BASE (4477) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 rose 36.6% year-over-year to ¥6,243 million, gross profit increased 55.8% to ¥3,217 million, and operating profit surged 70.5% to ¥664 million, driven by BASE Business growth and E-Store ShopServe consolidation.

• EBITDA for Q1 2026 was ¥719 million, up 83.6% YoY.

• Profit attributable to owners of parent rose 60.6% YoY to ¥517 million.

• BASE AI, an interactive AI feature for shop owners, was launched on a limited basis.

• The business environment remains stable, with growth in both goods and service categories of the domestic BtoC e-commerce market.

Financial highlights

• Group GMV grew 29.1% YoY, mainly due to E-Store ShopServe consolidation.

• Ordinary profit for Q1 2026 was ¥664 million, up 61.0% YoY.

• Earnings per share for Q1 2026 were ¥4.50, compared to ¥2.79 in Q1 2025.

• Comprehensive income for Q1 2026 was ¥574 million, up 48.1% YoY.

• Total assets as of March 31, 2026, were ¥53,080 million, down ¥4,723 million from December 2025.

Outlook and guidance

• FY2026 full-year forecast: net sales ¥28,371 million (+36.9% YoY), gross profit ¥14,070 million (+40.9% YoY), operating profit ¥2,270 million (+34.6% YoY), EBITDA ¥2,457 million (+40.5% YoY).

• Net income attributable to owners of parent expected to decrease 17.9% YoY as tax effects normalize.

• Dividend of ¥5 per share planned; share buyback/treasury share repurchase budget set at ¥1 billion.

• Focus on AI implementation, group synergies, and M&A for both organic and inorganic growth.