Stakes in Other RetailersThin moat

ITOCHU holds listed shares in companies that are customers, partners and sometimes competitors. At March 2026 its holdings measured at fair value included Pan Pacific International at ¥171,898 million, ISUZU at ¥117,576 million, NISSIN FOODS at ¥49,106 million and Seven & i at ¥21,026 million¹.

These stakes are the Japanese system of business relationships: owning a share in a retailer or a food maker supports trading flows and gives access to management.

The holdings are also capital that earns only dividends and share-price gains. ITOCHU has been moving toward owning businesses outright rather than holding minority stakes in them.

ITOCHU also holds resource investments at fair value, including BHP Iron Ore (Jimblebar) and QatarEnergy LNG S(1), with a total fair value of ¥241,333 million². Fair-value holdings are a large part of its balance sheet across both consumer and resource businesses.

The measure is the value of these holdings over time. A falling total would show ITOCHU converting relationship stakes into cash or into controlling positions.