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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.
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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