⚠ Selling at a Gain Is Not a StrategyLow threat

ITOCHU (8001) — threat to the moat

The oil exit flattered this year's energy profit and will reduce next year's.

The CIECO Azer sale gain of ¥34.0 billion1 made up most of the first quarter's extraordinary items of ¥44.5 billion2. ITOCHU's Energy & Chemicals division earned ¥64.3 billion in the quarter3, against ¥19.5 billion a year earlier4.

Energy & Chemicals net profit, April-June (¥ bn)19.5202564.3 (incl. 34.0 gain)2026ITOCHU results, April-June 2026
A quarter tripled by one sale.

A division that doubles its profit for the year on a sale gain has not grown. The ongoing profit will be lower without the production.

The division's plan was raised from ¥75.5 billion to ¥111.5 billion in August 20265, a rise of ¥36.0 billion that is almost exactly the sale gain.

The measure is the division's core profit, which ITOCHU reports separately.

References
  1. ReportedThe CIECO Azer sale gain of ¥34.0 billion made up most of the first quarter's extraordinary items of ¥44.5 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 ↗
  2. ReportedThe CIECO Azer sale gain of ¥34.0 billion made up most of the first quarter's extraordinary items of ¥44.5 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 ↗
  3. ReportedITOCHU's Energy & Chemicals division earned ¥64.3 billion in the quarter, against ¥19.5 billion a year earlier.
    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 ↗
  4. ReportedITOCHU's Energy & Chemicals division earned ¥64.3 billion in the quarter, against ¥19.5 billion a year earlier.
    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 ↗
  5. ReportedThe division's plan was raised from ¥75.5 billion to ¥111.5 billion in August 2026, a rise of ¥36.0 billion that is almost exactly the sale gain.
    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 ↗
Sources
Generated September 24, 2026