Seven & i Holdings (3382): FY2025 Results Summary — Record Net Income and ¥600Bn Buyback Completed

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Seven & i Holdings Co., Ltd. reported FY2025 consolidated results (fiscal year ended February 28, 2026, as labeled in the company’s presentation, which covers the period from FY2024 results through FY2025 results) with Group’s total sales of ¥16,992.0Bn (92.1% YoY, 99.5% vs. plan), EBITDA of ¥942.8Bn (94.7% YoY, 102.2% vs. plan), and operating income of ¥422.9Bn (100.5% YoY, 104.7% vs. plan). Net income attributable to owners of parent reached ¥292.7Bn (169.2% YoY, 108.4% vs. plan), a record high, with EPS of ¥118.81 (178.3% YoY, 108.4% vs. plan). During FY2025 the company completed the deconsolidation of York HD and Seven Bank and completed a ¥600Bn share buyback, as part of a shift toward a pure convenience store business focus.

Consolidated Results (Full-Year Actual)

The table below summarizes full-year consolidated results for FY2025 versus FY2024, including YoY and vs.-plan comparisons, as disclosed in the company’s FY2025 Consolidated Results Highlight slides (Billions of yen, %; EPS in yen; exchange rate FY2025: 1USD=149.61JPY, 1CNY=20.81JPY).

Item	FY2024	FY2025	YoY	YoY Change	vs. Plan	vs. Plan Change
Group’s total sales	18,442.8	16,992.0	92.1%	(1,450.7)	99.5%	(93.9)
Revenues from operations	11,972.7	10,430.2	87.1%	(1,542.4)	98.8%	(129.7)
Operating income	420.9	422.9	100.5%	+2.0	104.7%	+18.9
Ordinary income	374.5	377.4	100.8%	+2.8	103.1%	+11.4
Special gains	115.7	142.9	123.5%	+27.2	126.0%	+29.5
Special losses	220.9	85.7	38.8%	(135.1)	131.1%	+20.3
Net income attributable to owners of parent	173.0	292.7	169.2%	+119.6	108.4%	+22.7
Amortization of goodwill	137.9	137.8	100.0%	(0.04)	101.4%	+1.8
EPS (yen)	66.62	118.81	178.3%	+52.19	108.4%	+9.24
EPS before amortization of goodwill (yen)	105.12	161.74	153.9%	+56.62	106.5%	+9.87
EBITDA	995.5	942.8	94.7%	(52.6)	102.2%	+20.3

By segment, operating income YoY changes included Overseas CVS operations +¥5.9Bn and Superstore operations +¥7.0Bn, while Domestic CVS operations declined by ¥11.0Bn YoY and Financial services declined by ¥11.0Bn YoY; Eliminations/Corporate improved by +¥9.8Bn YoY, and Others improved by +¥1.2Bn YoY. On special items, special losses decreased significantly to ¥85.7Bn (38.8% YoY, change of ¥(135.1)Bn), which the company attributes to Group structural reforms implemented up to the previous year, while special gains increased to ¥142.9Bn (123.5% YoY, change of +¥27.2Bn), attributed to optimization of asset holdings.

Segment Results

FY2025 segment performance (YoY) by operating segment, based on the Revenues from Operations, Operating Income and EBITDA by Operating Segment table (Billions of yen, %; exchange rate 1USD=149.61JPY, 1CNY=20.81JPY). Figures are value, YoY%, and YoY change as disclosed.

Segment	Revenues from operations (YoY, Change)	Operating income (YoY, Change)	EBITDA (YoY, Change)
Consolidated	10,430.2 (87.1%, (1,542.4))	422.9 (100.5%, +2.0)	942.8 (94.7%, (52.6))
Domestic CVS operations	914.5 (101.2%, +10.4)	222.5 (95.3%, (11.0))	314.0 (96.7%, (10.8))
Overseas CVS operations	8,556.8 (93.3%, (613.9))	222.2 (102.8%, +5.9)	581.8 (99.0%, (5.9))
Superstore operations	689.4 (48.1%, (742.6))	17.5 (168.2%, +7.0)	36.1 (69.4%, (15.9))
Financial services	137.1 (64.7%, (74.9))	20.9 (65.5%, (11.0))	45.6 (63.1%, (26.7))
Others	179.7 (56.0%, (141.1))	6.9 (120.8%, +1.2)	10.6 (84.6%, (1.9))
Eliminations/Corporate	(47.5) (-, +19.8)	(67.2) (-, +9.8)	(45.5) (-, +8.8)

FY2026 Forecast

For FY2026, the company forecasts continued growth on a like-for-like basis (reflecting the deconsolidation of York HD and Seven Bank), noting that CVS businesses in Japan and the U.S. maintain a steady income growth trend and that the plan is to achieve higher sales and higher income on a basis excluding the impact of deconsolidation. FY2026 exchange rate assumptions are 1USD=150.00JPY, 1CNY=21.00JPY; EPS and EPS before amortization of goodwill reflect the estimated impact of future share buybacks.

Item	FY2025 (like-for-like)	FY2026 Plan	YoY	YoY Change
Convenience store group merchandise sales	9,768.6	10,030.0	102.7%	+261.3
Revenues from operations	9,510.3	9,448.0	99.3%	(62.3)
EBITDA	866.8	891.0	102.8%	+24.1
Operating income	384.6	405.0	105.3%	+20.3
Ordinary income	352.2	367.0	104.2%	+14.7
Net income attributable to owners of parent	254.8	270.0	105.9%	+15.1
EPS (yen)	103.43	117.42	113.5%	+13.99
EPS before amortization of goodwill (yen)	145.63	162.56	111.6%	+16.93

On a non-like-for-like basis (i.e., versus FY2025 actual results, which included York HD and Seven Bank), FY2026 operating income is forecast at ¥405.0Bn (95.7% YoY, change of ¥(17.9)Bn) and net income attributable to owners of parent at ¥270.0Bn (92.2% YoY, change of ¥(22.7)Bn), reflecting the impact of the FY2025 deconsolidations. FY2026 forecasts by operating segment (Billions of yen, %) are summarized below.

Segment	Revenues from operations FY2026 (YoY, Change)	Operating income FY2026 (YoY, Change)
Consolidated	9,448.0 (90.6%, (982.2))	405.0 (95.7%, (17.9))
Domestic CVS operations	950.0 (103.9%, +35.4)	224.2 (100.8%, +1.6)
Overseas CVS operations	8,466.0 (98.9%, (90.8))	247.8 (111.5%, +25.5)
7-Eleven, Inc. [Millions of dollar]	51,500 (97.9%, (1,102))	2,375 (106.9%, +153)
Others	50.0 (5.1%, (928.6))	1.8 (4.1%, (42.2))
Eliminations/Corporate	(18.0) (-, +1.7)	(68.8) (-, (2.9))

Shareholder Returns

The company’s shareholder return policy remains unchanged: a planned share buyback totaling ¥2.0Tn through FY2030, of which ¥0.6Tn was completed in FY2025, together with a progressive dividend policy. Separately, the timing for the SEI (7-Eleven, Inc.) IPO has been revised to FY2027 at the earliest. The presentation’s dividend-per-share chart references figures of ¥40, ¥50 and ¥60 alongside a ‘FY2026 dividends forecast’ label spanning 2024A through 2030E, but the exact per-fiscal-year mapping is not clearly delineated in the extracted text, so specific per-share dividend amounts by year cannot be confirmed here.

Medium-Term Plan / Topics

The company outlined a ‘Transformation Plan: Accelerate Execution’ organized around five domains for Seven-Eleven Japan (SEJ): (1) Merchandise Development — category strategy, assortment optimization, pricing optimization; (2) Value Chain — scaling quick wins in procurement, manufacturing and logistics, and fundamental mid-term structural reform across the value chain; (3) Store Operations — accelerating labor-saving initiatives and building operational processes to enhance service quality; (4) SG&A — optimization of IT-related costs and headquarters functions, with a goal of controlling the SG&A ratio below 12%; and (5) Service/Entertainment — loyalty and points programs and IP-based merchandise collaborations. Separately, the company presented FY2030 value-creation targets versus FY2025 (like-for-like), described as: Revenue Growth of approximately +LSD% (low-single-digit percent), Adjusted EBITDA Growth of approximately +MSD% (mid-single-digit percent), EPS Growth of approximately +High-Teens%, and Total Shareholder Return above the rate of EPS Growth, to be achieved through operating margin expansion, the ¥2.0Tn buyback plan through FY2030, and the progressive dividend policy.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.