: And for Vision Fund Two on your right-hand side, I need to say OpenAI's contribution is large. These numbers as OpenAI through the private company but at the same time we will be expecting some exit stories going forward for those portfolio companies including IPO or divestments but the fund two still have a good investment period so we would like to look forward to see a good growth of those portfolio companies including OpenAI for the future.

Speaker #2: And here's accumulative investment return. You see in respectively in Vision Fund One and Vision Fund Two, actually making a good growth. For Vision Fund One, you're in the left-hand side, it is making a good, investment return, 72 billion.

Yoshimitsu Goto: You see respectively Vision Fund One and Vision Fund Two actually making a good growth. For Vision Fund One, you are on the left-hand side, it is making a good investment return. JPY 72 billion has been already exited. On your right-hand side, Vision Fund Two cumulative investment return, JPY 119 billion. Making a good recovery here as well. Public listings and the pipelines for Vision Fund is shown on this slide. Fiscal 2025, 7 listings has happened, which include PayPay, which was quite a large size of the IPO, and we are very happy to have them in this list. Cumulative since inception, 62 listing has been happened. I believe this is quite good numbers from the IPO or results point of view. On your right-hand side is a late stage portfolio.

Speaker #2: Has been already exited. And on your right-hand side, Vision Fund Two, cumulative investment return, 119 billion. So making a good recovery here as well.

Yoshimitsu Goto: We would like to look forward to see a good growth of those portfolio companies, including OpenAI for the future. Here's a cumulative investment return. You see respectively in Vision Fund 1 and Vision Fund 2 actually making a good growth. For Vision Fund 1, you know, left-hand side, it is making a good investment return. JPY 72 billion has been already exited. On your right-hand side, Vision Fund 2 cumulative investment return, JPY 119 billion. Making a good recovery here as well. Public listings and the pipelines for Vision Fund is shown on this slide. FY2025, 7 listings has happened, which include PayPay, which was a quite a large size of the IPO, and we are very happy to have them in this list.

Speaker #2: And the public listings and pipelines for Vision Fund, is shown on this slide. Fiscal 2025, seven listings has happened. It includes PayPay, which was a quite a large size of the, IPO, and we are very happy to have them, in this list.

Speaker #2: And here's a cumulative investment return you see respectively in Vision Fund One and Vision Fund Two, actually making good growth. For Vision Fund One, on the left-hand side, it is making a good investment return. $72 billion has been already exited.

Speaker #2: And the cumulative, since inception, 62 listings has been happened. I believe this is quite a good number from the IPO, results point of view.

Speaker #2: And on your right-hand side, Vision Fund Two cumulative investment return 119 billion. So making a good recovery here as well. And the public listings and pipelines for Vision Fund is shown on this slide.

Speaker #2: On your right-hand side, is a late-stage portfolio. fair value, total fair value is also growing, 118 billion. Compared to the last year, March, 81 billion incrementals.

Yoshimitsu Goto: Fair value, total fair value is also growing, 118 billion compared to last year March, 81 billion incrementals. This again having a big contribution from OpenAI, but also there are other contribution from ByteDance, Fanatics. There are also quite good companies that we are looking at. PayPay, as I mentioned earlier, March 12 that they went to public in Nasdaq market. Market cap, $12 billion. This was the largest Japanese corporations listed in United States. I'm also a member of the board of PayPay. They actually started from the scratch and came to this way to the IPO, and also making a big IPO, which is a quite impressive journey that they have gone through.

Speaker #2: In fiscal 2025, seven listings have happened, which include PayPay, which was quite a large size of IPO, and we are very happy to have them in this list.

Speaker #2: This again, having a big contribution from OpenAI, but also there are other, contribution from, ByteDance, Fanatics. There are also, quite a, good, companies that we are looking at.

Speaker #2: And the cumulative since inception 62 listing has been happened I believe this is quite a good numbers from the IPO results point of view.

Yoshimitsu Goto: The cumulative, since the inception, 62 listing has been happened. I believe this is quite good numbers from the IPO or results point of view. On your right-hand side is a late stage portfolio. Fair value, total fair value is also growing JPY 118 billion compared to the last year March, JPY 81 billion incrementals. This again, having a big contribution from OpenAI, but also there are other contribution from ByteDance, Fanatics. There are also quite like good companies that we are looking at. PayPay, as I mentioned earlier, 12 March, that they went to public in Nasdaq market. Market cap, $12 billion. This was the largest Japanese corporations listed in United States. I am also a member of the board of PayPay.

Speaker #2: PayPay, as I mentioned earlier, March 12th, that they went to a public in Nasdaq market. Market cap, 12 billion dollars. So, this was the largest, Japanese corporations, listed in the United States.

Speaker #2: On your right-hand side is a late stage portfolio fair value. Total fair value is also growing—$118 billion compared to last year March, $81 billion incrementals.

Speaker #2: This again having a big contribution from OpenAI, but also there are other contributions from ByteDance, Fanatics—there are also quite good companies that we are looking at.

Speaker #2: I'm also a member of the board of PayPay. And they actually started from the scratch, and came to this way to the IPO. And also making a big IPO, which is, quite impressive.

Speaker #2: PayPay as I mentioned earlier March 12th that they went to public in Nasdaq market. Market cap 12 billion dollars so this was the largest Japanese corporations.

Speaker #2: journey that they have gone through. Of course, Masa, has a quite a passion in it, and I believe his, founder, entrepreneurship, actually, led, to these results.

Yoshimitsu Goto: Of course, Masa has a quite a passion in it, and I believe his founder entrepreneurship actually led to this result. As a group, we are very motivated to see that these companies of our group is making such a great growth. PayPay operation is actually doing pretty well as well. Number of registered users exceeded 73 million. It's used by more than 1 in 2 people in Japan and more than 2 in 3 smartphone users in Japan. GMV also making a very steady growth here, which exceeded JPY 19 trillion. The payment or cashless payment market is about JPY 160 trillion size. JPY 19 trillion GMV means actually accounts for 12%.

Speaker #2: Listed in the United States. I'm also a member of the board of PayPay, and they actually started from scratch and came this far to the IPO.

Speaker #2: And as a group, we are very motivated to see, that these companies of our group, is making such a great growth. And PayPay operation is actually doing pretty well as well.

Yoshimitsu Goto: They actually started from the scratch and came to this way to the IPO, also making a big IPO, which is a quite impressive journey that they have gone through. Of course, Masa has a quite a passion in it, and I believe his founder entrepreneurship actually led to these results. As a group, we are very motivated to see that these companies of our group is making such a great growth. PayPay Corporation is actually doing pretty well as well. Number of registered users exceeded 73 million. It's used by more than one in two people in Japan and more than two in three smartphone users in Japan. GMV also making a very steady growth here, which exceeded JPY 19 trillion.

Speaker #2: Number of registered users exceeded 73 million. so it's, used by more than one in two people in Japan, and more than two in three smartphone users in Japan.

Speaker #2: And also making a big IPO which is quite impressive journey that they have gone through. Of course, MASA has quite a passion in it and I believe his founder entrepreneurship actually led to this results and as a group we are very motivated to see that these companies of our group is making such a great growth.

Speaker #2: GMB, also, making a very steady growth here. which exceeded 19 trillion, yen. And the payment or cashless payment, market is about 160 trillion yen, size.

Speaker #2: And PayPay operation is actually doing pretty well as well. Number of registered users exceeded 73 million. So it's used by more than one in two people in Japan and more than two in three smartphone Japan.

Speaker #2: So 19 trillion yen GMB means actually accounts for 12%. So I believe that, is making a quite a good share. that PayPay has right now.

Yoshimitsu Goto: I believe that is making a quite a good share that the PayPay has right now. Share price, oh, it is still early to tell because they just went public, so we do need to follow several years over. Since the IPO, they are making a good progress so far, which is also another happy news for me.

Speaker #2: And, share price, oh, it's still early to tell because they just went public. So we do need to follow, several years over. But, since the, IPO, they are making, good progress so far, which is also another happy news for me.

Speaker #2: GMB also making a very steady growth here. Which exceeded 19 trillion yen. And the payment or cashless payment market is about 160 trillion yen.

Speaker #2: Sides so 19 trillion yen GMB means actually account for 12%. So I believe that is making a quite a share that PayPay has right now.

Yoshimitsu Goto: The payment or cashless payment market is about JPY 160 trillion size. JPY 19 trillion GMV means actually accounts for 12%. I believe that it's making quite a share that the PayPay has right now. Share price are still hard to tell because they just went public, we do need to follow several years over. Since the IPO, they are good progress so far.

Speaker #2: Now, let me talk about AI infrastructure. This is the highlight in AI infrastructure back in March. We announced world's largest integrated power and data center campus in Porsche Technology Campus, Ohio.

Kazuko Kimiwada: Let me talk about AI infrastructure. This is the highlight in AI infrastructure back in March. We announced world's largest integrated power and data center campus in Portus Technology Campus, Ohio. Masa is in the middle of the picture together with commerce secretary and energy secretary of the United States. This is a large scale public-private AI infrastructure project involving the American Department of Energy, Department of Commerce, SB Energy, and AEP Ohio, which is power company like Tokyo Electric Power Company or Chubu Electric Power in Japan. Again, this is a public-private project. In terms of power, capacity of 10 GW. Engine is gas. The mega data center, which is required by AI, needs such huge power. 10 GW is equivalent or exceeding metropolitan Tokyo's average power demand, a tremendous capacity.

Speaker #2: Masa is in the middle of the picture together with commerce secretary and energy secretary of the United States. This is a large-scale public-private AI infrastructure project involving the American Department of Energy, Department of Commerce, SB Energy, and AEP Ohio, which is power company.

Speaker #2: Like a Tokyo Power Electric or Chubu Power Electric in Japan. So again, this is a public-private project. In terms of power, capacity of 10 gigawatt.

Speaker #2: Engine is gas. The mega data center, which is required by AI, needs such huge power. 10 gigawatt is equivalent or exceeding metropolitan Tokyo's average power demand tremendous capacity.

Speaker #2: And from data center perspective, the capacity of 10 gigawatt is, to give you an idea, or to put into perspective, this level exceeds the combined installed data power capacity of the UK, Japan, and South Korea.

Kazuko Kimiwada: From data center perspective, the capacity of 10 gigawatt is, to give you an idea or to put into perspective, this level exceeds the combined installed data center power capacity of the UK, Japan, and South Korea. 10 giga in power and 10 gigawatt for data center. As you can see, this is a huge project, first of its kind in history. At the groundbreaking ceremony, Masa said that this project would stimulate the whole industry and accelerate innovation across every aspects of our lives. This will become the center of our super intelligence. This vision is shared with American government and obviously Japan is involved in this project, and I think everyone is on the same page, which is to strive for becoming the center of artificial super intelligence in the future.

Speaker #2: So 10 giga in power and 10 gigawatt per data center, as you can see, this is a huge project. First of its kind in history.

Speaker #2: At the groundbreaking ceremony, Masa said that this project would stimulate the whole industry and accelerate innovation across every aspect of our lives. This will become the center of our superintelligence.

Speaker #2: This vision is shared with, American government and obviously Japan is involved in this project. And I think everyone is on the same page which is to strive for becoming the center of artificial superintelligence in the future.

Speaker #2: We'd like to make this project success. And we want to grow together with this kind of huge project, not only for our group, but also we hope that growth of AI will make people in the world happy.

Kazuko Kimiwada: We would like to make this project success, and we want to grow together with this kind of huge project, not only for our group, but also we hope that growth of AI will make people in the world happy. We have an SB Energy in our group, and let me remind you why this company is strong. SB Energy is a US entity, and they have a capacity or capability to develop data center and power combined. They have a great track record. For example, in terms of data center, this is the AI data center in Milam County in Texas. The construction is underway and capacity is 1.5 GW, and the tenant is an OpenAI, which signed an agreement for over 15 year. Also, SoftBank Energy or SB Energy started from the power business.

Speaker #2: We have an SB Energy in our group, and let me remind you why this company is strong. SB Energy is a US entity and, they have a capacity or capability to develop data center and power combined.

Speaker #2: They have a great track record. For example, in terms of data center, this is the AI data center in Millam County, in Texas. The construction is underway.

Speaker #2: And the capacity is 1.5 gigawatt. And the tenant is an open AI which signed an agreement for over 15 years. And also, SoftBank Energy or SB Energy started from the power business.

Speaker #2: In terms of battery storage and solar energy, and the combination of battery storage and solar energy, they have great past record. Like in Nevada, in the US.

Kazuko Kimiwada: In terms of battery storage and solar energy and a combination of battery storage and solar energy, they have great past record, like in Nevada, in US. Not only in the US but also in Japan. Well, SoftBank KK had an announcement of their financial results earlier this week. Again, they have started working on data centers in Japan, and those include Tomakomai in Hokkaido and Sakai in Osaka. SoftBank, led by Mr. Miyakawa, is working and building those huge data centers in Japan. Now let me move on to physical AI. What is physical AI? Robots and driverless cars. Physical AI allows those autonomous type of robots to recognize, understand what's happening around the world to execute complex tasks. Which is the key for future growth of AI. Let me give you highlights.

Speaker #2: Not only in the US, but also in Japan. Well, SoftBank, KK had an announcement of their financial results earlier this week. So again, they have started working on data centers in Japan.

Speaker #2: And, those include Tomakoma in Hokkaido and Sakai in Osaka. SoftBank led by Mr. Miyakawa is working and building those huge data centers in Japan.

Speaker #2: Now, let me move on to physical AI. What is physical AI? robots and, driverless cars. So physical AI allows those autonomous type of robots to recognize and understand what's happening around the world, to execute complex tasks.

Speaker #2: Which is key for future growth of AI. Let me give you highlights. First, we brought together about 20 robotics companies under Robo Holdings and also we announced acquisition of ABB Robotics business.

Kazuko Kimiwada: First, we brought together about 20 robotics companies under Robo Holdings. Also we announced acquisition of ABB Robotics business. With regards to Robo Holdings, from our entity's perspective, previously, we started investing in those business through Vision Fund. With that, Robo Holdings as shareholders are SoftBank with 58.7% ownership, SVF2 with 41.3% ownership. Agile Robots, Skild AI, SoftBank Robotics, AutoStore are the portfolio companies under Robo Holdings. By the sectors, left is autonomous mobility or automatic driving or autonomous driving. Those are the companies developing those technologies. Wayve is included. I believe that we showed a video of Wayve technology in the past. Wayve has been making tremendous growth. Also Nuro is one of the portfolio companies in autonomous mobility sector.

Speaker #2: With regards to Robo Holdings, so from our entity's perspective, previously the started investing in those business through vision fund. With that, Robo Holdings shareholders are SoftBank with 58.7% ownership and SBF2 with 41.3% ownership.

Speaker #2: And Agile Robots, SKU AI, SoftBank Robotics, AutoStore, those are the portfolio companies under Robo Holdings. By the sectors, left is autonomous mobility or automatic driving or autonomous driving.

Speaker #2: Those are the companies developing those technologies. Wave is included I believe that we showed a video of Wave technology in the past. And Wave has been making tremendous growth.

Speaker #2: And also Neuro is one of the portfolio companies in autonomous mobility sector. And in the middle is automation infrastructure sector. Like, warehouses, or sorting at warehouses, or robots to do the works.

Kazuko Kimiwada: In the middle is automation infrastructure sector, like warehouses, or sorting at warehouses, or robots to do the works and system to let robots work. Those are companies developing these technologies. On the right-hand side is robotics and, in the future, humanoids will be included in this area. They have started their businesses in their respective areas with their respective expertise. We have invested in startups, but even though you call them startups, they have grown significantly already. From a valuation perspective in the latest round, for example, Skild AI valued at JPY 14 billion, Wayve JPY 8.6 billion, Zipline, autonomous drone technology developer valued at JPY 7.6 billion, Nuro. They announced auto driving system or program valued at JPY 6 billion. Size-wise, they can be called unicorn.

Speaker #2: And system to let robots work. So those are the companies developing these technologies. And on the right-hand side is Robotics and in the future humanoids will be included in this area.

Speaker #2: They have started their businesses in the respective areas with their respective expertise. We have invested in startups, but even though you call them startups, they have grown significantly already.

Speaker #2: From valuation perspective in the latest round, for example, SKU AI valued at 14 billion, Wave 8.6 billion, Zipline, autonomous drone. Technology developer valued at 7.6 billion, Neuro they announced auto driving system program valued at 6 billion.

Speaker #2: So size-wise, they can be called unicorn. So they have grown dramatically. And we have been investing in those portfolio companies through vision fund too.

Kazuko Kimiwada: They have grown dramatically and we have been investing in those portfolio companies through Vision Fund 2. They are entering into the next stage. I mentioned tremendous recovery of Vision Fund performance, and obviously OpenAI contributed a lot. That's not the only story behind the significant recovery of SoftBank Vision Fund 2. ABB Robotics business, we are expecting to close acquisition by end of 2026. This slide shows key strengths of ABB Robotics. They have a presence in over 50 countries, where there's 7,000 employees and 500,000 robots. Their human resource and talents are amazing and they have capacity of 100,000 units per year. That's production capacity with 3 sites and from R&D to manufacturing and sales and service, they have an end-to-end capability.

Speaker #2: And they are entering into the next stage. I mentioned tremendous recovery of vision fund, performance. And obviously, open AI contributed a lot. But that's not the only story behind the significant recovery of SoftBank vision fund too.

Speaker #2: And ABB Robotics business. We are expecting to close acquisition by end of 2026. This, slide shows key strengths of ABB Robotics. They have a presence in over 50 countries with 7,000 employees and 500,000 robots.

Speaker #2: And their human resource and talents are amazing. And, they have capacity of 100,000 units per year. That's production capacity with three sites. And from R&D to manufacturing and sales and service, they have an end-to-end capability.

Speaker #2: Traditionally, we often invest in smaller startups but ABB Robotics has already built a strength and foundation together with such a strong robust, business. We should be able to expect a lot more for the physical AI.

Kazuko Kimiwada: Traditionally, we often invest in smaller startups, but ABB Robotics has already built a strength and foundation together with such a strong, robust business.

Yoshimitsu Goto: We should be able to expect a lot more for the physical AI. Last but not least, financial policy. Before I go into that, because we are investment company, let us also share with you the investment amount so far. Back in fiscal 2023 and fiscal 2024, we actually were kind of slowing down investment activities, but after the COVID, we were pretty much slowed down. Last year, mainly, driven by open investment, we have invested about $44 billion. This year, what we have already decided so far is the for the all investment, including $10 billion that we have executed, so $30 billion in OpenAI and ABB Robotics, $5.4 billion. In end of December, DigitalBridge acquisition was announced last year.

Speaker #2: Last but not least, financial policy. But before I go into that, because we are investment company, so let us also share with you the investment amount so far.

Speaker #2: Back in fiscal 2023 and fiscal 2024, we actually were kind of slowing down in investment activities, but after the COVID, we were, pretty much slowed down.

Speaker #2: but last year, mainly, driven by open AI investment, we have invested, about 44 billion dollars this year. What we have already decided so far is the following investment, including 10 billion that we have executed.

Speaker #2: So 30 billion in open AI, and, ABB Robotics, 5.4 billion dollars, and end of December, digital bridge acquisition was announced last year. So this payment is coming sometime later this year, which is expected to be 3.1.

Yoshimitsu Goto: This payment is coming sometime later this year, which is expected to be 3.1. In total, commitment-wise, JPY 38.5 billion has already been decided. That's the amount we are looking in our investment capital plan. As a bridge facility-wise, JPY 10 billion has been secured, and we will be switching to the permanent finance after the 1 year. As a takeout, as we look at the size of our net asset value, somewhere close to JPY 48 trillion, and the majority of them are the public securities. We believe we have quite a good source here to be able to flexibly choose the best takeout finance from there with no rush.

Speaker #2: so in total, commitment-wise, 38.5 billion has already been, decided. And that's the amount we are looking in our, investment, capital plan. And, as a bridge facility-wise, 10 billion has been, secured.

Speaker #2: And, we will be switching to the, permanent finance after, the, one year. So the, as a takeout-wise, as you look at the size of our net asset value, somewhere close to 48 trillion yen, and the majority of them are the public securities.

Speaker #2: So we believe we have quite a good source here. to be able to flexibly choose the best takeout finance from there with, no rush.

Speaker #2: No change in the financial policy. And this is the most important thing for us. In the AI era with lots of growth here and there, so Masa has a lot of things that he wants to do, management also like to do many things.

Yoshimitsu Goto: No change in the financial policy. This is the most important thing for us. In AI era with lots of growth here and there, Masa has a lot of things that he wants to do. Management also like to do many things, we do need to manage and have a discipline. That is why that we have this financial policy to maintain our loan-to-value less than 25% and also maintain our at least 2 year worth of bond redemptions in cash positions. Keeping this financial policy actually rules our investment amount. As an investment company, we do not set the budget for the investment, but always like to make sure that our company is safe and sound.

Speaker #2: But we do need to manage and have a discipline so that is why that we have this financial policy to maintain our launch value less than 25% and also maintain our at least two-year worth of bond redemptions in cash positions.

Speaker #2: So keeping these financial policy actually rules our, investment amount. So as an investment company, we do not set the budget for the investment. But always like to make sure that our companies are safe and, sound.

Speaker #2: And in, other way to express that, that this is the financial policy which rules our investment amount. Which is very easy to understand, I believe.

Yoshimitsu Goto: In other way to express that, this is the financial policy which rules our investment amount, which is very easy to understand, I believe, but also it's the most important policy for us. Keeping this policy makes us a best relationship with our stakeholders, including shareholders, bondholders, and others. For them, we would like to live up to their expectations under such financial policy. Here on, we are still looking ahead over the next 30 years because the AI revolution just started. We aim to be at the center of the AI revolution. We want to be the company worthwhile to be the center of the AI revolution, it needs to think about what we need to be doing, what needs to be done, and that leads us to the objectives or our goal.

Speaker #2: But also, it's the most important policy for us. So keeping these policy makes us a best relationship with our stakeholders, including shareholders, bondholders. And others.

Speaker #2: And for them, we like to live up to, their expectations. under such, financial policy. And here on, we are still looking ahead. Over the next 30 years because the AI revolution just, launched just started.

Speaker #2: And we aim to be at the center of the AI revolution. And we want to be the company worthwhile to be the center of the AI revolution.

Speaker #2: And it needs to think about what we need to be doing what needs to be done. And that, leads us to the objectives or our goal.

Speaker #2: And, there are many things that we need to do, but we would like to do it, one by one. So with those four pillars, are the main focus for us and not only this, but at the same time, we would like to do many things that are interesting, for the company.

Yoshimitsu Goto: There are many things that we need to do, but we would like to do it one by one. With those four pillars are the main focus for us, and not only this, but at the same time, we would like to do many things that are interesting for the company. Our journey has just begun, together with AI revolution, I think that the journey has just begun. Here we are lined up. We are the kind of financial side people, but our role is to make sure we synchronize together with the management strategy so that we'll be able to seek for maximizing our enterprise value with safe and sound financial base. That's our role here.

Speaker #2: Our journey has just begun. So together with AI revolution, I think that the journey has just begun. So, here we are lined up. we are the kind of financial side people.

Speaker #2: But our role is to make sure we synchronize together with the management strategy. So that we'll be able to seek for maximizing our enterprise value with safe and sound financial base.

Speaker #2: That's our role here. So, every quarter that I hope we'll be able to make such a safe and sound, financial report updated to you.

Yoshimitsu Goto: Every quarter that I hope we'll be able to make such a safe and sound financial report updated to you. That is all from me. Thank you.

Speaker #2: That is all from me. Thank you. Now we'd like to take questions. First, we'd like to take questions from the floor. Please wait for the microphone and start with your name and the company.

Kazuko Kimiwada: Now we'd like to take questions. First, we'd like to take questions from the floor. Please wait for the microphone and start with your name and company. For those participating online, please access Zoom using the instructions provided in the email sent to you in advance. To avoid audio feedback or looping, we kindly ask that anyone asking a question refrain from connecting to any live stream other than the Zoom webinar. If you have a question, please click the raise hand button and wait until you are called on. If you wish to withdraw your question, please click the lower hand button. If you are joining the Japanese Zoom, please ask your questions in Japanese. We'd like to take up to 2 questions per person so that we can take questions from as many people as possible. First, from the floor. Yagi from The Nikkei.

Operator: Now we'd like to take questions. First, we'd like to take questions from the floor. Please wait for the microphone and start with your name and company. For those participating online, please access Zoom using the instructions provided in the email sent to you in advance. To avoid audio feedback or looping, we kindly ask that anyone asking a question refrain from connecting to any live stream other than the Zoom webinar. If you have a question, please click the raise hand button and wait until you are called on. If you wish to withdraw your question, please click the lower hand button. If you are joining the Japanese Zoom, please ask your questions in Japanese. We'd like to take up to 2 questions per person so that we can take questions from as many people as possible. First, from the floor. Yagi from The Nikkei.

Speaker #2: For those participating online, please access Zoom using the instructions provided in the email sent to you in advance. To avoid audio feedback or looping, we kindly ask that anyone asking a question refrain from connecting to any live stream other than the Zoom webinar.

Speaker #2: If you have a question, please click the raise hand button and wait until you are called on. If you wish to withdraw your question, please click the lower hand button.

Speaker #2: If you're joining the Japanese Zoom, please ask a question in Japanese. We'd like to take up to two questions per person so that we can take questions from as many people as possible.

Speaker #2: First, from the floor. Yagi from Nikkei Newspaper. So open AI is that the great financial results and you plan to invest more in open AI, I believe.

Yoshimitsu Goto: OpenAI, is that the great financial results and you plan to invest more in OpenAI, I believe? I wonder if you remain confident in OpenAI's growth and are there any plans to invest not only OpenAI but also other companies similar to OpenAI? You would rather focus solely on OpenAI? Thank you for your question. We are open to any possibility. We have a strong relationship with OpenAI to move GenAI going forward, and in this sector, OpenAI has quickly gained market share. There are great competitors with great services. I'm sure that they are going to have more users coming in, which is good. Because the value of the sector or the industry is not determined by only one company.

Hitomi Yagi: OpenAI, is that the great financial results and you plan to invest more in OpenAI, I believe? I wonder if you remain confident in OpenAI's growth and are there any plans to invest not only OpenAI but also other companies similar to OpenAI? You would rather focus solely on OpenAI?

Speaker #2: And I wonder if you remain confident in open AI's growth. And, are there any plans to invest not only open AI but also other companies similar to open AI?

Speaker #2: Or you'd rather focus solely on open AI? Thank you for your question. We are open to any possibility. So we have a strong relationship with open AI to move Gen AI going forward.

Kazuko Kimiwada: Thank you for your question. We are open to any possibility. We have a strong relationship with OpenAI to move GenAI going forward, and in this sector, OpenAI has quickly gained market share. There are great competitors with great services. I'm sure that they are going to have more users coming in, which is good. Because the value of the sector or the industry is not determined by only one company.

Speaker #2: And in this sector, open AI has quickly gained market share there are great competitors with great services. I'm sure that they are going to have more users coming in, which is good.

Speaker #2: Because the value of the sector or the industry is not determined by only one company. The value of an industry should be determined by a lot of players competing with each each other to pursue better and delivering their service offerings to as many customers as possible.

Kazuko Kimiwada: Value of an industry should be determined by a lot of players competing each other to pursue better and delivering their service offerings to as many customers as possible. Lot of strong players. I hope that OpenAI will grow together with those strong players in this space. Thank you. Second question is about Stargate. Could you give us an update on the Stargate? You talked about the Texas in your presentation, in Texas and in Ohio. In Ohio, I believe that this is for making equipment for data centers. Texas, if you could give us any update on how much you have built so far, and if there are any other locations on which you can give us any update. Yes. This is Milam County in Texas.

Speaker #2: A lot of strong players. I hope that open AI will grow together with those strong players. And this, space. Thank you. Second question. It's about Stargate.

Hitomi Yagi: Thank you. Second question is about Stargate. Could you give us an update on the Stargate? You talked about the Texas in your presentation, in Texas and in Ohio. In Ohio, I believe that this is for making equipment for data centers. Texas, if you could give us any update on how much you have built so far, and if there are any other locations on which you can give us any update.

Speaker #2: Could you give us an update on the Stargate? You talked about the Texas in your presentation. And, in Texas and in Ohio, in Ohio, the I believe that this is for making equipments for data centers.

Speaker #2: And Texas if you could give us any update on how much you have built. So far. And if there are any other locations on which you can give us any update.

Speaker #2: Yes. This is Miriam County. In Texas. The construction of this data center is going well at very good speed. And they already have a tenant and this is a part of Stargate's big project.

Kazuko Kimiwada: Yes. This is Milam County in Texas. The construction of this data center is going well at very good speed. They already have a tenant, this is a part of Stargate Project. Definition of Stargate Project has been evolving, which I communicated to you before. OpenAI, SoftBank, and Oracle are involved in the data center project. We have not announced yet, they are working on preparation and researching and developing in different locations. Once we are ready, we should be able to communicate with you accordingly.

Kazuko Kimiwada: The construction of this data center is going well at very good speed. They already have a tenant, this is a part of Stargate Project. Definition of Stargate Project has been evolving, which I communicated to you before. OpenAI, SoftBank, and Oracle are involved in the data center project. We have not announced yet, they are working on preparation and researching and developing in different locations. Once we are ready, we should be able to communicate with you accordingly. If I ask you a follow-up question, like one in Python, which is outside the Stargate Project scope, while you work on Stargate Project, also outside the Stargate Project scope, do you have any plan to work on data centers in different locations? Definition of Stargate Project, I think is rather flexibly considered, if I may put into that way.

Speaker #2: Definition of Stargate project has been evolving which I communicated to you before. Open AI, SoftBank, and Oracle are involved in the data center project.

Speaker #2: And we have not announced yet but they are. Working on preparation and researching and developing in different locations and once we are ready, we should be able to communicate with you accordingly.

Speaker #2: If I ask you a follow-up question, like one in Python, which is outside the Stargate project scope, but while you work on Stargate but also outside the Stargate scope, do you have any plan to work on a data center in different locations?

Hitomi Yagi: If I ask you a follow-up question, like one in Python, which is outside the Stargate Project scope, while you work on Stargate Project, also outside the Stargate Project scope, do you have any plan to work on data centers in different locations?

Speaker #2: What definition of Stargate? I think it's rather flexibly considered. If I may put into that way.

Kazuko Kimiwada: Definition of Stargate Project, I think is rather flexibly considered, if I may put into that way.

Speaker #3: Thank you very much. The next question. In the front row on the right. Suga from Nikkei Newspaper. I also like to ask you about open AI.

Kazuko Kimiwada: Thank you very much. The next question in the front row on the right.

Operator: Thank you very much. The next question in the front row on the right.

Yoshimitsu Goto: Suga from Nikkei newspaper. I also like to ask you about OpenAI. You as an shareholder, I believe you are also talking to their CFO, Sarah. Regarding IPO process, what kind of communication have you been having with her?

[Analyst] (Nikkei Newspaper): Suga from Nikkei newspaper. I also like to ask you about OpenAI. You as an shareholder, I believe you are also talking to their CFO, Sarah. Regarding IPO process, what kind of communication have you been having with her?

Speaker #3: So you as a shareholder, I believe you are also talking to their CFO, Sarah. And regarding IPO process, what kind of communication have you been having with her?

Speaker #3: From the investor's point of view, not only us. That's something that we have high interest. But that's the question that they should be answering.

Kazuko Kimiwada: From the investors point of view, not only us, that's something that, we have high interest, but that's the question that they should be answering. I hesitate to make any comments about that.

Speaker #3: So I hesitate to make any comments about that. Understood. Another question from me. Loan to value. So since April that you've been also making an financing action as well.

Yoshimitsu Goto: Understood. Another question from me. Loan to value. Since April that you've been also making enough financing action as well. What is the numbers, latest number, and what is your outlook for the loan to value?

[Analyst] (Nikkei Newspaper): Understood. Another question from me. Loan to value. Since April that you've been also making enough financing action as well. What is the numbers, latest number, and what is your outlook for the loan to value?

Speaker #3: So what is the numbers? Latest number. And what is your outlook for the loan to value? As of the end of March? 17% is the loan to value that we have, which I shared with you earlier slide.

Kazuko Kimiwada: As of the end of March, 17% is the loan to value that we have, which I shared with you earlier slide. Latest, I assume it's about 15%-ish. But there are many things that are moving around, this number is pretty much estimate for the record. Since March end to May mid-May, our net asset value actually moving, increasing to by JPY 8 trillion or so. That's another advantage in terms of the loan to value. Net asset value, I would say JPY 48 trillion level, which is record high in terms of the sound and healthy balance sheet point of view. That's how we've been having a diversification of the financing activities. Like a takeout facilities for the bridge finance, we have 1 year or so.

Speaker #3: Latest I assume it's about 15-ish percent. But there are many things that are moving around. So this number is pretty much estimate for the record.

Speaker #3: Since March end to May, mid-May, our net asset value actually moving increasing by 8 trillion yen or so. So that's another advantage in terms of the loan to value.

Speaker #3: So net asset value, I would say 48 trillion yen level, which is record high in terms of the sound and healthy balance sheet point of view.

Speaker #3: That's how we've been having a diversification of the financing activities. So I can take out facilities for the bridge finance. We have a one year or so.

Speaker #3: So in the meantime, we would like to find the best mix of the financing options. So that we'll be able to achieve our objectives.

Kazuko Kimiwada: In the meantime, we would like to find the best mix of the financing options so that we'll be able to achieve our objectives.

Speaker #2: Any other questions from the floor? Asamra from Nikkei Business. I have two questions. First, about finance. At the moment, you plan to invest 38.5 billion for the year.

Kazuko Kimiwada: Any other questions from the floor?

Operator: Any other questions from the floor?

Yoshimitsu Goto: Asamura from Nikkei Business. I have two questions. First, about finance. At the moment you plan to invest JPY 38.5 billion for the year. With regards to financing, I wonder, are there are options like a margin loan or bond insurance? I wonder, margin loan using OpenAI shares, is that something that you would consider? Yes. Financing with OpenAI assets like a margin loan is possible. We could do that. How best we can finance, I think it depends on timing. Like I said, we consider as a part of takeout, so depending on market environment and timing, we will select options accordingly. OpenAI value is about JPY 10 trillion of asset, and I think we should be able to leverage that very well.

[Analyst] (Nikkei Business): Asamura from Nikkei Business. I have two questions. First, about finance. At the moment you plan to invest JPY 38.5 billion for the year. With regards to financing, I wonder, are there are options like a margin loan or bond insurance? I wonder, margin loan using OpenAI shares, is that something that you would consider?

Speaker #2: With regards to financing, I wonder are there options like a margin loan or bond issuance. But I wonder margin loan using open AI shares.

Speaker #2: Is that something that you would consider? Yes. Financing with open AI assets like a margin loan is possible. We could do that. So how best we can finance?

Yoshimitsu Goto: Yes. Financing with OpenAI assets like a margin loan is possible. We could do that. How best we can finance, I think it depends on timing. Like I said, we consider as a part of takeout, so depending on market environment and timing, we will select options accordingly. OpenAI value is about JPY 10 trillion of asset, and I think we should be able to leverage that very well.

Speaker #2: I think it depends on timing. Like I said, we consider as a part of takeout. So depending on market environment and timing, we will select options accordingly.

Speaker #2: Open AI value is about 10 trillion yen. Of asset and I think we should be able to leverage that very well. The second question.

Speaker #2: I think about three months ago when you made an announcement of financial results, last time, you talked a little bit about or a lot of people are talking about concerns of your super independent on open AI.

Yoshimitsu Goto: The second question is, I think about 3 months ago when you made an announcement of financial results last time, you talked a little bit about A lot of people are talking about concerns of you are super dependent on OpenAI, but it's been different. I mean, volatility is high. I wonder if there are anything that you are doing to address volatility. I think important thing is to have a mid, long-term view. If you're confident that this is what you need, you don't want to be influenced by short-term volatilities. That's true to our portfolio companies, and that's true to data centers. There are a lot of opinions on those data centers or portfolio companies and in a mid and long-term run, do we really need them?

[Analyst] (Nikkei Business): The second question is, I think about 3 months ago when you made an announcement of financial results last time, you talked a little bit about A lot of people are talking about concerns of you are super dependent on OpenAI, but it's been different. I mean, volatility is high. I wonder if there are anything that you are doing to address volatility?

Speaker #2: But it's been different. I mean, volatility is high. So I wonder if there are anything that you are doing to address volatility. I think important thing is to have a mid-long-term view and if you're confident that this is what you need, you don't want to be influenced by short-term volatilities.

Kazuko Kimiwada: I think important thing is to have a mid, long-term view. If you're confident that this is what you need, you don't want to be influenced by short-term volatilities. That's true to our portfolio companies, and that's true to data centers. There are a lot of opinions on those data centers or portfolio companies and in a mid and long-term run, do we really need them?

Speaker #2: That's true to our portfolio companies. And that's true to data centers. So there are a lot of opinions on those data centers or portfolio companies.

Speaker #2: And in the mid and long-term run, do we really need them? And if you look at data center, for example, definitely obviously demand well exceeds supply.

Kazuko Kimiwada: If you look at data center, for example, definitely, obviously demand will exceed supply. That's something that it's worth working on. Even though there are some concerns due to volatility, I think it's worth trying in data center sector, for example. Currently discussion is focusing around infrastructure when you say AI or data center. Technological evolution is very key. For example, data center, it may cost JPY 1 trillion now, but in a few years it may cost. Just an example. The power generation, like a fusion, nuclear fusion technology, once it's implemented, the cost will be dramatically different from now. On the other hand, on the other hand, if you sign a long-term lease at a certain fixed power cost, there is a risk.

Speaker #2: So that's something that it's worth working on. Even though there are some concerns due to volatility. I think it's worth trying in data center sector, for example.

Speaker #2: And currently, discussion is focusing around infrastructure when you say AI or data center. Technological evolution is very key. For example, data center it may cost 1 trillion now.

Speaker #2: But in a few years, it may cost a half. Just an example. And the power generation like a fusion nuclear fusion technology once it's implemented, the cost will be dramatically different from now.

Speaker #2: But on the other hand, if you sign a long-term lease at a certain fixed power cost, there is a risk. But risk factor are something that we have been considering for a long time.

Kazuko Kimiwada: Risk factors are something that we have been considering for a long time, and infrastructure is needed or is it needed from business perspective, which we believe is needed. Project order should have an eye and capability to structure our project finance.

Speaker #2: And infrastructure is needed or is it needed from business perspective, which we believe is needed. And project order should have an eye and capability to structure our project finance.

Speaker #3: Thank you very much. Any other questions, please? My name is Koganezaki from Monthly Magazine Factor. I would like to ask about the semiconductor. So in your presentation, arms revenue can be a five times in five years.

Kazuko Kimiwada: Thank you very much. Any other questions, please? My name is Koga Nizaki from Monthly Magazine FACTA. I would like to ask about the semiconductor. In your presentation, Arm's revenue can be 5 times in 5 years. AI demands actually expanding. That's the kind of a movement we've been seeing. To secure such semiconductor, Elon Musk in United States is having a partner with Intel and trying to create the mass production TeraHub with JPY 8 trillion or so. To secure the semiconductor, would you invest in the mass production business? Do you have any consideration over to it? What is your view on that?

Operator: Thank you very much. Any other questions, please?

Koji Shinzaki: My name is Koga Nizaki from Monthly Magazine FACTA. I would like to ask about the semiconductor. In your presentation, Arm's revenue can be 5 times in 5 years. AI demands actually expanding. That's the kind of a movement we've been seeing. To secure such semiconductor, Elon Musk in United States is having a partner with Intel and trying to create the mass production TeraHub with JPY 8 trillion or so. To secure the semiconductor, would you invest in the mass production business? Do you have any consideration over to it? What is your view on that?

Speaker #3: So AI demands actually expanding. That's a kind of a movement we've been seeing. To secure such semiconductor, Elon Musk in the United States is having a partner with Intel.

Speaker #3: And trying to create the mass production TerraHub with the 8 trillion yen or so. So to secure the semiconductor, we do invest in the mass production business.

Speaker #3: Do you have any consideration over to it? What is your view on that? As a SoftBank Group, semiconductor business or semiconductor segment. Actually led by ARM and we have Jason.

Yoshimitsu Goto: As a SoftBank Group, semiconductor business or semiconductor segment is actually led by Arm, and we have Jason. Why don't we have Jason to answer if you have any view, please?

Speaker #3: So why don't we have Jason to answer if you have any if you have any view, please?

Speaker #4: Yeah. So in terms of investment into fabrication facilities, that's not something that ARM is doing. We do have a long-standing relationships with the fabrication companies, specifically TSMC.

Jason Child: Yeah. In terms of investment into fabrication facilities, that's not something that Arm is doing. We do have long-standing relationships with the fabrication companies, specifically TSMC. The current chip that we announced just 8 weeks ago or so, that actually is a committed volume to via TSMC. There's also chances over time that we could work with Samsung, as well as IFS or Intel Fabrication. This initial chip, initial volumes right now are all gonna be with TSMC, and that's through an ASIC partner. We're not making direct investments or expanding into fabrication ourselves.

Speaker #4: The current chip that we announced just eight weeks ago or so that actually is committed volume to via TSMC. There's also chances over time that we could work with Samsung as well as IFS or Intel fabrication.

Speaker #4: But this initial chip, initial volumes right now are all going to be with TSMC. And that's through an ASIC partner we're not making direct investments or expanding into fabrication ourselves.

Speaker #3: Any other questions? Thank you very much. Any others, please?

Kazuko Kimiwada: Any other questions? Thank you very much. Any others, please?

Operator: Any other questions? Thank you very much. Any others, please?

Yoshimitsu Goto: N J from Bloomberg. A question about your financial strategy. Bridge loan, margin loan, it looks like you are actively using a debt finance. By accelerating your assets, you can also reduce the debt. I wonder if you have any view on that. If you sell assets, you would lose upside from the assets. If you can finance without selling assets, that's better. From that perspective, since we have a good loan to value and financing cost is low. At this moment, bridge finance is the way forward at the moment. The next question is about data center business in Ohio.

[Analyst] (Bloomberg): N J from Bloomberg. A question about your financial strategy. Bridge loan, margin loan, it looks like you are actively using a debt finance. By accelerating your assets, you can also reduce the debt. I wonder if you have any view on that.

Speaker #5: NJ from Bloomberg. A question about your financial strategy. Bridgeland margin loan it looks like you are actively using a debt finance. But by accelerating your assets, you can also reduce the debt.

Speaker #5: So I wonder if you have any view on that. If you sell assets, you would lose upside from the assets. So if you can finance without selling assets that's better.

Yoshimitsu Goto: If you sell assets, you would lose upside from the assets. If you can finance without selling assets, that's better. From that perspective, since we have a good loan to value and financing cost is low. At this moment, bridge finance is the way forward at the moment. The next question is about data center business in Ohio.

Speaker #5: From that perspective, since we have a good load to value and financing cost is low. So at this moment, bridge finance is the way forward at the moment.

Speaker #5: The next question is about data center business in Ohio. Maybe it's early for you to say something. But if the capacity is 10 gigawatt, it'll be 500 billion.

Kazuko Kimiwada: Maybe it's early for you to say something, if the capacity is 10GW, it'll be JPY 500 billion, and I wonder if you have any financing plan to do that, or if you have any view on that from financial strategy perspective. It's too early to say. I don't have any comment to make at this moment. Thank you.

[Analyst] (Bloomberg): Maybe it's early for you to say something, if the capacity is 10GW, it'll be JPY 500 billion, and I wonder if you have any financing plan to do that, or if you have any view on that from financial strategy perspective.

Speaker #5: And I wonder if you have any financing plan to do that or if you have any view on that. From financial strategy perspective, it's too early to say.

Speaker #5: I don't have any comment to make at this moment. Thank you.

Yoshimitsu Goto: It's too early to say. I don't have any comment to make at this moment. Thank you.

Speaker #3: Thank you very much. Any other questions, please? Then second row from the front, please. Makino from NHK. Bit redundant from the previous question. But these days, AI news when you look at that Anthropic and Metos are actually picked up by the news compared to OpenAI these days.

Kazuko Kimiwada: Thank you very much. Any other questions, please? Second row from the front, please. Makino from NHK. Bit redundant from the previous question, these days AI news, when you look at the Anthropic and Meta are actually picked up by the news, compared to OpenAI these days. That's how I feel so far. Goto-san, you are making a huge investment in OpenAI. Do you feel any concern or any risk? Maybe including the technological competitions, do you feel any concerns by only investing in OpenAI now? I myself is a finance guy, not the engineer guy, I may not be able to fully answer your question. Of course, size is large. The investment size is large, having said that, our ownership stake is 13%, meaning there are many other investors.

Operator: Thank you very much. Any other questions, please? Second row from the front, please.

Makino Daiki: Makino from NHK. Bit redundant from the previous question, these days AI news, when you look at the Anthropic and Meta are actually picked up by the news, compared to OpenAI these days. That's how I feel so far. Goto-san, you are making a huge investment in OpenAI. Do you feel any concern or any risk? Maybe including the technological competitions, do you feel any concerns by only investing in OpenAI now?

Speaker #3: That's how I feel so far. And Gotosan, you are making a huge investment in OpenAI. Do you feel any concern or any risk or maybe including the technological competitions?

Speaker #3: But do you feel any concerns by only investing in OpenAI now? I myself is a finance guy, not the engineer guy. So I may not be able to fully answer your question.

Yoshimitsu Goto: I myself is a finance guy, not the engineer guy, I may not be able to fully answer your question. Of course, size is large. The investment size is large, having said that, our ownership stake is 13%, meaning there are many other investors.

Speaker #3: Of course, size is large. The investment size is large. But having said that, our ownership stake is 13%. Meaning there are many other investors.

Speaker #3: For example, the latest financial round by Amazon Nvidia, they are also investing large amount. So we are not the sole risk taker from financial point of view.

Yoshimitsu Goto: For example, the latest financial round wise, Amazon, NVIDIA, they are also investing large amount. We are not the sole risk taker from financial point of view, putting everything in OpenAI. That's not the case. Actually, there are many hyperscalers also or acknowledging and valuing OpenAI's service quality or their level of the technology. I think that's something that you should also refer to. Mythos, Anthropic, I do understand there are such discussion there, those are the AI itself is a new segment, there are many competitors, many players coming in even after this, I believe. Those can be the risk for the company.

Speaker #3: Putting everything in OpenAI, that's not the case. Actually, there are many hyperscalers also or acknowledging and valuing OpenAI's service quality or their level of the technology.

Speaker #3: So I think that's something that you should also refer to. Milos, Anthropic, I do understand there are such discussion there. But those are the AI itself is a new segment.

Speaker #3: So there are many competitors, many players coming in even after this I believe. And those can be the risk for the company. But at the same time, we should pay attention to the direction of the discussions.

Yoshimitsu Goto: At the same time, we should pay attention to the direction of the discussions, in terms of the use of AI, by having many players. We don't wanna see the misuse cases after worse. Those are the things that we should be discussing in advance, and that can be also involving the governments of the respective countries as well. That's the direction that we should be taking. One another question from me. Just a confirmation. Anthropic, investment in Anthropic, do you still keep that option? I don't wanna say anything for certain, but our main investment's in OpenAI. Thank you. Any other questions from the floor?

Speaker #3: In terms of the use of AI by having many players. We don't want to see the misuse cases afterwards. So we do those are the things that we should be discussing in advance.

Speaker #3: And that can be also involving the governments of the respective company, countries as well. So that's the direction that we should be thinking. And one another question from me.

Speaker #3: So just a confirmation. Anthropic investment in Anthropic, do you still keep that option? That's I don't want to say anything for certain. But our main investments in OpenAI.

Speaker #3: Thank you.

Speaker #5: Any other questions from the floor? Hayaka from GG News. One question. You exceeded 5 trillion yen for the first time at the Japanese company.

Operator: Thank you. Any other questions from the floor?

Kazuko Kimiwada: Hayakawa from Jiji Press. One question. You exceeded JPY 5 trillion for the first time as a Japanese company. What's your view? What's your impression?

[Analyst] (Jiji Press): Hayakawa from Jiji Press. One question. You exceeded JPY 5 trillion for the first time as a Japanese company. What's your view? What's your impression?

Speaker #5: What's your view? What's your impression? Well, number one, in any area, it's great. But as I keep saying, market share prices we don't want to be influenced in the short term.

Yoshimitsu Goto: Well, number one in any area is great, but as I keep saying, market, share prices, we don't want to be influenced in short term by the moves. Again, we need to look at 5, 10 years ahead and what should we do to keep this position going forward. That's something that we should more focus on. Thank you. I think that's all from the questions from the floor. I would like to now take a question from the Zoom. Nakagawa-san, TBS, please unmute and start your question. Thank you. TBS TV, Nakagawa. Can you hear me okay? Yes, I can hear you. Some media covered that SoftBank Group ex-planning to establish the company and try to have this company go public as a Rose AI. What is this company's role?

Speaker #5: By the moves again, we need to look at 5, 10 years ahead. And what should we do to keep this position going forward? That's something that we should more focus on.

Speaker #5: Thank you.

Speaker #3: I think that's all from the question from the floor. So I would like to now take a question from the Zoom. Nakagawa-san, TBS. Please unmute and start your question.

Operator: Thank you. I think that's all from the questions from the floor. I would like to now take a question from the Zoom. Nakagawa-san, TBS, please unmute and start your question. Thank you.

Speaker #3: Thank you.

Speaker #5: TBS TV, Nakagawa, can you hear me okay? Yes, I can hear you. So some media covered that SoftBank Group is planning to establish the company and try to have this company go public as a Rhodes AI.

[Analyst] (TBS TV): TBS TV, Nakagawa. Can you hear me okay?

Operator: Yes, I can hear you.

[Analyst] (TBS TV): Some media covered that SoftBank Group ex-planning to establish the company and try to have this company go public as a Rose AI. What is this company's role? What is the progress of this company so far?

Speaker #5: Do you what is this company's role? And what is the progress of this company so far? This is speculation. Coverage. So I don't want to make any comments about that.

Yoshimitsu Goto: What is the progress of this company so far? This is speculation, coverage, so I don't want to make any comments about that. Understood. Thank you. Thank you, Nakagawa-san. Next, Masuno-san from Nomura Securities.

Yoshimitsu Goto: This is speculation, coverage, so I don't want to make any comments about that.

Speaker #5: Understood. Thank you. Thank you, Nakagawa-san. And next, Masuno-san from Nomura Securities. I have two questions. First, to Jason-san. AGI CPU, the term of 2030, you said over 10 billion AMD is 120 billion.

[Analyst] (TBS TV): Understood. Thank you.

Yoshimitsu Goto: Thank you, Nakagawa-san. Next, Masuno-san from Nomura Securities.

Daisaku Masuno: I have two questions. First, to Jason-san. AGI CPU, the term of 2030, you said over JPY 10 billion. AMD is JPY 120 billion. Personally, I think you could adopt JPY 120 billion in terms of a share. AMD in monetary value basis, 50% share and your 15% share. I think they're both true because they are different CPUs. In terms of market value- Arm is one third of AMD, and AMD has also CPU, whereas you have CPU and Arm architecture. I think it's a good combination. Or after 2030, your share 15% should grow further, I assume. Do you agree with me? 120 billion over TAM and market share 15% or more over 2030 and forward. What's your view on that, Jason-san?

Speaker #5: So personally, I think you could adopt 120 billion. In terms of a share, AMD in monetary value basis, 50% share. And your 15% share.

Speaker #5: I think they're both true because they are different CPUs. In terms of market value, ARM is one-third of AMD. And AMD has also GPU.

Yoshimitsu Goto: I think they're both true because they are different CPUs. In terms of market value-

Daisaku Masuno: Arm is one third of AMD, and AMD has also CPU, whereas you have CPU and Arm architecture. I think it's a good combination. Or after 2030, your share 15% should grow further, I assume. Do you agree with me? 120 billion over TAM and market share 15% or more over 2030 and forward. What's your view on that, Jason-san?

Speaker #5: Whereas you have CPU and ARM architecture. I think it's a good combination. Then after 2030, your share 15% should grow further I assume. Do you agree with me?

Speaker #5: So 120 billion of TAM and market share 15% or more over 2030. And what's your view on that, Jason-san?

Speaker #2: So I agree. That there's a great chance to meet or exceed our 15 billion target in five years. Just to back up on the total addressable market or TAM, we said it was going to grow from roughly 50 billion today to 100 billion by 2030.

Jason Child: I agree that there's a great chance to meet or exceed our $15 billion target in 5 years. Just to back up on the total addressable market or TAM. We said it was gonna grow from roughly $50 billion today to $100 billion by 2030. We actually said $100 billion plus, because there's a lot of debate as to is it $100, is it $200, whatnot. AMD came out 2 weeks ago, they said the TAM they think is $120 billion. There's been some others that have come out that have taken it as high as I think $170 billion.

Speaker #2: And we actually said 100 billion plus. Because there's a lot of debate as to is it 100? Is it 200? Whatnot. AMD came out a couple of weeks ago and they said the TAM they think is 120 billion.

Speaker #2: There's been some others that have come out that have taken it as high as I think 170 billion. From our perspective, we expect to have at least a 15% share of that TAM just with our CPU.

Jason Child: From our perspective, we expect to have at least a 15% share of that TAM just with our CPU. If you look at the IP and compute subsystems that we sell to all the hyperscalers, so NVIDIA, Amazon, Microsoft, Google, ByteDance, Meta, et cetera. Meta is actually the anchor customer for the chip, but all the others that are buying IP, we expect and actually Rene said a couple weeks ago, he expects that we'll probably have up to 75% share of the server market by 2030. Just the chip portion of that will be at least 15%.

Speaker #2: But if you look at the IP and compute subsystems, that we sell to all the hyperscalers. So NVIDIA, Amazon, Microsoft, Google, ByteDance, Meta, etc.

Speaker #2: Meta is actually the anchor customer for the chip. But all the others that are buying IP we expect and actually Renee said a couple of weeks ago he expects that we'll probably have up to 75% share of the server market by 2030.

Speaker #2: Just the chip portion of that will be at least 15%. There is, of course, chances that some of our hyperscaler customers who currently today buy IP may also buy chips.

Jason Child: There is of course chances that some of our hyperscaler customers who currently today buy IP may also buy chips, and that's certainly a possibility and could lead to a number that could be higher than JPY 15 billion. You know, the reason we believe we can have that kind of share is if you look at the hyperscalers today, as Goto said earlier, we already have a 50% share today. That's across NVIDIA, Amazon, Google, and Microsoft, who have all deployed Arm-based chips, and they are the primary CPU that they are using to pair with their accelerated compute options, as well as for general purpose compute.

Speaker #2: And that's certainly a possibility and could lead to a number that could be higher than 15 billion. So the reason we believe we can have that kind of share is if you look at the hyperscalers today, as Goto said earlier, we already have a 50% share today.

Speaker #2: And that's across NVIDIA and Amazon, Google, and Microsoft, who are all have all deployed ARM-based chips. And they are the primary CPU that they are using to pair with their accelerated compute options as well as for general-purpose compute.

Speaker #5: Thank you, Jason-san. Next question is to Goto-san about the data centers. Media county is 1.2 gigawatt. And in Golden County, 1 gigawatt. Were announced with SB Energy, the totaling 2.2 gigawatt.

Daisaku Masuno: Thank you, Jason-san. Next question is to Goto-san about the data centers. Milam County is 1.2 GW, and in Collin County, 1 GW were announced with SB Energy, totaling 2.2 GW, and in Ohio, 10 GW. Total, I think, $600 billion or JPY 100 trillion is what I'm looking at. The building is only a one-third, might be JPY 30 trillion. If equity portion is 20%, it's about 20% of Arm's market value. My question is, it's not a big number for you. Do you agree with me? Well, how to structure finance is something that we need to study on more. Like Masuno-san said, such scenario could be true, that we have a plenty of capacity if you go with that scenario.

Speaker #5: And in Ohio, 10 gigawatt. So total I think 600 billion dollars or 100 trillion yen is what I'm looking at. And the building is only one-third, maybe 30 trillion.

Speaker #5: And if equity portion is 20%, then it's about 20% of ARM's market value. So my question is, it's not a big number for you.

Speaker #5: Do you agree with me? Well, how to structure finance is something that we need to study on more. Like Masuno-san said, such scenario could be true.

Yoshimitsu Goto: Well, how to structure finance is something that we need to study on more. Like Masuno-san said, such scenario could be true, that we have a plenty of capacity if you go with that scenario.

Speaker #5: Then we have plenty of capacity if you go with that scenario. But again, there are different ways of structuring financing. And in terms of fixed asset or construction or chip and system, I think in different areas, different financing structure can be possible.

Yoshimitsu Goto: Again, there are different ways of structuring financing and, in terms of fixed asset or construction or chip and system. I think, in different areas, different financing structure can be possible. It's not gonna be only a one-time big payment. Maybe it's gonna be a phased approach. Again, we want to be flexible from timing perspective. Thank you. Thank you very much. This concludes the Q&A session. We would like to conclude the SoftBank Group Corp earnings results announcement for fiscal year ended 31 March 2026. Thank you very much for your attendance.

Speaker #5: So it's not going to be only a one-time big payment. Maybe it's going to be phased approach. So again, we want to be flexible from timing perspective.

Speaker #5: Thank you. Thank you very much. This concludes the Q&A session. And we would like to conclude the SoftBank Group Corp earnings results announcement for fiscal year ended March 31, 2026.

Operator: Thank you very much. This concludes the Q&A session. We would like to conclude the SoftBank Group Corp earnings results announcement for fiscal year ended 31 March 2026. Thank you very much for your attendance.