◆ Inside the Latest Quarter (April-June 2026)

ITOCHU (8001) — the variant view

ITOCHU's first quarter hid a 38% rise in core profit behind last year's one-off gain.

📈 8001 valuation, revenue & earnings — P/E, P/S, revenue, EPS →

ITOCHU's April-June 2026 quarter was strong underneath and ordinary on top. Net profit rose 3.5% to ¥293,763 million1, but core profit, which excludes one-off items, rose 38% to ¥249.5 billion, a first-quarter record, with growth in every division2. The difference is the prior year: the first quarter of the year to March 2026 included the ¥88.0 billion gain on selling C.P. Pokphand3, while this year's extraordinary items of ¥44.5 billion included ¥34.0 billion from selling CIECO Azer4.

Net profit by division, April-June (¥ bn)Energy & Chemicals 202664.3 (19.5)Machinery 202654.8 (32.0)Metals & Minerals 202645.9 (33.6)Food 202630.7 (33.8)ICT & Financial 202620.5 (16.1)Textile 202614.4 (8.9)Prior-year quarter in brackets, reclassified; ITOCHU results, April-June 2026
Almost every division up; Food the exception.

Revenue rose 8.9% to ¥3,875,861 million and equity earnings 74.8% to ¥111,624 million5. By division, Energy & Chemicals earned ¥64.3 billion against ¥19.5 billion, Machinery ¥54.8 billion against ¥32.0 billion and Metals & Minerals ¥45.9 billion against ¥33.6 billion; Food fell to ¥30.7 billion from ¥33.8 billion6. The yen averaged ¥159.57 to the dollar against ¥144.597.

The balance sheet grew with the investments. Net interest-bearing debt rose to ¥3,435.1 billion and net debt to equity to 0.518.

Equity earnings were especially strong, up 74.8%9, reflecting the larger Hitachi Construction Machinery stake and associates' results. Orchid Alliance, holding CITIC, contributed ¥32.0 billion, up ¥3.2 billion10.

The company left its full-year forecast of ¥950.0 billion unchanged11 and reached 31% of it12. The measure for the rest of the year is core profit: at ¥249.5 billion in one quarter, the ¥900.0 billion core target13 looks achievable if the weak yen and strong commodity prices hold.

References
  1. ReportedNet profit rose 3.5% to ¥293,763 million, but core profit, which excludes one-off items, rose 38% to ¥249.5 billion, a first-quarter record, with growth in every division.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  2. ReportedNet profit rose 3.5% to ¥293,763 million, but core profit, which excludes one-off items, rose 38% to ¥249.5 billion, a first-quarter record, with growth in every division.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  3. ReportedThe difference is the prior year: the first quarter of the year to March 2026 included the ¥88.0 billion gain on selling C.P. Pokphand, while this year's extraordinary items of ¥44.5 billion included ¥34.0 billion from selling CIECO Azer.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  4. ReportedThe difference is the prior year: the first quarter of the year to March 2026 included the ¥88.0 billion gain on selling C.P. Pokphand, while this year's extraordinary items of ¥44.5 billion included ¥34.0 billion from selling CIECO Azer.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  5. ReportedRevenue rose 8.9% to ¥3,875,861 million and equity earnings 74.8% to ¥111,624 million.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  6. ReportedBy division, Energy & Chemicals earned ¥64.3 billion against ¥19.5 billion, Machinery ¥54.8 billion against ¥32.0 billion and Metals & Minerals ¥45.9 billion against ¥33.6 billion; Food fell to ¥30.7 billion from ¥33.8 billion.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  7. ReportedThe yen averaged ¥159.57 to the dollar against ¥144.59.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  8. ReportedNet interest-bearing debt rose to ¥3,435.1 billion and net debt to equity to 0.51.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  9. ReportedEquity earnings were especially strong, up 74.8%, reflecting the larger Hitachi Construction Machinery stake and associates' results.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  10. ReportedOrchid Alliance, holding CITIC, contributed ¥32.0 billion, up ¥3.2 billion.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  11. ReportedThe company left its full-year forecast of ¥950.0 billion unchanged and reached 31% of it.
    ITOCHU Corporation, Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenues, trading income, equity earnings, net profit, segment results, the balance sheet and the ¥300 billion buyback. — April-June 2026 · publ. 6 August 2026 · source ↗
  12. ReportedThe company left its full-year forecast of ¥950.0 billion unchanged and reached 31% of it.
    ITOCHU Corporation, FY2026 first-quarter business results summary - core profit, extraordinary items, group-company results, investments, the Aviation Capital Group agreement and the revised segment plan. — April-June 2026 · publ. 7 August 2026 · source ↗
  13. ReportedThe measure for the rest of the year is core profit: at ¥249.5 billion in one quarter, the ¥900.0 billion core target looks achievable if the weak yen and strong commodity prices hold.
    ITOCHU Corporation, FY2025 Business Results and FY2026 Management Plan - net profit, core profit and extraordinary items by segment, investment and exit, and the management plan for the year to March 2027. — FY to March 2026 · publ. 14 May 2026 · source ↗
Sources
Generated September 24, 2026