Itochu stock holds full-year forecast after record first-half profit

ITOCHU Corporation reported record first-half earnings on Wednesday, November 4, 2026, as broad-based growth across its businesses offset uneven resource-market conditions. Yahoo Finance reported that net profit for the six months ended September rose 16 percent from a year earlier to 580.5 billion yen.

Core profit, which excludes extraordinary gains and losses, increased 33 percent to a record 504.5 billion yen. The result gives ITOCHU a strong start to the fiscal year ending March 2027 and leaves management with substantial progress toward its annual targets.

Broad growth supports the earnings base

Non-resource operations generated 427 billion yen of core profit, up 30 percent year over year. Resource-related core profit rose 52 percent to 77.5 billion yen. Machinery, metals and minerals, and energy and chemicals were among the main contributors to the advance.

ITOCHU also benefited from stronger North American power earnings, improved coal operations and higher chemical prices. The sale of an overseas energy business added extraordinary gains, although that contribution does not represent recurring operating performance. The breadth of the operating improvement is therefore more important for investors than the one-off effect.

Annual targets remain unchanged

Management retained its full-year net profit forecast of 950 billion yen for the fiscal year ending March 2027. The core profit forecast also remained at 900 billion yen. First-half performance represented 61 percent of the net profit target and 56 percent of the core profit target, according to the reported company figures.

The unchanged guidance signals that ITOCHU is not yet passing the strong interim performance through to a higher annual forecast. The company expects energy and chemicals earnings to slow in the second half as disruptions in the supply of chemical raw materials ease. That outlook places greater importance on non-resource businesses, industrial operations and investment-related earnings for the remainder of the year.

What investors should watch next

ITOCHU also forecast annual shareholder returns of at least 604 billion yen, including dividends and share buybacks. For investors, the combination of strong first-half execution and unchanged guidance creates a balance between earnings momentum and a more cautious second-half view.

ITOCHU stock traded at 13.59 euros on Lang & Schwarz at 09:31 CET on Thursday, November 12, 2026. The company announcement and the second-half outlook remain the key factors for assessing whether the first-half performance can be sustained.

Japan's broader equity market can be followed through the Nikkei 225 market environment.

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