BASE (4477) Q4 2025 earnings summary

Executive summary

• Net Sales for FY2025 rose 29.7% YoY to 20,729 million yen, Gross Profit increased 39.4% YoY to 9,989 million yen, and Operating Profit surged 118.2% YoY to 1,686 million yen, driven by BASE Business growth, Pay ID app monetization, and E-Store shopserve consolidation.

• Profit attributable to owners of parent surged 436.9% YoY to 1,826 million yen.

• Q4 FY2025 saw Net Sales up 42.5% YoY, Gross Profit up 61.7% YoY, and Operating Profit at 541 million yen (from a loss of 26 million yen YoY), with strong BASE Business and E-Store shopserve contributions.

• Acquisition of Estore Corporation in July 2025 expanded the group’s business portfolio and contributed to results from Q4.

• Shareholder returns included a 1 billion yen share repurchase (completed April 2025) and a planned 5 yen per share dividend (resolution scheduled March 2026).

Financial highlights

• Group GMV for Q4 FY2025 reached 138.0 billion yen, up 38.0% YoY.

• FY2025 Q4 Net Sales: 6,676 million yen (+42.5% YoY), Gross Profit: 3,464 million yen (+61.7% YoY), Operating Profit: 541 million yen (vs. -26 million yen YoY).

• BASE Business Q4 Net Sales up 22.0% YoY, Gross Profit up 30.0% YoY; PAY.JP Net Sales up 4.1% YoY, Gross Profit up 11.0% YoY; YELL BANK Net Sales up 16.6% YoY, Gross Profit up 17.4% YoY.

• E-Store shopserve contributed 1,309 million yen in Net Sales and 767 million yen in Gross Profit in its first consolidated quarter.

• Cash and deposits at year-end: 26,867 million yen (+4.4% YoY).

Outlook and guidance

• FY2026 forecast: Net Sales to grow 36.9% YoY to 28,371 million yen, Gross Profit to rise 40.9% YoY to 14,070 million yen, Operating Profit to increase 34.6% YoY to 2,270 million yen.

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

• Dividend of 5 yen per share and a 1 billion yen share buyback budget planned for FY2026.

• Continued focus on top-line growth, profitability, AI implementation, group synergies, and M&A for inorganic growth.