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BASE (4477) investor relations material
BASE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net sales for the nine months ended September 30, 2025, rose 24.4% year-over-year to ¥14,052 million, with gross profit up 31.9% and EBITDA up 43.5%, driven by Group GMV and YELL BANK business growth.
Operating profit exceeded expectations, reaching ¥1,145 million, as SG&A expenses remained below plan and profitability was maintained.
Net income attributable to owners increased 31.8% year-over-year to ¥906 million.
Estore Corporation was acquired in July 2025, expanding group GMV and adding a new ShopServe Business segment.
A year-end dividend of ¥4 per share is planned, targeting a 30% payout ratio and marking the first-ever dividend.
Financial highlights
Q3 net sales: ¥4,908 million (+23.6% YoY); gross profit: ¥2,356 million (+31.9% YoY); operating profit: ¥574 million (+97.2% YoY).
Cumulative nine-month net sales: ¥14,052 million (+24.4% YoY); gross profit: ¥6,525 million (+29.9% YoY); operating profit: ¥1,145 million.
Ordinary profit for nine months: ¥1,174 million (+44.3% YoY); EPS: ¥7.87 (up from ¥5.96 YoY).
Group GMV for Q3: ¥100,681 million (+9.6% YoY); EBITDA for Q3: ¥577 million (+97.0% YoY).
Net income attributable to owners: ¥459 million (+94.4% YoY) for Q3; comprehensive income for nine months: ¥942 million.
Outlook and guidance
Full-year net sales forecast revised upward to ¥20,836 million (+6.3% vs. initial plan, 30.4% growth), with EBITDA expected at ¥1,233 million (+19.2% vs. initial plan, 53.5% growth).
Operating profit forecast raised to ¥1,179 million, and net income to ¥1,441 million (323.8% growth).
Dividend of ¥4 per share planned, with a payout ratio of 30%.
Continued focus on top-line growth, profitability, and inorganic growth via M&A.
Estore acquisition cost allocation status?
Future dividend policy beyond initial payout?
Impact of Pay ID monetization on take rate?
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Q4 202513 Feb, 2026
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Frequently asked questions
BASE Inc. is a Japan-based company specializing in the development and operation of web services. Founded on December 11, 2012, the company focuses on providing e-commerce platforms, online payment services, and related financing services. BASE Inc. operates through two primary business segments: the BASE segment, which offers an e-commerce platform enabling users to create online shops and a shopping mall app for product purchases; and the PAY segment, which develops and manages PAY.JP for integrating online payments into web services and existing online shops, along with PAY ID, which offers unique ID payment services. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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