Seven & i Holdings: If able to invest in Zabka, the company‘s growth strategy could progress to the next stage

Research evidence excerpt

Seven & i Holdings: If able to invest in Zabka, the company‘s growth strategy could progress to the next stage

Global Research

21 July 2026ab

Seven & i Holdings Equities

JapanIf able to invest in Zabka, the company's growth

strategy could progress to the next stage Retailers, Broadline

12-month rating Neutral

12m price target ¥2,090.0Summary

The company on 17 July announced that it is indeed holding discussions regarding

potential investment in Zabka Group. In this report we summarise our outlook should Price (17 Jul 2026) ¥2,080

investment in Zabka Group be realized. For details on Zabka Group, please refer to our RIC: 3382.T BBG: 3382 JP

Zabka Group corporate outline report issued on 17 July. For the Nikkei article dated 16

July regarding consideration of the investment, please refer to our Nikkei reports Seven Trading data and key metrics

& I to invest in Zabka Group report issued on 17 July. 52-wk range ¥2,375-1,834

Market cap. ¥4,640b/US$28.6b

Global development centred on subsidiaries or area franchises Shares o/s 2,312m (ORD)

The company operated 86,869 7-Eleven stores worldwide as of end-December 2025 Free float 86%

(21,857 stores in Japan, 14,891 stores in North America, 49,758 stores in APAC Avg. daily volume ('000) 7,384

excluding Japan, and 363 stores in Northern Europe). Of these, overseas business Avg. daily value (m) ¥14,247.3

development has primarily centred on 1) operations through subsidiaries, mainly 7- Common s/h equity (02/27E) ¥3337b

Eleven, Inc. (SEI), and 2) operations through the granting of license agreements to local P/BV (02/27E) 1.4x

companies in markets such as Thailand and Taiwan. In addition, as part of its growth Net debt to EBITDA (02/27E) 2.5x

strategy in North America, SEI has acquired other convenience stores and companies,