Seven & i Holdings (3382) Q4 2026 earnings summary

Executive summary

• Achieved record-high net income and EPS in FY2025, driven by disciplined execution, structural reforms, and the deconsolidation of York Holdings and Seven Bank, shifting to a pure-play convenience store group.

• Strong momentum in core convenience store business, with steady share buybacks and a focus on customer experience, store renovations, and digital platforms.

• Revenues for FY2026 were ¥10,430.3 billion, down 12.9% year-over-year, mainly due to deconsolidation and FX impacts.

• Transformation initiatives are accelerating, with SEI IPO targeted for FY2027 at the earliest, contingent on market conditions.

Financial highlights

• FY2025 group total sales: ¥16,992 billion (99.5% of revised plan), EBITDA: ¥942.8 billion (102.2% of plan), operating income: ¥422.9 billion (104.7% of plan), net income: ¥292.7 billion (108.4% of plan).

• Net income rose 69.2% year-over-year to ¥292.7 billion, driven by special gains from deconsolidation and reduced special losses.

• EPS increased to ¥118.81 from ¥66.62 year-over-year; EPS before goodwill amortization was ¥161.74.

• FY2026 forecast: Merchandise sales ¥10,030 billion (102.7% YoY), EBITDA ¥891 billion (102.8% YoY), operating income ¥405 billion (105.3% YoY), net income ¥270 billion (105.9% YoY), EPS ¥117.42 (113.5% YoY).

• Annual dividend per share increased to ¥50.0 (from ¥40.0), with a forecast of ¥60.0 for FY2027.

Outlook and guidance

• Expects continued improvement in same-store sales, margin, and operational performance in 2026.

• Targets CAGR in merchandise sales per store of 2.5%-3% for SEJ, 3%-5% for SEI through 2030, and 7% consolidated EBITDA growth.

• Plans to invest up to ¥3.2 trillion through 2030 to strengthen store quality and drive organic growth.

• Progressive dividend policy and continued share buybacks planned through FY2030.

• Segment reclassification will focus on domestic and overseas convenience store operations and others.