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BASE (4477) investor relations material

BASE Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary5 Aug, 2025

Executive summary

  • Net sales rose 24.8% year-over-year to ¥9,144 million for the six months ended June 30, 2025, with operating profit up 12.2% to ¥570 million and ordinary profit up 12.5% to ¥579 million.

  • Net Sales and Gross Profit increased over 22% and 25% YoY, driven by Group GMV and YELL BANK business growth.

  • All core business segments reported sales growth, with BASE, PAY.JP, and YELL BANK segments showing strong profit increases.

  • E-Store was acquired as a wholly-owned subsidiary in July 2025, expanding the merchant base.

  • A paid model for the "Pay ID" shopping app was introduced in July 2025 to improve profitability.

Financial highlights

  • Q2 FY2025 Net Sales: ¥4,572 million (+22.5% YoY); Gross Profit: ¥2,104 million (+25.9% YoY); Gross Profit Margin: 46.0%.

  • EBITDA for the period was ¥575 million, up 12.8% year-over-year.

  • Operating Profit: ¥180 million (-40.2% YoY); Net Income Attributable to Owners: ¥124 million (-47.7% YoY).

  • Cash and cash equivalents: ¥19.2 billion as of June 30, 2025.

  • FY2025 full-year forecast: Net Sales ¥19,600 million (+22.6% YoY), Gross Profit ¥9,085 million (+26.8% YoY), Net Income ¥1,248 million (+266.8% YoY).

Outlook and guidance

  • FY2025 guidance targets continued top-line growth and profitability, with strategic investments of ~¥300 million factored into SG&A.

  • Gross Profit and EBITDA are targeted to grow +26% and +28% YoY, respectively.

  • The impact of consolidating Estore Corporation is not yet included in the FY2025 forecast.

  • Focus remains on new merchant acquisition, product enhancements, and cost structure optimization.

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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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