BASE (4477) Q3 2025 earnings summary

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.