Zabka and Seven & i

Research evidence excerpt

Zabka and Seven & i

J P M O R G A N CEEMEA Equity Research

16 July 2026

We see potential acquisition of an equity stake in Zabka

by Seven & i as a win-win if confirmed.

According to Japanese Nikkei, Seven & i (N, covered by Dairo Murata) has CEEMEA Consumer

ACreportedly entered the final phase of negotiations to acquire an equity stake in Elena Jouronova, CFA

Zabka (N, covered by Elena Jouronova). Press reports suggest the talks (971) 4561-2010

contemplate the purchase of “several dozen percent” of the shares, with the elena.jouronova@jpmorgan.com

investment potentially reaching “several hundred billion yen” in value. In the J.P. Morgan Securities plc

absence of any official confirmation or additional details at this stage, we highlight Anastasia Tikhonova

the following considerations. (44-20) 3493-8007

anastasia.tikhonova@jpmorgan.com

• The acquisition would fall in line with Seven & i’s global expansion J.P. Morgan Securities plc

strategy. Seven & i operates 87,000 stores globally (mainly in US, Australia Japan Retail

+ area FC stores mainly in Asia) and aims to increase this to 100,000 by 2030 Dairo Murata AC

with the EU being the focus area for future growth. Currently the company (81-3) 6736 8620

operates c360 area FC stores in Denmark/Norway and hence Zabka’s 12,750 dairo.murata@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

stores in Poland and Romania would represent a meaningful expansion of

Kazuha Matsuo

Seven&I’s global outreach.

(81-3) 6736-8614

• We believe that Seven & i is more likely to prefer to have a majority stake kazuha.matsuo@jpmorgan.com

in a business they see as a strategic investment which is a possible path with JPMorgan Securities Japan Co., Ltd.

Zabka where Private Equity shareholders own a 48% stake and have been Ami Terai