Making Each Business and Company the Market Leader and Creating Group Synergies

「Over the three years, we aim to maximize integration benefits, primarily through product procurement, private-brand (PB) development and logistics, generating synergies of ¥40 billion at Tsuruha and Welcia and ¥50 billion in total, including our company. During the current interim consolidated accounting period, Tsuruha and Welcia generated synergies above plan.」

「The management integration of Tsuruha and Welcia became effective on 1 December 2025. Subsequently, we launched a tender offer for Tsuruha on 3 December of the same year, and Tsuruha became our consolidated subsidiary in January 2026.」

「AEON Mall Co., Ltd., which serves as a platform, and AEON Delight Co., Ltd., which provides infrastructure, both became our wholly owned subsidiaries during the interim consolidated accounting period. We will establish a structure enabling the rapid and flexible mutual use of the Group’s management resources, pursue overall optimisation and agile decision-making, accelerate the expansion and growth of both companies’ businesses, and achieve further enhancement of corporate value for the Group as a whole.」

「On 28 February, we announced that AEON Mall Co., Ltd. (hereinafter “AEON Mall”) and AEON Delight Co., Ltd. (hereinafter “AEON Delight”) would become wholly owned subsidiaries. By making AEON Mall, which serves as a platform, and AEON Delight, which provides infrastructure, wholly owned subsidiaries, we will use the scale of the AEON Group to expand both companies’ businesses and accelerate their growth, thereby achieving further growth for the Group as a whole.」

「On 1 March, FUJI CO., LTD. conducted an absorption-type merger in which it was the surviving company and FUJI Retailing Co., Ltd. and Maxvalu West Japan Co., Ltd. were the absorbed companies. Under its medium-term management plan for fiscal years 2024–2026, which sets operating revenue of ¥1 trillion as its target for fiscal 2030, it launched as the new “FUJI CO., LTD.” under the new slogan “New connections in the local community.”」

「In November, under the “¥1 trillion supermarket vision for the Kanto region,” our tender offer for shares of Inageya, capped at 51%, was completed.」

「We decided to acquire shares of Inageya, with the number of shares equivalent to 51% of its voting rights as the acquisition limit, by around November 2023, and to undertake procedures to make Inageya our consolidated subsidiary. We have agreed to hold discussions aimed at achieving this management integration by around November 2024.」

「In April 2023, we reached a basic agreement with Inageya Co., Ltd. and United Super Markets Holdings Inc. on management integration, with the aim of enhancing our presence in local communities through Group synergies.」

「During the first quarter consolidated accounting period, FUJI, formerly an equity-method affiliate, and our consolidated subsidiary Maxvalu West Japan Co., Ltd. carried out a share exchange, making FUJI and FUJI Retailing Co., Ltd. our consolidated subsidiaries.」

「In March 2022, ahead of the merger, FUJI became the joint holding company and implemented management integration by holding MV West Japan and FUJI Retailing Co., Ltd., which had taken over business divisions from FUJI and MV West Japan, under its umbrella, becoming our consolidated subsidiary.」

「In December, ahead of the merger, FUJI and MV West Japan entered into various agreements to establish a joint holding company that would become our consolidated subsidiary and integrate their management.」

「In September, FUJI CO., LTD. (hereinafter “FUJI”), Maxvalu West Japan Co., Ltd. (hereinafter “MV West Japan”) and we reached a basic agreement on the merger of FUJI and MV West Japan in March 2024, with the aim of evolving into a corporate entity capable of contributing to regional co-creation. In advance of this, we also reached a basic agreement on the establishment of a joint holding company by FUJI and MV West Japan and their management integration in March 2022.」

「Based on the basic agreement concerning the integration of supermarket operations in 6 regions of Japan signed in 2018, management integration was implemented in fiscal 2019 in the Chugoku and Shikoku and Tokai and Chubu regions and in fiscal 2020 in the Hokkaido, Tohoku, Kinki and Kyushu regions, completing management integration in all regions.」

「In the Chugoku and Shikoku regions, Maxvalu West Japan Co., Ltd. entered into an agreement in October to merge in March 2021 with Marukana Co., Ltd. and Sanyo Marukana Co., Ltd., which it had made subsidiaries in March 2019, further advancing the reorganisation.」

「Based on the basic agreement concerning the integration of supermarket operations in 6 regions of Japan signed in 2018, management integration was implemented in fiscal 2019 in the Chugoku and Shikoku and Tokai and Chubu regions and in fiscal 2020 in the Hokkaido, Tohoku, Kinki and Kyushu regions, completing the reorganisation of all regions.」

「Based on the basic agreement concerning the integration of supermarket operations in 6 regions of Japan signed in 2018, management integration was implemented in fiscal 2019 in the Chugoku and Shikoku and Tokai and Chubu regions. In fiscal 2020, management integration was implemented in March between AEON Hokkaido Co., Ltd. and Maxvalu Hokkaido Co., Ltd. in Hokkaido, between Maxvalu Tohoku Co., Ltd. and the Tohoku Company of AEON Retail Co., Ltd. in the Tohoku region, and between Daiei, Inc. and Koyo Co., Ltd. in the Kinki region.」

「Based on the basic agreement concerning the integration of supermarket operations in 6 regions of Japan signed in October 2018, we promoted integration in each region. In March, in the Chugoku and Shikoku regions, Maxvalu West Japan Co., Ltd. made Marukana Co., Ltd. and Sanyo Marukana Co., Ltd. its subsidiaries, launching a new structure. In September, in the Tokai and Chubu regions, Maxvalu Tokai Co., Ltd. merged with Maxvalu Chubu Co., Ltd. In Hokkaido, AEON Hokkaido Co., Ltd. and Maxvalu Hokkaido Co., Ltd. entered into a merger agreement in April and merged in March 2020. In the Tohoku region, Maxvalu Tohoku Co., Ltd. became a wholly owned subsidiary of AEON Co., Ltd. in March 2020 and integrated its management with the Tohoku Company of AEON Retail Co., Ltd., launching as the new AEON Tohoku Co., Ltd. In the Kinki region, Daiei, Inc. and Koyo Co., Ltd. integrated their management in March 2020. In the Kyushu region, AEON Kyushu Co., Ltd., Maxvalu Kyushu Co., Ltd. and AEON Store Kyushu Co., Ltd. are scheduled to integrate their management.」

「Based on the basic agreement concerning the integration of supermarket operations in 6 regions of Japan signed in October 2018, we promoted integration in each region. In March, in the Chugoku and Shikoku regions, Maxvalu West Japan Co., Ltd. made Marukana Co., Ltd. and Sanyo Marukana Co., Ltd. its subsidiaries, launching a new structure. In September, in the Tokai and Chubu regions, Maxvalu Tokai Co., Ltd. merged with Maxvalu Chubu Co., Ltd.」

「During the first quarter consolidated accounting period, FUJI CO., LTD. was included within the scope of application of the equity method following the appointment of a director dispatched by us.」

「By advancing this alliance, we aim to become the number-one business group in the Chugoku and Shikoku regions, one that continues to earn the support of local customers, contributes to regional development, and enables employees to continue working with pride.」

「In October, we entered into a capital and business alliance agreement with FUJI CO., LTD. The two companies share a common philosophy of contributing to people’s lives and local communities. By making maximum use of their respective management resources and working together, they will pursue synergies in a wide range of areas, including the joint development of original private-label products for the Chugoku and Shikoku regions and initiatives to revitalise shopping centres and general merchandise stores.」

「In March, AEON Hokkaido Co., Ltd. reopened AEON Mall Sapporo Hassamu, one of the largest shopping malls in Hokkaido, as part of its efforts to realise a “trusted company that is number one in Hokkaido.”」

「To this end, toward 2020, we will transform each region and business into a number-one company and achieve sustainable growth and improved profitability by allocating substantial resources to the digital field and the Asian region.」

「As customer values and lifestyles diversify and society rapidly becomes more digital, we recognise that it is important for each Group business and company to establish a number-one position in its respective industry and region in order to sustain growth in the future. Accordingly, over this three-year period we will undertake two reforms: “Reform of the earnings structure of existing businesses (reform of the earnings structures of AEON Retail Co., Ltd. and Daiei, Inc.)” and “Reform of the Group structure for new growth (reform of the Group’s business structure and renewal of its business foundations).”」

「We will reform our organisational structure to realise a truly number-one group comprising companies that are number one in each field and region.」

「At the same time, as a corporate group that continues to innovate, we continued to promote common Group strategies aimed at evolving the Group into one in which each business and company grows to become number one in its respective industry and region, and in which competitive businesses and companies are organically combined to create high synergies.」

「We continued to promote group-wide strategies and structural reforms so that each group business and company could grow to become No. 1 in its respective industry and region, evolving into a corporate group that creates high synergies through the organic combination of competitive businesses and companies.」