Welcome to the SoftBank Group Corp. earnings results announcement for the nine-month period ended December 31st, 2025.

Now we would like to start and also 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, SB Investment Advisers and SB Global Advisers; Jason Child, Executive Vice President and CFO, Arm.

Today's announcement is live broadcast over the internet. Now I would like to invite Yoshimitsu Goto to present you the earnings results and business overview.

Good afternoon, everyone. Thank you very much for your time today.

This is Goto speaking. This January, I had a knee surgery and currently I have a bit difficulty keep standing.

For the next earning, I believe that I can recover well so that I will be able to explain to you and present while I'm standing. I had a bit bad knees and made me difficult to walk straight, and tried to fix that whenever younger, so that's why that I come to this.

I appreciate my parents who born me in healthy manner, but this was my first ever surgery and being admitted in a hospital in my life. When I am on the wheelchair, I realize many things which I never experienced, which I never imagined over 60 years in my life.

It is quite a lessons that I've been learning. I've been admitted in a hospital for two weeks, and alcohol-free for two weeks, that was also another first time in life.

I lost 8 kilograms in weight, which is a good news also. That's only for my things, but I would like to come into the earnings results announcements and I will present while I remain seated, very much sorry about that and I hope you understand.

This time, agenda for the earnings: to be the number one ASI platform provider. What is platformer?

I believe is always a question for you and for us, too. At general shareholders annual meetings last year, Masa presented that we would like to be ASI platform provider.

Masa was also asked and he answered, we could say a core pillar of the industry the platformer is. This can be also a base for the many things.

We can we can build those bases so that many things which we do not have can be on top of that so that we'll be able to grow together. That's something that we have as an emission for SoftBank Group.

When the company founded the business, it started with a wholesale of software. Recently I spoke to Son I was talking to Masa.

He said that he never thought that his original business is a wholesaler business. Back then, software was very new and just wanted to create a system to distribute such software to people, and he started such system, which was the wholesale.

Then people will be able to recognize what is the software and they will be able to learn more so that Masa started publishing business, also started the broad media. Many things were putted onto the platform since then, so that's similar thing that we are doing.

After year 2000, internet era dawned and idea platformer or platform provider became more important, even more important, and now we are entering into AI and headed headed towards ASI. Platform provider is the one that we would like to be.

We are steadily laying the groundwork right now. I don't play a game of Go, but we are laying the ground.

In the past 3 months, this quarter, we made quite a large amount of investments in OpenAI and completed $22.5 billion follow-on investment back in December. As a result, $34.6 billion, which is about ¥5.4 trillion, invested in total for about 11% ownership.

To advance Stargate, we have also a strategic partnership formed. Other than OpenAI, we do have several progress in robotics.

ABB, which is well known around the world, we announced the acquisition with $5.4 billion. For chip, we completed acquisition of $6.5 billion completed.

These are the events that happened in the third quarter. DigitalBridge, which is the digital infrastructure investment company, and we announced this company's acquisition with $3.1 billion back in December.

Each respective events are our groundwork. I believe this make us progress in in a big picture for the framework.

When you look at our portfolio, this has also been changing and this is something that we should also highlight. About 3 years ago, if you see by business segment, portfolio for ASI was about limited to pretty much Arm and some robot portfolio companies.

About 18% out of the total net asset value was our ASI investments. Now Arm is growing even further.

On top of that, we have decided investments in others, including OpenAI, robots, and so on. Now that more than 60% assets are ASI-oriented investments amongst our net asset value.

Highlights for third quarter 2025, first was the completed follow-on investment in OpenAI, increasing ownership to about 11%. Net income first quarter to third quarter, ¥3.17 trillion, which was increased by ¥2.54 trillion year-over-year, which was a very good number.

Third, net asset value, gross less net interest-bearing debt, was ¥30.9 trillion at the end of December. If you only look at this compared to September end, which was even three quarter before, this is minus ¥2.4 trillion, but latest figure-wise it is recovering, and as of today, ¥33 trillion as of today.

It's about the same level as September end, excuse me. Large investments made with financial policy maintained.

OpenAI follow-on investment were also made and actually giving us about ¥6 trillion level of the investment so far. At the same time while we make a decision on investment, we also very much focus on financial policy of loan-to-value.

With those investments, loan-to-value at 20.6%, cash position ¥3.8 trillion. Loan-to-value as of today, this morning, less than 20%, it's about 19%-ish.

Now let me walk you through the consolidated results. First, you can see net sales, gain on investment, income before income tax all increased.

FY2025 is a good year in terms of performance. By the quarter, in terms of gross or loss on investment and net income, in the third quarter, about ¥300 billion of gain on investment.

You may think it goes up and down, but if you look at the last four quarter, we posted gain. Even in the range of seven quarters, we posted a loss only the one quarter, but remaining six quarter we posted a gain.

All in all, we are seeing growing again, our investment strategy is bearing fruit and represented in this way. If you go deeper into gain or loss on investment, in the third quarter and the second quarter, both the huge increase of OpenAI's fair value contributed a lot.

That means our decision on investment was successful. Looking at the second quarter, for example, fair value of OpenAI is represented in the lighter blue, which is big, but also other investment posted about ¥1.3 trillion of gain.

In the third quarter, however, we lost other investment by ¥346 billion or so, but it included temporary loss of listed companies, but all in all, we recorded a positive number. Like I said, huge contribution to our bottom line is OpenAI.

If you look at the valuation for the last 12 months or so, when we started investment, valuation was about $150 billion, and March 2025 or this fiscal year, we decided to invest as much as $30 billion back then, and the valuation was $260 billion. On that valuation, we made investment at $30 billion.

As of October, or just 3 months ago, the valuation increased to $500 billion. It's not only we are saying this is OpenAI's valuation, but from the third evaluators' perspective also OpenAI's valuation is around $500 billion.

OpenAI's leadership in AI sector and offering, a lot of service offerings, are showing this kind of high valuation. Talking about investment gain on OpenAI, the green bar is investment cost.

At the end of a second quarter of 2025, cumulative investment gain was $19.8 billion. In the third quarter, we added $23 billion from the perspective of investment.

As of December end, the black portion is investment cost, which is about $34.6 billion, and on top of that, the gain in FY2024 and recorded in second quarter and the third in 2025, total we are looking at investment gain of $54 billion, since inception or since the start of investment, the investment gain for FY2025 is $4.2 billion. Now key indicators: net asset value, or NAV, which is the most important indicator as an investment company, as of December 31st, NAV was about ¥31 billion, but recently it went up to ¥33 trillion.

Loan-to-value, as of December end, 20%, but now or recently 19%-ish. Cash position, back then, ¥3.8 trillion, and now we have a little bit more than ¥3.8 trillion recently.

We keep this level of indicators while maintaining discipline in making investment. If you look back the history of NAV, as you can see, our asset value is and has been stable, and loan-to-value is shown on the slide, recently less than 20%.

As you can see, for the last 4, 5 years, we have been maintaining the safe LTV level, which means even though we have made huge investment in the last 9 months or so, yet we maintained financial policy in a very disciplined manner. That's the core message I want to deliver to you.

Cash position: our policy is to make sure that we have cash position well over the worth a bond redemption for 2 years. Again, as you can see, we have been maintaining about ¥3 trillion to ¥4 trillion level.

Vision Fund: so when you look at the Vision Fund gain or loss on investments, roughly speaking, SoftBank overall gain and loss investments movement is about in line with these movements. When you look at the breakdown of the gain or loss, Vision Fund 1, for this quarter, we had a negative numbers here, mainly from the public portfolio companies.

It's about $3,800 million due to primarily due to Coupang. As you may also aware that there due to the data leakage, the share price has gone down.

At the same time, for this company, Coupang, we are convinced with the business fundamentals, also doing pretty well in the operations, very much expect the further recovery of their business share and the share price. On your right-hand side, Vision Fund 2 and LatAm and others, we have a large positive number here.

Big contribution from OpenAI and other other new investments in a couple of years before that their mark has already been growing as well. Now you see the Vision Fund 2 valuation has been growing quarter by quarter.

On total, we maintained our positive numbers. I said that seven wins over one lose I mentioned earlier, and actually the cumulative gain has been increasing.

We've been having a little bit of difficult time, but at the same time, now that we've been able to show the good recovery in total. After this, we are looking at the very exciting late-stage portfolio companies, and that is something that we believe is going to be another good contributor for our gain on investments.

These are the that those exciting late-stage portfolio companies that I mentioned earlier. On your left-hand side, we do have a public listing track record.

In total, 60 listings since inception. In this third quarter, Lenskart, Meesho, those two made a newly listed.

On your right-hand side are the exciting late-stage portfolio companies. December end last year, a total fair value was at $90 billion.

You can see the logos below. There are companies which already made a filings for IPO, which includes PayPay in Japan, also Klarna has already made the filing for IPO.

On your right-hand side, there are other late-stage companies which we can expect the good exit or the good IPOs. That includes OpenAI, ByteDance, Fanatics, Revolut, Oyo, Yanolja.

Those are the exciting other late-stage portfolio companies. Those are we are closely looking at those and monitoring those companies so that we'll be able to improve our investment performance of Vision Fund.

As I mentioned earlier, that there are two listing in the third quarter, which include Lenskart, eyewears, glasses. From the design to manufacturing and sales is done by this company, and the performance is doing pretty well: MOIC 4.8 times in gross, and also share price since its IPO is making a good increase.

Another one was Meesho. This is an e-commerce marketplace in India to democratize commerce by connecting consumers with small and micro sellers.

There are some ups, down in share price, but in total, they are showing a good increase in share price since IPO, and the investment return, two of them coincidentally are both Indian company and they are doing a pretty good progress. Also like to touch on PayPay a little bit.

They are making a quite a smooth and a great progress, so far exceeding 72 million users already, and I would say PayPay is used by more than 1 in 2 people in Japan, and 2 out of 3 smartphone users in Japan. As a payment platformer that the PayPay is playing in Japan, KPIs are also showing pretty good: GMB on your left-hand side, in 9 months period, ¥14 trillion.

If you annualize, I believe that number can be expected close to 20, and also 24% year-on-year increase. EBITDA, 83% increase year-on-year.

Financials are also showing a great progress so far. Sometime in the future that we believe we'll be able to show you the good valuations when they go public.

Now Arm: Arm's showing a steady growth. Revenue, they recorded the historic high, up 26% year-on-year.

License and other revenue and royalty revenue, both has grown steadily. Non-GAAP operating income on quarterly basis is shown here.

If you compare to the last quarter and sorry, the last in the same quarter last year and a year before, they have been posting increase. Arm requires R&D investment, that's for sure.

While they are investing in R&D, still deliver this kind of operating income, which is great. Arm's technology is penetrating in various areas.

For example, in those three sectors: edge AI, physical AI, and cloud AI. Starting from the left, for smartphones and IoT devices, this is edge AI area, and Samsung announced Exynos 2600, and this is a chip for mobile, Armv9 and CSS-based one.

In the area of physical AI, Rivian in the US, their chip for autonomous driving is Armv9-based. In cloud AI space, AWS announced they would use Graviton5, which is also Armv9-based chip.

Again, as you can see, Armv9 chips is penetrating in different areas, and Armv9's royalty unit price is twice as much as v8. CSS-based chips royalty is even higher.

As they go into deeper in different sectors, that would further push Arm's royalty revenue. Arm announced guidance of solid growth outlook, and those numbers, I believe, are well over analyst consensus: revenue, $1.4 billion or 18% year-on-year, that's the outlook for the fourth quarter.

Of course, the range is up or down $50 million, but $1.4 billion is median number. Non-GAAP operating expense, $745 million; non-GAAP fully diluted earnings per share, $0.58.

I believe that Arm will definitely deliver those numbers as forecasted. Now I would like to put a little bit more color on OpenAI.

Here, our investment in OpenAI historically, cumulatively, we have invested $34.6 billion so far. Latest, at the third quarter, we made $22.5 billion follow-on investment completed in December last year.

As a result, ownership in OpenAI Group PBC became 11%. There are other major investors, like OpenAI Foundation, which is an NP, nonprofit organization, Microsoft, and others.

Their service is steadily very well performing. It's about 3 years since the product launch, but weekly active user is now exceeding 800 million and keep growing.

Annual recurring revenue in December 2025, it exceeded $20 billion. Actually, this is 10 times in 2 years.

I believe this is quite obvious that they are making a great progress here. App downloads, global and also cumulative since the service launch, about 1.52 billion downloads are made so far, far bigger than their competitors.

The total number of ChatGPT for work has already exceeded 7 million accounts. They are expanding enterprise business as well.

They are also releasing new products one after another. For example, ChatGPT for Healthcare, or Prism, this is specialized for scientific writing and collaboration; Codex, this is the agent coding model, optimized for real-world software development.

On your far right, Frontier, this is enterprise AI platform that enables organization to build, deploy, operate, and improve AI agents. We are working on Crystal Intelligence together with OpenAI and this positioned as an foundational platform to deploy to enterprises in Japan.

With these launches, we believe that they will be able to accelerate their business growth even further. They also started advertising in ChatGPT.

A bit small letters here, you may need to pay attention. On your left-hand side, this is smartphone and asking about the dinner, Mexican dish for party, and asking that question to ChatGPT, and ChatGPT answers you with several examples of a good party dishes for Mexican.

One is the steak dish and the other one is chicken. Then, in the same screen, in the very bottom of the ChatGPT answer, you will see the advertisement to offer you that good source for which matches to these dishes.

If you try to cook a bit if you prefer a bit hotter dish, it may be good use of such an advertisement. This is just a one example, but they will be able to show several advertisement.

Whenever you ask something to ChatGPT, ChatGPT will give you an answer, but at the same time give an offer which matches to the answers. In e-commerce area, I believe this can be good use and very attractive for many of the users.

We believe advertisement model itself can be a good also growth for the revenue. This week, they are starting this testing advertising in a limited and experimental manner for free and low-price subscription plan in the United States.

Also like to touch on the Stargate. OpenAI, SoftBank Group, and SB Energy, which is our group companies, signed a strategic partnership to advance Stargate back in January 9th this year.

OpenAI, SoftBank, each providing a investment into SB Energy so that this can accelerate the progress of SB Energy business. Data center in Milam County, Texas, is something that we've been working on, 1.2 gigawatt data center, and SB Energy actually selected to build and operate.

Also, 15-year data center lease agreement signed with OpenAI. As you can see the photos, which is the actual local site.

They are working on the civil works right now. Once the lands are ready, there will be a building and start operations.

Next, DigitalBridge: on December 29th, while you are probably on New Year holiday period, we announced acquisition, and that was agreement to acquire all outstanding common shares for $3.1 billion, and closing is expected in the second half of 2026. DigitalBridge has been making investment in digital infrastructure specifically.

Their AUM is $108 billion or ¥17 trillion, and the portfolio companies are around 45, and well over 100 digital infrastructure investment professionals. It will be a welcome to get this kind of company in our group.

Key portfolio companies include those on shown screen: Vantage, for example, is deploying data centers across countries, and Switch also is very well-known EPC company to deploy data centers. Towers, JTOWER, that's a Japanese company, and I believe almost 100% is owned by DigitalBridge.

Last but not the least, let me remind you our financial strategy. First, financial policy remains unchanged.

We maintain loan-to-value below 25%, and we maintain at least 2 years' worth of bond redemption in cash. As I said earlier, we are and will be making a lot of investment actively, but this investment should be supported by strong financial policy.

Looking at investment amounts in the last 9 months, we have made a huge investment: in the first quarter, $8.3 billion; second quarter, $3.2 billion; in the third quarter, $32.3 billion; over $40 billion of investment we have made in the last 9 months alone, which is around ¥6 trillion. Still, however, we keep less than 20% of loan-to-value, and also we have ¥3.8 trillion of cash position.

Our financial activities are done always with financial policy in mind. The question is: how do we finance, how do we raise capital?

We are an investment company and we relatively use our own balance sheet, and also we are listed company. I think in that sense, we are in a very unique position globally.

What we do is first utilize assets held, obviously. We have about ¥40 trillion of equity value holdings.

With that, we raise capital, for example, we do margin loan, we use collar transaction, and it's important to recapitalize portfolio. In that sense, sometimes resell some assets.

In fact, listed shares, 51% of total holdings are sold, and also even unlisted shares we use as source of capital raise. At the same time, by leveraging appropriately, we can communicate well with equity investors as well as credit investors.

Domestic and foreign bonds and loans, we use those markets, and also retail bond, corporate bond for institutional investors, and also we loan from Japanese and overseas banks. Hybrid bonds and loans are also utilized for our capital raise, because we can maintain 50% as equity capital.

Cash position: through those financial activities, we have at this moment ¥3.8 trillion. Utilizing debt market, what does that mean for investment company like us?

Investment company in terms of general financial activities, we recoup investment and make new investment. That cycle is being run.

Recoupment of investment and making investment, there is a time lag. To support that gap, leverage should be used to make sure that we won't miss investment timing and we won't miss recoupment of the investment.

The leverage means a lot in terms of filling the gap between recouping previous investment and making new investment. Again, while leveraging, we can maintain a safe investment and even expand investment.

In terms of utilizing assets held more in detail, what we have done is, on the left-hand side, you can see we sold T-Mobile shares, Deutsche Telekom shares, and NVIDIA shares, and that recoupment is used for new investment. We sold $21.3 billion in total.

Also, we did asset-backed finance of $15.9 billion in total using Arm shares, using SoftBank shares, we did asset-backed finance. Also, we utilized SoftBank Vision Fund of value to be able to raise $1.9 billion.

We are discussing to figure out the best possible option we should we should take. In terms of utilizing debt in the last 9 months, that, of course, has to be returned, just to remind you.

Otherwise, you will end up being borrowing forever. You have to return the debt.

Sometimes we utilize a bridge loan. Last year, for example, for the first investment in OpenAI or investment in Ampere, we structured a huge bridge loan.

We repaid a little bit and we returned the loan and while keep investing. We issued senior bonds amount about ¥1.7 trillion.

Of that, ¥800 billion, sorry, would be redeemed. In one year, about ¥800 billion to ¥1 trillion is redeemed, redeemed.

At the time of redemption for investors, we'd say thank you very much for supporting us for the last 5 years, and we have plenty of cash to get back to them. Investors know we have enough cash position to be redeemed, to be used for redemption.

At the time of redemption, we issue, we prepare issuing a new bonds and offer a new bonds to investors. At that time, not only investors who are going to see the redemption timing pretty soon, but also offer an opportunity to new investors.

Hybrid bonds, compared to senior or corporate bonds, the volume was small, but still we issued ¥0.6 trillion of hybrid bonds. Debt, raising capital, and redemption, and repayment, in terms of debt market, we communicate well in investors to be able to keep investing and returning back to shareholders.

By utilizing debts well, share price should go up, then that would satisfy or that would make equity shareholders equity investors very happy. To summarize, this is executive summary of Q3 of FY2025 as I mentioned at the beginning of the presentation.

That's all for the third quarter result from myself. Thank you very much for your kind attention.

Now we would like to take questions. First, we would like to take questions from the floor.

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We would like to take up to two questions per person so that we can take questions from as many people as possible. Now we would like to take questions from the floor.

The very front, a person. Thank you.

MJ from Bloomberg. I have two questions, please.

First, is Vision Fund 2, the shares has been transferred to Vision Fund 2, why was that? Follow-on investment has been speculated, and what is your stance as of today?

Thank you. You said shares, are you referring to OpenAI shares?

Yes, yes. Yes, we have transferred OpenAI share to Vision Fund 2 as Vision Fund 2 are the investment vehicle in OpenAI.

About 2 years ago, we started this investment activities and whether to use Vision Fund as an investment vehicle or should we invest from our on-balance sheet, there are several discussion point internally. If this company has a roadmap for investment returns, for example, IPO possibly, or any exit or divestment in the future, do we have a clear view on the return, that's one of the discussion point.

Another one is it majority investment or minority investment? That's another discussion point as well.

From that sense, OpenAI, there are several other investors, so as a way of making a return that I believe one of the option can be IPO. Also, although the amount is large, but our ratio, ownership ratio is just 11%, this is to the minority investment.

As a result, we have decided Vision Fund 2 as an investment vehicle in OpenAI. For your second question, follow-on investment, I understand there are financing planned by OpenAI and so on on newspapers, but there is nothing has been decided, well no fact that been decided.

One more thing about market I would like to ask you. Investment size not only OpenAI, but the ticket size becoming larger and larger, and $100 billion Vision Fund size is becoming more and more relevant to this ticket size, I believe.

As an AI investor, what is the investment pace that you like to see going forward? For example, $30 billion or $50 billion every year, or are you going to plan such investments?

I believe our financial policy manage that or rule that. Loan-to-value, how much the loan-to-value will be?

We do have a financial policy of 25%, managing less than 25%. Cash position also needs to be maintained to cover 2-year equivalent of the bond redemption.

Can we keep that or not? Financial policy is not a covenant, it doesn't mean that we cannot exceed 1 cent or anything like that, but as a large investment projects, can we maintain our healthiness and soundness?

Even we step a little bit above, but still are we able to return back to a normal case relatively soon? Those kind of preparation is necessary.

If you only think about financing, there are many options for the finance, I believe if you only look at the financing point of view, you'll be able to invest, but it doesn't mean that you can invest anything because you can finance or raise money. I believe that we do need to focus can we maintain our soundness of our financials as a company, that's the kind of important consideration we need to have which will rule our amount of the investment.

Thank you. Thank you.

Any other question? Yagi from Nippon Keizai Newspaper.

First, OpenAI's weekly active user exceeds 8 trillion you said, but in 2025 OpenAI expected over 1 billion active users, and OpenAI issued Code Red because of the threat from competitors, we heard. For SBG as an investment company, what you find it attractive, and what are they talking about to you as their attractiveness, and requests for more investment if for example?

As an investor, investment in OpenAI, which is private entity, of course we need to hear from them what they're doing, based on which we will make a decision. That kind of information includes confidential one between OpenAI and us.

The numbers that we present today are all public information and confirmed with OpenAI that it can be disclosed. You mentioned the Code Red?

We have seen on media maybe because of competitors' move, and they maybe sent message internally taken to account of competitive landscape. I think that's a matter of course.

It's fair thing to do. In our financial results and announcement of our financial results, the dataset that we can share with you as a information based on which we make investment, that's a part of information based on which we make an investment.

OpenAI's technical capability, OpenAI's vision, that's something which is communicated between the senior management. That kind of information or communication is not shown in the numbers like we presented to you.

In fact, that kind of confidential data or information or communication might be playing more important role for us to make an investment, but at this moment I just appreciate if you could keep watching how OpenAI grows going forward. Thank you.

One more question about Stargate. In 2026, how much cash out is expected as Stargate, cash out as SoftBank Group?

If that's the case, of course it's likely to change, I cannot tell you exact number, but as we keep saying, Stargate project is including something that SoftBank Group works on and Oracle works on. What I mean by saying work on is we do equity investment, but project itself for that is financed as project finance.

In terms of project finance, our size is limited, the amount of investment should not be too huge. That's how much I can say.

Any other questions? The second row from the front in the middle, please.

Suzuki from TV Tokyo. As you announced, the business is doing quite well, but the last year December November share price is declined about 30% or 40%.

How do you analyze the current situation of share price? That's my first question.

Second is about the investment in OpenAI, and the concentration of OpenAI investment may be concerned by the people. How do you look at that?

The share price itself, actually, I am thinking this is increasing trend. When you look at the each respective portfolio may affect a little bit, but the equity market itself and the environment itself is very steadily growing.

Over 1 year's Japanese equity market as well as US equity market does not have any immediate concern which may ruined the current situations, which is my personal view. If there is any recession in United States and that possibility becomes more clear, then there may be some revisiting, but at this moment, I don't see any such negative events happening soon.

Because we invest in wide variety and unless we have any market crash, otherwise we believe it doesn't mean that we see all of our portfolio companies goes down, we do have a kind of many wide range of the investments, so that we don't concern too much about that. For your second questions regarding concentration in OpenAI, which may be repeating of myself, but there are still as a private company, many numbers or many trends are not disclosed or discussed publicly at this moment, which as an investor, we do have a dialogue and also have some informations, and there are many communications between the top managements and also their directions or their stories for the future, and also their role and missions alongside with the AI technology evolvments.

Something similar to other many hyperscalers, we assume OpenAI will be able to lead this industry in this era, and we are quite convinced so that we are making an investment in this company. Thank you.

Any other question? Makino from NHK.

A data center in the US, Switch is an operator of data center in the US, and there is a media report that you consider acquiring Switch, but later you announced acquisition of DigitalBridge officially. About potential acquisition of Switch, do you have any comment on that?

Also, looking at data center business in the US, what kind of growth potential you see, and any other possibility that you make more investment in US data center sector? Thank you.

About Switch, the speculation of acquisition of Switch, that kind of report I saw here and there, but the fact is there's nothing that we can make an announcement about Switch. About DigitalBridge, through the fund, DigitalBridge owns 50% of Switch, and Switch, we know, is a great company, and on business side, we think that we have an opportunity to communicate with Switch about data center business in the US.

There is media coverage or discussion like data center business is bubble or part of AI bubble. Of course, data centers are built here and there, and whether it's overheated or not, the question is who will be users of those data centers?

Hyperscalers are in great need of data centers. That kind of report you can often see in media.

In order for AI to grow further, computing power is needed and the data center capacity at the moment is not enough to support growing AI's computing, and that kind of computing is needed immediately. From SoftBank's perspective, data center business is not a part of AI bubble narrative because shortage of supply is real.

As business sector, investing in such an sector is valued and fair. From risk perspective, I don't know risk is the right word or not, but technical innovation can be a risk.

By that, what I mean is what kind of impact that technical evolution could have on data centers. Maybe some technology may come to provide capacity without using data centers, and also electricity, with some new technology coming up, maybe drastic paradigm shift may happen.

Investment in physical asset has such kind of risk posed by further technical evolution. Any other question from the floor?

That concludes Q&A sessions. Thank you very much.

This concludes the SoftBank Group Corp. earnings results announcement for nine-month period ended December 31st, 2025.

The video footage of this meeting will be distributed on demand from our corporate website. Thank you very much again for joining the SoftBank Group Corp.

earnings results announcement for nine-month period ended December 31st, 2025.