BASE (4477) Q4 2024 earnings summary

Executive summary

• Net sales grew 36.8% YoY to JPY 15,981 million, with operating profit of JPY 772 million, achieving profitability a year ahead of plan.

• Net income was JPY 340 million, reversing a prior year loss, aided by tax adjustments despite an extraordinary loss from want.jp impairment.

• All core business segments—BASE, PAY.JP, and YELL BANK—improved profitability and posted segment profits.

• want.jp was consolidated from Q4, but posted a segment loss and led to an extraordinary impairment loss due to FX volatility and platform policy changes.

• Shareholder returns to be executed via share repurchases; corporate governance strengthened with a majority of outside directors.

Financial highlights

• FY2024 Net Sales: JPY 15,981 million (+36.8% YoY); Gross Profit: JPY 7,166 million (+42.4% YoY); Operating Profit: JPY 772 million (vs. -JPY 425 million FY2023); EBITDA: JPY 803 million (vs. -JPY 422 million FY2023).

• Q4 Net Sales: JPY 4,683 million (+40.1% YoY); Gross Profit: JPY 2,142 million (+46.5% YoY); Operating Loss: JPY -26 million.

• Group GMV for FY2024: JPY 361,772 million (+24.1% YoY); BASE GMV: JPY 154,184 million (+13.4% YoY); PAY.JP GMV: JPY 207,588 million (+47.1% YoY).

• Cash and cash equivalents at year-end: JPY 25,730 million, up JPY 3,502 million (+15.8% YoY).

• No dividends declared for the year.

Outlook and guidance

• FY2025 forecast: Net Sales JPY 19,600 million (+22.6% YoY), Gross Profit JPY 9,085 million (+26.8% YoY), EBITDA JPY 1,034 million (+28.6% YoY), Operating Profit JPY 1,000 million (+29.4% YoY), Net Income JPY 1,248 million (+266.8% YoY), EPS JPY 10.79.

• Focus on new shop acquisition, Pay ID monetization, want.jp turnaround, and product enhancement; Estore acquisition planned for July 2025 but not yet included in guidance.

• Share repurchase program up to JPY 1 billion (2.9% of shares) from Feb–May 2025.