Softbank Group: Mar Q Results: NAV Expansion vs. End-Dec Reached +54%

Research evidence excerpt

Softbank Group: Mar Q Results: NAV Expansion vs. End-Dec Reached +54%

Update

May 14, 2026 12:15 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSoftbank Group (9984) | Japan Tetsuro Tsusaka, CFA

Equity Analyst

Mar Q Results: NAV Expansion Tetsuro.Tsusaka@morganstanleymufg.comLuyuan Yang, CFA +81 3 6836-8412

Luyuan.Yang@morganstanleymufg.com +81 3 6836-8423

vs. End-Dec Reached +54% Keiji Nishimura

Research Associate

Keiji.Nishimura@morganstanleymufg.com +81 3 6836-8424

Reaction to earnings

Softbank Group (9984.T, 9984 JT)

Unchanged In-line Largely unchanged

Internet & Media | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target ¥4,000

Shr price, close (May 13, 2026) ¥6,012

Vs. forecasts: Recent NAV was broadly in line with our tracking. The NAV discount Mkt cap, curr, basic (bn) ¥34,571.3

currently stands at around 30%, which appears fair based on historical levels given Avg daily trading value (bn) ¥346.6

the company’s aggressive AI-focused investments and visible investment pipeline for

this fiscal year.

Recommended action: Key AI-related assets now account for roughly 65% of total

portfolio value. We think continued market interest in the AI investment theme

should remain supportive of the company’s share price.

NAV changes (vs. end-Dec): Total NAV +54%; ARM +43%; SVF overall +18%. ARM

and SVF, the company’s core AI assets, were the primary contributors to NAV

expansion.

Contribution to investment asset appreciation (vs. end-Dec): ARM 55%; SVF 50%.

The vast majority of value appreciation was driven by these core assets.

Exhibit 1: Summary

F3/26 4Q (jpy bil)

Net Asset Value Actual QoQ

Adj.