Seven & i Holdings (3382) Decision Not to Proceed with Investment in Żabka

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Seven & i Holdings (3382) Decision Not to Proceed with Investment in Żabka

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Seven & i Holdings (3382)

Decision Not to Proceed with Investment

in Żabka

Maintain Rating: BUY | PO: 2,720 JPY | Price: 2,146 JPY

27 July 2026

Announces Withdrawal from Investment in Żabka on 7/25 Equity

The company announced on July 25 that it would not proceed with the proposed

investment in Żabka. According to the company, discussions with the selling shareholder Arashi Nishizawa >>

did not result in an agreement on terms that would be in the best interests of its Research Analyst BofAS Japan

shareholders and other stakeholders. Please note that the comments below were +81 3 6225 6402

prepared prior to discussions with the company. arashi.nishizawa@bofa.com

Daisuke Aikawa >>

A Little Disappointing, but Demonstrates Discipline ResearchBofAS JapanAnalyst

While the outcome is somewhat disappointing given our positive initial impression of +81daisuke.aikawa@bofa.com3 6225 7196

Żabka as a potential partner (16 July), the decision underscores the company's

commitment to disciplined capital allocation. We think this decision was made from the

factors such as the proposed acquisition resulting in only a 37.62% stake through the

Stock Datasale by the largest shareholder, as well as valuation considerations. The company

remains committed to exploring growth opportunities in Europe, and investor attention Price 2,146 JPY

will likely focus on what type of partner the company may pursue in the future, including Price Objective 2,720 JPY

operators with fuel-attached convenience store formats. Further details on the Date Established 15-Jul-2026

company’s European strategy, as well as an overview of Żabka are provided on the Investment Opinion B-1-7

following pages.