Message from Our Chief Risk Officer (CRO)
—SoftBank Group Report 2026

In fiscal 2025, SBG made numerous investments in AI-related businesses, most notably a follow-on investment of $30 billion in OpenAI. In fiscal 2026, SBG plans to continue making AI-related investments, with another $30 billion follow-on investment in OpenAI among its planned investments. We view AI as an investment area with a high degree of uncertainty, given the rapid pace of technological innovation and significant changes in the competitive landscape and regulations. In light of these characteristics, we analyze and monitor risks, with a particular focus on SBG’s financing risks and risks arising from changes in the market environment. We also conduct stress tests in collaboration with the Finance Unit and continuously confirm the levels of LTV and the cash position.

With respect to financing, we consider multiple scenarios and examine the potential impact if financing does not proceed as planned, as well as alternative financing measures. We then report to the Board of Directors the risks that should be considered. In addition, we continuously monitor trends in the AI market and developments among major companies in collaboration with relevant teams in Japan and overseas.

Furthermore, with respect to SoftBank Vision Funds, we work closely with the relevant teams and receive updates on the latest business conditions and operational progress of major portfolio companies, including OpenAI. We conduct regular monitoring not only before investments are made but also after execution, and strive to maintain a timely understanding of developments even in a rapidly and significantly changing environment.

As SBG advanced multiple large-scale investments, we have emphasized risk management from the perspective of the overall balance of the portfolio, rather than focusing solely on the risks of individual investments. Given the rapid pace of change and high level of uncertainty in the AI sector, we believe it is important to consider not only the impact of each individual investment, but also how these investments may affect SBG as a whole.

To reflect this perspective, we review proposals related to important decisions, including not only new investments but also financing, before they are submitted to the Board of Directors or the Investment Committee. In this process, we consult with relevant departments as necessary and carefully examine whether the proposals appropriately reflect the risks relevant to the decision-making process. Even after proposals are approved, we continue to monitor developments in collaboration with relevant departments, while reviewing, as appropriate, the progress of individual investments and the developments in the overall portfolio, as well as the status of related financing.

Through these initiatives, we aim to further strengthen collaboration within SBG and across the Group, and build a risk management framework that can adapt to changes in the business environment.