软银公司（9434.T）：宣布与Seven & i进行资本和业务联盟，PayPay第一季度业绩超指引

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31 Jul 2026 10:05:30 ET │ 10 pages

SoftBank Corp. (9434.T)

Announces capital and business alliance with Seven & i, PayPay Q1

results beat guidance

CITI'S TAKE

On July 31, SoftBank Corp. announced a capital and business alliance with

Seven & i, along with PayPay and Sumitomo Mitsui Card. Each company

will invest ¥100bn in Seven & i. We view positively this collaboration

between companies that already possess strong customer bases,

intended to help Seven & i integrate real and digital finance, payments,

and AI, centered on physical stores. Additionally, SoftBank Corp.

subsidiary PayPay's FY3/27 Q1 results, announced the same day, saw

revenue of ¥109.8bn (+27% YoY) and adjusted EBITDA of ¥37.4bn (+59%

YoY), exceeding company guidance of revenue of ¥103-105bn and

adjusted EBITDA of ¥30.5-32.5bn. Based on the strong Q1 performance,

PayPay raised its FY3/27 full-year guidance to revenue of ¥465-473bn (up

¥11bn from before) and adjusted EBITDA to ¥149-155bn (up ¥14.5bn from

before). We consider this positive for SoftBank Corp.'s full-year outlook.

Buy

Price (31 Jul 26 15:30)

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Keiichi YoneshimaAC

On July 31, Seven & i announced a capital and business alliance with SoftBank Corp.,

PayPay, and Sumitomo Mitsui Card. Each company will invest ¥100bn in Seven & i,

with each company's ownership ratio expected to be 2.27%. While the ownership

ratios are not large, the companies all have strong customer bases and different

areas of expertise, so if they can actively cooperate, they will be able to help develop

for Seven & i stores that make good use of finance, payments, and AI. While the

impact remains unclear at this stage, we view this as a promising combination.