Slides
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BASE Q2 of Fiscal Year Ending December 31 , 2026 Materials for Financial Results Presentation BASE , Inc. ( Tokyo Stock Exchange Growth : 4477 ) August 5 , 2026
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2 1. Company Overview 2. Executive Summary 3. Results for Q2 of the Fiscal Year Ending December 31, 2026 4. Reference Materials Table of Contents
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1. Company Overview
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4 Mission
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The BASE Group operates products such as “BASE” , “PAY.JP” ,”E-Store ShopServe” and “Port” which focus on expanding the merchant base, as well as “YELL BANK”, “PAY ID”, and “want.jp”, which are designed to enhance the value provided to these merchants. Service Outline 1) Expansion of Merchant Base (GMV) 2) Increase of Added Value (Take Rate) Support Merchant Access to Payment Support Merchant Growth Payment Online Shop Creation Finance Cross-border EC Payment Finance Payment Online Shop Creation 1on1 video call Payment ID Shopping App 5
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2. Executive Summary
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7 Executive Summary Driven by growth in the BASE Business and the consolidation of the E-Store ShopServe Business, Net Sales increased by +34.4% YoY and Gross Profit by +51.0% YoY. Operating Profit increased significantly by +123.5% YoY. The AI feature “BASE AI” was released on a limited basis for “BASE” shop owners. In addition to providing an interactive interface for consulting on shop operations, we are sequentially expanding AI-powered shop management support features. The use of AI in the development process has also advanced. In April 2026, we acquired all shares of Port, Inc., which provides “Talkport,” a 1-on-1 video call streaming platform, and “Shoport,” an EC platform specializing in entertainment, among other services, with the aim of expanding our target customer base. As an initial step, we will migrate card payments to PAY.JP and aim to improve the Gross Profit Margin by reducing payment costs. B/S consolidation began at the end of June, and P/L consolidation began in July. In the BASE Business, Net Sales increased by +17.0% YoY and Gross Profit by +24.4% YoY, driven by GMV growth and a higher take rate following the monetization of the “PAY ID” shopping app. Topics FY2026 Q2 Results
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Aim for Net Sales +36.9% YoY and Gross Profit +40.9% YoY through the strengthening of existing products, creation of group synergies, and the full-year contribution of the E-Store ShopServe business. Work on AI implementation in products to provide new added value to customers. Promote M&A and alliances, aiming for discontinuous (inorganic) growth for the Group from the next fiscal year onwards. Plan a dividend of 5 yen per share. Furthermore, set a share buyback budget of 1 billion yen for the current fiscal year to enable flexible shareholder returns. Driven by growth in the BASE Business and the consolidation of the E-Store ShopServe Business, Net Sales increased by +35.5% YoY and Gross Profit by +53.4% YoY for the six months ended June 30, 2026, generally in line with expectations. The AI feature “BASE AI” was released on a limited basis for “BASE” shop owners. In addition to providing an interactive interface for consulting on shop operations, we are sequentially expanding AI-powered shop management support features. The use of AI in the development process has also advanced. In April 2026, we acquired all shares of Port, Inc. with the aim of expanding our target customer base. B/S consolidation began at the end of June 2026, with goodwill of approximately ¥1,020 million recognized. P/L consolidation began in July, and Port is expected to contribute ¥195 million in Net Sales and ¥126 million in Gross Profit. Aim foSales and Gross Profit growth of +10%~15% YoY driven by stable GMV growth and Take Rate improvement (contribution from “PAY ID” app monetization). Continue mass marketing to increase the number of new shop openings; promotion costs are expected to increase. Driven by stable GMV growth and a higher take rate following the monetization of the “PAY ID” shopping app, Net Sales increased by +17.8% YoY and Gross Profit by +25.3% YoY for the six months ended June 30, 2026, in line with expectations. Nationwide mass marketing was conducted in May 2026 to increase the number of new shop openings, resulting in a significant increase in brand awareness. Aim to increase the number of new merchants through product development (expansion of payment method lineup, etc.) and strengthening of sales & marketing. Furthermore, through introduction to E-Store ShopServe merchants, aim for Net Sales and Gross Profit growth of approx. +10% YoY. Driven by GMV growth, Net Sales increased by +5.8% YoY and Gross Profit by +4.5% YoY for the six months ended June 30, 2026, in line with expectations. Since February 2026, we have added PayPay as a payment method and have worked to increase new merchants by strengthening sales and marketing through CRM initiatives and expanded advertising investment. The rollout to E-Store ShopServe merchants is scheduled to be carried out sequentially in the second half of the fiscal year. Strengthen the shopping experience of the shopping app “PAY ID,” and contribute to the Net Sales and Gross Profit growth of the BASE Business by earning fee revenue through increased GMV via the “PAY ID” app. Expanded the “subscription” and “lottery sales” features in the shopping app “PAY ID,” working to increase GMV through the “PAY ID” shopping app Expand product functions and strengthen the sound operational base. Through the increase in total amount of receivables purchased, aim for Net Sales and Gross Profit growth of approx. +30% YoY. Driven by growth in “YELL BANK” and other businesses, Net Sales increased by +20.5% YoY and Gross Profit by +21.1% YoY for the six months ended June 30, 2026, generally in line with expectations. Through the provision of the cross-border EC function “Easy Overseas Sales” jointly developed with the BASE Business, increase the cross-border EC GMV of “BASE” shops and aim for Net Sales and Gross Profit growth. Since March 2026, “Easy Overseas Sales,” a cross-border EC feature jointly developed with the BASE Business, has been offered as a standard feature, and we are working to increase cross-border EC GMV. As the existing business and “Easy Overseas Sales” performed below expectations, Net Sales decreased by 18.8% YoY and Gross Profit by 13.0% YoY for the six months ended June 30, 2026, below expectations Strengthen consulting and solution provision capabilities to ensure stable top-line growth. Migrate card payment to PAY.JP and realize improvement in Gross Profit margin through the reduction of payment costs In addition to advertising and creative production menu offerings, we launched the AI BPO business and expect solution sales to expand. The migration of card payments to PAY.JP is scheduled to be carried out sequentially in the second half of the fiscal year. 8 Policies for FY2026 （as of February 12, 2026） Progress Policies for FY2026 and Progress BASE PAY.JP YELL BANK PAY ID Group want.jp E-Store ShopServe
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Consolidated 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 BASE PAY.JP E-Store ShopServe 9 The Group GMV Growth Group GMV grew, driven by growth in the BASE Business and PAY .JP Business, as well as the consolidation of the E-Store ShopServe Business. 125 billion (Note) BASE’s GMV is based on the order date (order amount). PAY.JP & E-Store ShopServe’s GMV is based on the payment date (payment amount)
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Consolidated 4,572 6,144 FY2025 Q2 FY2026 Q2 2,104 3,177 46.0% 51.7% FY2025 Q2 FY2026 Q2 Groos Profit Groos Profit Margin 180 403 4.0% 6.6% FY2025 Q2 FY2026 Q2 Operating Profit Operating Profit Margin YoY +34.4% YoY +51.0％ YoY +123.5％ 10 The Group Growth （Million Yen) Net Sales Gross Profit and Gross Profit Margin Operating Profit and Operating Profit Margin Driven by growth in the BASE Business and the consolidation of the E-Store ShopServe Business, Net Sales increased significantly by +34.4% YoY, Gross Profit by +51.0% YoY, and Operating Profit by +123.5% YoY. Gross profit margin and Operating Profit margin increased YoY . （Million Yen） （Million Yen）
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11 Marketing Promotion Purchasers Customer Service Creative Design Shop Settings・ Inquiries Overseas Sales Cross-border EC Cash Management Product・Sales Planning Ex: Product Data, New / Repeat Customer Data Ex: Product Design Data, Image Data Ex: Inquiry Data, Purchase History Data Ex: Various Shop System Data, Settings Data Ex: Product Category Data, Overseas Shipping Data Ex: Sales Data, Sales History Data Ex: Inventory Data, Access Data EC value chain for merchants Easy Payment Cross-border EC cart Easy Overseas Sales (Cross-border EC) YELL BANK(finance) Consider sequential rollout Data Context AI Interface Payment Progress on the AI Strategy for the BASE Business Shop Design Generation Social Media Post Creation PAY ID Push Notification Support Email Newsletter App Customer Inquiry Responses Product Description Generation Consider sequential rollout Consider sequential rollout Sequentially expanding AI-powered shop management support features for “BASE” shop owners. Implemented AI in the areas of Creative Design, Marketing Promotion, Customer Inquiry Support, and Shop Settings and Inquiries. AI Features Released AI Features Under Consideration
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In April 2026, we acquired all shares of Port, Inc., which provides “Talkport,” a 1-on-1 video call streaming platform, and “Shoport,” an EC platform specializing in entertainment, among other services, with the aim of expanding our target customer base. As an initial step, we will migrate card payments to PAY.JP and aim to improve the Gross Profit Margin by reducing payment costs. B/S consolidation began at the end of June, and P/L consolidation began in July. Acquisition of Port, Inc. 12 Impact on the B/S as of June 30, 2026 Impact on FY2026 P/L （(Note 1) The amount of goodwill is provisional because the allocation of the acquisition cost had not been completed as of the end of Q2 FY2026. (Note) The goodwill amortization amount is provisional. 1,300 279 1,020 Acquisition Cost Net Asset Valu Goodwill （Million Yen） （ Million Yen ） _In FY2026, amortization expense is expected to be ¥63 million 762 195 126 GMV Net Sales Gross Profit
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want.jp business want.jp Business 13 Due to a decline in the existing business and slower-than-expected progress of the cross-border e-commerce feature “Easy Overseas Sales,” Net Sales were ¥214 million (down 28.1% YoY) and Gross Profit was ¥83 million (down 19.1% YoY), both below plan. The earnings forecast for “Easy Overseas Sales” was calculated using the gross method; however, the net method will be applied. As a result, Net Sales are expected to be ¥1,643 million below the forecast, while Gross Profit and Selling, General and Administrative Expenses are each expected to be ¥461 million below the forecast. There will be no impact on Operating Profit. Existing Business Easy Overseas Sales Business Overview Q2 Results Factors and Initiatives A service that lists products from Japanese e-commerce merchants on overseas marketplaces for sale. A cross-border e- commerce support service through which the Company acts as a domestic purchasing agent and manages the overseas sales process. Net Sales: ¥183 million (▲38.5% YoY) Gross Profit: ¥66 million （▲35.3％ YoY） Net Sales: ¥31 million （–% YoY） Gross Profit: ¥17 million （–% YoY） In March 2026, the Company added an Easy Overseas Sales feature for “BASE” shops. However, average order value and conversion rates were below plan. Going forward, the Company will enhance the feature to improve conversion rates and consider expanding the service to platforms other than “BASE.” Net Sales and Gross Profit decreased YoY due to a deterioration in the market environment, including foreign exchange fluctuations, higher tariff rates and rising logistics costs, as well as the review of product listings following changes to certain marketplace terms and conditions. Going forward, the Company will review its listing strategy for each marketplace and seek to improve profitability. （Note） ・Gross method: Net Sales represent the total transaction value, including product prices; Cost of Sales includes product purchase costs; and Selling, General and Administrative Expenses include international shipping and payment processing fees. ・Net method: Net Sales represent consideration for services provided by the Company; Cost of Sales includes international shipping and payment processing fees; and Selling, General and Administrative Expenses include handling charges. ・Gross method: Net Sales of ¥3,419 million (Existing Business: ¥1,099 million; Cross Cart: ¥2,319 million), Gross Profit of ¥1,079 million (Existing Business: ¥417 million; Cross Cart: ¥662 million), Selling, General and Administrative Expenses of ¥938 million, and Operating Profit of ¥140 million. ・Net method: Net Sales of ¥1,775 million (Existing Business: ¥1,099 million; Cross Cart: ¥675 million), Gross Profit of ¥617 million (Existing Business: ¥417 million; Cross Cart: ¥200 million), Selling, General and Administrative Expenses of ¥477 million, and Operating Profit of ¥140 million.
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3. Results for Q2 of the Fiscal Year Ending December 31, 2026
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Consolidated 15 Consolidated Group GMV increased significantly by +31.6% YoY , mainly due to the consolidation of the E-Store ShopServe Business. Driven by growth in the BASE Business and the consolidation of the E-Store ShopServe Business, Net Sales increased significantly by +34.4% YoY, Gross Profit by +51.0% YoY, EBITDA by +151.2%, and Operating Profit by +123.5% YoY. BASE Business Driven by GMV growth and an increase in the take rate following the monetization of the “PAY ID” shopping app, Net Sales increased by +17.0% YoY and Gross Profit by +24.5% YoY. PAY.JP Business Driven by GMV growth, Net Sales increased by +7.3% YoY and Gross Profit by +4.8% YoY. YELL BANK Business Driven by growth in “YELL BANK” and other businesses, Net Sales increased by +11.1% YoY and Gross Profit by +11.3% YoY. want.jp Business Progress in the existing business and “Easy Overseas Sales,” a cross-border EC feature jointly developed with the BASE Business, was below expectations. Net Sales decreased by 28.1% YoY and Gross Profit by 20.2% YoY, below expectations. E-Store ShopServe Business In Q2 FY2026, Net Sales were ¥1,092 million and Gross Profit was ¥681 million. Financial Highlights for FY2026 Q2 Results
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Consolidated 16 FY2026 Q2 Results (Note) EBITDA is calculated by adding depreciation and amortization to operating income Driven by growth in the BASE Business and the consolidation of the E-Store ShopServe Business, Net Sales increased significantly by +34.4% YoY, Gross Profit by +51.0% YoY, EBITDA by + 151.2%, and Operating Profit by +123.5% YoY. QoQ, Net Sales decreased by 1.6% and Gross Profit by 1.3%, reflecting the impact of the want.jp and YELL BANK Businesses. In addition, higher SG&A expenses due to mass marketing in the BASE Business resulted in a 36.0% decrease in EBITDA and a 39.3% decrease in Operating Profit. (Million yen) FY2026 2Q（April. 2026 –Jun. 2026) FY2026 2Q H1（Jan. – Jun. 2026） FY2026Full-Year Results YoY(vs. Q2 FY2025) QoQ(vs. Q1 FY2026) Results YoY(vs. FY2025 H1) Forecast Progress rateResults Change Results Change Results Change Net Sales 6,144 4,572 +34.4% 6,243 -1.6% 12,388 9,144 +35.5% 28,371 +43.7% Gross Profit 3,177 2,104 +51.0% 3,217 -1.3% 6,395 4,169 +53.4% 14,070 +45.5% Gross Profit Margin 51.7% 46.0% +5.7pt 51.5% +0.2pt 51.6% 45.6% +6.0pt 49.6% n/a SG&A 2,773 1,923 +44.2% 2,553 +8.6% 5,326 3,598 +48.0% 11,800 +45.1% EBITDA (Note) 460 183 +151.2% 719 -36.0% 1,179 575 +105.1% 2,457 +48.0% Operating Profit 403 180 +123.5% 664 -39.3% 1,068 570 +87.3% 2,270 +47.1% Ordinary Profit 255 166 +53.3% 664 -61.5% 919 579 +58.7% 2,029 +45.3% Net Income Attributable to Owners of Parent 297 124 +138.7% 517 -42.6% 815 446 +82.3% 1,497 +54.4%
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Consolidated 17 Balance sheet Following the commencement of B/S consolidation of Port, Inc. at the end of June 2026, goodwill of ¥1,020 million was recognized. Maintained a strong financial base with cash and deposits of ¥22,500 million as of June 30, 2026. （million yen） As of Jun. 30, 2026 As of Dec. 31, 2025 Change Current assets 45,764 52,324 -12.5% (of which, cash and deposits) 22,500 26,867 -16.3% (of which, trade accounts receivables) (Note 1) 20,644 22,982 -10.2% (of which, factoring advances) (Note 2) 1,839 1,479 +24.3% Non-current assets 6,365 5,478 +16.2% (of which, goodwill) 2,362 1,393 +69.6% （of which customer-related intangible assets） 1,149 1,183 -2.8% (of which, deferred tax assets) 1,138 1,108 +2.6% Total assets 52,130 57,803 -9.8% Current liabilities 35,286 41,311 -14.6% (of which, trade accounts payable) (Note 3) 33,314 39,265 -15.2% Non-current liabilities 1,402 1,372 +2.2% (of which, bonds payable) 300 300 - (of which, long-term loans payable) 610 596 +2.3% Total liabilities 36,688 42,683 -14.0% Capital stock 8,848 8,847 +0.0% Capital surplus 4,655 4,655 - Retained earnings 2,256 2,016 +11.9% Treasury shares -999 -999 - Valuation difference on available-for-sale securities 43 81 -46.2% Share acquisition rights 416 321 +29.7% Non-controlling interests 220 196 +11.8% Total net assets 15,441 15,119 +2.1% (Note1) Trade accounts receivable: The unpaid portion of the settlement amount to be paid to our company by the settlement servi ce company (Note2) Factoring advances: Uncollected receivables balance of “YELL BANK” in the YELL BANK business. Part of the uncollected r eceivables balance is also included in accounts receivable. (Note3) Trade accounts payable: In the BASE and PAY.JP Businesses, outstanding amount of settlement to be paid by our company to merchants
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Consolidated 2,486 2,907 1,513 1,624 273 304 298 214 1,092 4,572 6,144 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 BASE PAY.JP YELL BANK want.jp E-Store ShopServe 40,064 42,295 55,015 59,170 23,667 95,080 125,134 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 BASE PAY.JP E-Store ShopServe 54.4% 47.3% 33.1% 26.4% 17.8% 6.0% 5.0% 6.5% 3.5% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 BASE PAY.JP E-Store ShopServe YELL BANK want.jp 18 Trend in Gorup GMV, Net Sales and Net Sales Ratio Group GMV increased significantly, rising 31.6% YoY , mainly due to the start of consolidation of the E-Store ShopServe Business and other factors, Group GMV increased significantly, and Net Sales also increased significantly by +34.4% YoY. Gorup GMV Net Sales Net Sales Ratio +31.6% +7.6% +5.6% +7.3% +17.0% +11.1% +34.4% （Million Yen） （Million Yen） Growth rate（YoY） Growth rate（YoY） (Note) BASE’s GMV is based on the order date (order amount). PAY.JP& E-Store ShopServe’s GMV is based on the payment date (payment amount) (Note) Net Sales for the PAY.JP Business include only external revenue and do not include intercompany sales
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Consolidated 19 Trend in Gross Profit, SG&A Expenses and Operating Profit Driven by growth in the BASE business and the consolidation of the E-Store ShopServe business, Gross Profit increased significantly by 51.0% YoY, EBITDA by 151.2%, and Operating Profit by 123.5%. SG&A expenses increased significantly by 44.2% YoY , mainly due to the consolidation of the E-Store ShopServe business and higher promotional expenses associated with mass marketing initiatives. 1,003 1,383 746 918 171 414 2 56 1,923 2,773 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 Other Expenses Depreciation and Amotization Promotion Expenses Personnel Expenses 183 460 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 2,104 3,177 46.0% 51.7% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 Gross Profit Gross Profit Margin Gross Profit SG&A Expenses Operating Profit （Million Yen） （Million Yen） （Million Yen） +51.0% +44.2% +123.5% EBITDA 183 460 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 （Million Yen） +151.2% Growth rate（YoY） Growth rate（YoY） Growth rate（YoY） Growth rate（YoY）
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BASE Business 2,486 2,907 1,515 1,885 61.0% 64.9% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 Net Sales Gross Profit Gross Profit Margin 40,064 42,295 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 39,019 41,475 2,486 2,907 6.4% 7.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 GMV Net Sales Take rate 20 Trend in GMV（Order & Payment）, Take Rate, Net Sales and Gross Profit Driven by GMV growth and an increase in the take rate following the monetization of the shopping app “PAY ID,” Net Sales increased by +17.0% YoY and Gross Profit by +24.5% YoY. GMV（Order） GMV（Payment）,Take Rate and Net Sales Net Sales and Gross Profit +5.6% +17.0% +6.3% +24.5% +17.0%Growth rate（YoY） Growth rate（YoY） Growth rate（YoY） （Million Yen） （Million Yen） （Million Yen） (Note) Net Sales for the BASE Business include only external revenue and do not include intercompany sales.
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PAY.JP Business 55,015 59,170 2.8% 2.7% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 GMV Take Rate 21 Trend in GMV, Take Rate, Net Sales and Gross Profit Driven by GMV growth, Net Sales increased by +7.3% YoY and Gross Profit by +4.8% YoY. （Million Yen） (Note) Net Sales for the PAY.JP Business include only external revenue and do not include intercompany sales. 1,513 1,624 220 230 14.5% 14.2% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 Net Sales Gross Profit Gross Profit Margin GMV and Take Rate and Net Sales Net Sales and Gross Profit +7.6% +7.3% +4.8% Growth rate（YoY） （Million Yen） Growth rate（YoY）
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YELL BANK Business Driven by growth in “YELL BANK” and other businesses, Net Sales increased by +11.1% YoY and Gross Profit by +11.3% YoY. 22 Trends in Net Sales and Gross Profit (Note) Net Sales of the YELL BANK segment include only revenue from external customers and exclude internal sales. 59 63 82 103 172 227 240 262 249 273 290 306 326 304 51 54 74 94 163 218 231 253 240 265 282 297 317 295 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2023 FY2024 FY2025 FY2026 Net Sales Gross Profit （Million Yen）
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4. Reference Materials
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Continue to aim for EBITDA growth by achieving both top-line growth and improved profitability through the strengthening of existing products. Work on implementing AI in products to provide new added value to customers. Strengthen efforts to create group synergies to realize top-line growth and improved profitability. Promote M&A and alliances, aiming for the Group's discontinuous (inorganic) growth Continuously implement shareholder returns through dividends and share repurchases, backed by a solid financial base. Aim for growth in Net Sales and Gross Profit through GMV growth and Take Rate improvement, driven by product AI shift and development of high value-added new features (cross-border EC, etc.) to continue providing value to individuals and small teams. Continue promotions including mass marketing to increase the number of new shop openings, aiming for mid-to-long-term GMV growth and maintenance of competitiveness. Aim for growth in Net Sales and Gross Profit by aiming to increase the number of new merchants through product development (expansion of payment method lineup, etc.) and strengthening of sales & marketing, and further by introducing to E-Store ShopServe merchants. Aim for improvement in Gross Profit margin through reduction of payment costs. Contribute to the Gross Profit growth of the BASE Business through earning fee revenue from increased GMV via the “PAY ID” app by strengthening the shopping experience. Aim for top-line growth through the increase in total amount of receivables purchased, driven by the expansion of product functions and strengthening of a sound operational base. Aim for growth in Net Sales and Gross Profit by increasing cross-border EC GMV of “BASE” shops through the provision of the cross-border EC function “Easy International Sales” jointly developed with the BASE Business. Ensure stable top-line growth by strengthening consulting and solution provision capabilities. Aim for improvement in Gross Profit margin through reduction of various costs via integration of payment platforms, etc., and aim for top-line growth by creating group synergies in the mid-to-long term. 24 BASE PAY.JP YELL BANK PAY ID Group want.jp E-Store ShopServe Mid-term management policy
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25 Payment Online Shop Creation Payment ID/ Shopping App Finance Cross-border EC Expansion to Products Other than “BASE” Payment Finance Payment Online Shop Creation New Areas New Areas BASE Group is committed to enhancing corporate value by achieving two key goals: 1) Expanding the target merchant base, 2) Enhancing added value for merchants. This will be realized through the growth of existing products, synergy generation, and the execution of M&A activities aimed at achieving inorganic growth. Mid-term Growth Strategy BASE Group’s Value Creation Objective Support Merchant Access to Payment Support Merchant Growth2) Increase of Added Value (Take Rate) 1) Expansion of Merchant Base (GMV)
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Consolidated 20,729 28,371 34,300 41,500 FY2025 result FY2026 FY2027 FY2028 in-organic E-Store shopserve wantjp YELL BANK PAYJP BASE 1,686 2,270 3,600 5,000 8.1% 8.0% 10.5% 12.0% FY2025 result FY2026 FY2027 FY2028 Operating profit Operating profit margin 9,989 14,070 16,634 19,517 FY2025 result FY2026 FY2027 FY2028 1,749 2,457 3,796 5,192 8.4% 8.7% 11.1% 12.5% FY2025 result FY2026 FY2027 FY2028 EBITDA EBITDA margin 26 Mid-term Management Plan Net Sales Gross profit and Gross profit margin Operating profit and Operating profit marginEBITDA and EBITDA margin Aim for EBITDA growth by balancing top-line growth and improved profitabilitythrough the strengthening of existing products. Work on AI implementation in products to provide new added value to customers. Strengthen efforts to create group synergies to realize top-line growth and improved profitability. Promote M&A and alliances, aiming for the Group's discontinuous (inorganic) growth. Million Yen Million Yen Million Yen Million Yen
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Payment Finance 27 Easy Payment Cross Border EC Group AI Strategy Leverage the Group asset “Data Context,” combine “Commerce Interface” with “AI,” and strengthen the competitive advantage of the monetization point “Payment / Finance.” Payment / Finance Commerce Interface Data Context Two-sided Transaction / Context Data of Merchants and Purchasers AI
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28 Marketing Promotion Purchasers Customer Service Creative Design Shop Settings・ Inquiries Overseas Sales Cross-border EC Cash Management Product・Sales Planning Ex: Product Data, New / Repeat Customer Data Ex: Product Design Data, Image Data Consider sequential rollout Ex: Inquiry Data, Purchase History Data Ex: Various Shop System Data, Settings Data Ex: Product Category Data, Overseas Shipping Data Ex: Sales Data, Sales History Data Ex: Inventory Data, Access Data EC value chain for merchants Easy Payment Cross-border EC cart Easy Overseas Sales (Cross-border EC) YELL BANK(finance) Consider sequential rollout Policy to implement AI in products targeting the entire EC value chain for merchants, leveraging “cumulative customer exceeding 2.5 million /transaction data” and “Simple UI and proprietary payment infrastructure.” Data Context AI Interface Payment BASE business AI Strategy
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29 Examples of AI Utilization in Products UI Integrated into BASE Cross-border EC Cart Payment & In-house Warehouse In BASE's “Easy International Sales,” we highly automate processes ranging from product information identification to shipping feasibility determination, using a proprietary AI model that leverages domestic and international transaction data. We leverage the Group's proprietary “AI / Interface / Payment” foundation to provide unparalleled convenience in cross-border EC. Data Context AI Interface Payment AI活用による商品情報、発送可否 の自動判別 ・梱包サイズ 例：30cm x 25cm x 4cm ・梱包重量 例：500g ・商品品目 例：Tシャツ コットン100% ・禁止商材の有無 例：航空禁制品か否か ※両事業が蓄積してきた膨大な商 品データと物流データの活用により 実現 Domestic EC Merchant Transaction Data Cross-border EC Product / Logistics Transaction Data
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30 Creation of Group Synergies BNPL 「Pay IDあと払い」 YELL BANK Corss-border EC Easy International Sales ショッピングアプリ 「Pay ID」 Payment (Credit Card) Finance (Future Receivables Factoring) Cross-border EC Shopping App Transfer card payment to PAY.JP planned for 2026 Improvement of Gross Profit margin due to reduction of payment costs Acquisition of financial revenue Payment (BNPL) Increase in GMV, Increase in Take Rate E-Store shop serve businessPAY.JP businessBASE businessFunction (Value Proposition) Synergy Effect Strengthen efforts to create group synergies to realize top-line growth and improved profitability. − Roll out the financial function (future receivables factoring “YELL BANK”) developed in BASE Business to PAY .JP Business. − Roll out the cross-border EC function “Easy International Sales,” jointly developed by want.jp business (joined via M&A) and BASE Business, to BASE Business − Roll out the credit card payment function developed in the PAY .JP Business to the E-Store ShopServe Business. − Consider creating other group synergies beyond the above. Under consideration Under consideration PAY.JP PAY.JP YELL BANK PAY.JP Under consideration Under consideration Under consideration Under consideration Under consideration Increase in GMV, Increase in Take Rate Increase in GMV, Increase in Take Rate
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31 While continuing to prioritize the growth of existing products, we will expand our target customer base through M&A and alliances to realize the Group's discontinuous (inorganic) growth. We aim to maximize value creation by performing BASE Group's unique value-up for the expanded customer base, utilizing “YELL BANK,” “PAY ID,” and “want.jp,” etc Discontinuous (Inorganic) Growth through Promotion of M&A and Alliances Target customers expanded by joining the Group BASE Group’s Value Creation Objective 1) Expansion of Merchant Base (GMV) Support Merchant Access to Payment Support Merchant Growth Payment Online Shop Creation Payment ID/ Shopping App Finance Cross-border EC Payment Finance Payment Online Shop Creation 新領域 1on1 video call BASE Group's Unique Value-Up BASE Group's Unique Value-Up New Areas 2) Increase of Added Value (Take Rate)
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32 Areas Under Consideration for M&A Expansion of Target Customers (GMV) Physical Goods Sector 15 trillion yen Apparel / General Goods Service Sector Digital Content Sector Food / Beverages / Liquor Furniture / Interior Cosmetics Home Appliances / Equipment Books / Software 8.2 trillion yen Travel Tickets Food & Drink / Delivery Beauty / Hairdressing Entertainment Skill Sharing 2.6 trillion yen E-books Online Games Music Streaming Video Streaming Text Illustrations / Photos Improvement of Added Value (Take Rate) 1.9 trillion yen ※Partially overlaps with the above 3 sectors Content Creation Sales Support Back Office Agent Finance Community Others Source: Created based on METI "FY2024 Market Survey on E-commerce", Mitsubishi UFJ Research and Consulting "Creator Economy Survey" (2024), Yano Research Institute, etc. With the aim of expanding target customers (GMV), we preferentially consider EC operators (non-face-to-face storefront services) operating mainly in the Physical Goods Sector, as well as in the Services and Digital Content Sectors (non-physical goods), as candidates for M&A. With the aim of improving added value (Take Rate), we also consider operators developing functions that support merchants' EC operations as candidates for M&A.
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33 Policies for FY2026 Aim for Net Sales +36.9% YoY and Gross Profit +40.9% YoY through the strengthening of existing products, creation of group synergies, and the full-year contribution of the E-Store ShopServe business. Work on AI implementation in products to provide new added value to customers. Promote M&A and alliances, aiming for discontinuous (inorganic) growth for the Group from the next fiscal year onwards. Plan a dividend of 5 yen per share. Furthermore, set a share buyback budget of 1 billion yen for the current fiscal year to enable flexible shareholder returns. Aim for Net Sales and Gross Profit growth of +10%~15% YoY driven by stable GMV growth and Take Rate improvement (contribution from “PAY ID” app monetization). Continue mass marketing to increase the number of new shop openings; promotion costs are expected to increase. Aim to increase the number of new merchants through product development (expansion of payment method lineup, etc.) and strengthening of sales & marketing. Furthermore, through introduction to E-Store ShopServe merchants, aim for Net Sales and Gross Profit growth of approx. +10% YoY. Strengthen the shopping experience of the shopping app “PAY ID,” and contribute to the Net Sales and Gross Profit growth of the BASE Business by earning fee revenue through increased GMV via the “PAY ID” app. Expand product functions and strengthen the sound operational base. Through the increase in total amount of receivables purchased, aim for Net Sales and Gross Profit growth of approx. +30% YoY. Through the provision of the cross-border EC function “Easy Overseas Sales” jointly developed with the BASE Business, increase the cross-border EC GMV of “BASE” shops and aim for Net Sales and Gross Profit growth. Strengthen consulting and solution provision capabilities to ensure stable top-line growth. Migrate card payment to PAY.JP and realize improvement in Gross Profit margin through the reduction of payment costs BASE PAY.JP YELL BANK PAY ID Group want.jp E-Store ShopServe
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Consolidated 34 FY2026 Full-Year Earnings Forecast （million yen） FY2026 Forecast FY2025 Results YoY Net Sales 28,371 20,729 +36.9% Gross Profit 14,070 9,989 +40.9% SG&A 11,800 8,303 +42.1% EBITDA（Note1） 2,457 1,749 +40.5% Operating Profit 2,270 1,686 +34.6% Ordinary Profit 2,029 1,644 +23.4% Net Income Attributable to Owners of Parent 1,497 1,826 -17.9% Aim for Net Sales growth of +36.9% YoY and Gross Profit growth of +40.9% YoY, driven by the strengthening of existing products, creation of group synergies, and the full-year contribution of the E-Store ShopServe bussiness. While expecting growth in Operating Profit and Ordinary Profit, Profit attributable to owners of parent is expected to decrease YoY as tax effects run their course. (Note) EBITDA is calculated by adding depreciation and amortization to operating income.
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Consolidated FY2026 Year-end dividend 5.0 Yen 38.4％ Approx. 575 Million Yen December 31, 2026 Late March 2027 (Note1) 35 Shareholder Return Policy Target Period Dividend Type Dividend per Share Total Dividend Amount Record Date Scheduled Payment Date （Note1）The scheduled payment date is tentative as of now and is subject to change. Payout Ratio Common Stock 3,800,000shares (Upper limit) ※ Ratio to total issued shares: 3.3% 1 Billion Yen (Total) February 13, 2026 – December 31, 2026 Market purchase on the Tokyo Stock Exchange Class of Shares to be Acquired Total Number of Shares Total Acquisition Cost Acquisition Method Acquisition Period Summary of Share Buyback Framework (Note2)Summary of Dividend (Forecast) (Note 2) Acquisition of some or all shares may not be conducted due to a significant increase in demand for funds, insider trading regulations, etc. Plan a dividend of 5 yen per share. Furthermore, to enable flexible shareholder returns, set a share buyback budget of 1billion yen for the current fiscal year.
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36 This document has been prepared by BASE, Inc. (the “Company”) solely for information purpose only. This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in Japan, the United States or any other jurisdictions. The information contained herein is based on current economic, regulatory, market trends and other conditions. The Company makes no representation or guarantee with respect to the credibility, accuracy or completeness of the information herein. The information contained herein may change without prior notice.Furthermore, the information on future business resultsare forward- looking statements. Forward-looking statements include but not limited to expressions such as "believe", “expect", "plan", "strategic", "expect", "anticipate", "predict" and "possibility", as well as other similar expressions to explain future business activities, achievements, events and future conditions. Forward-looking statements are predictions about the future that reflect management's judgment based on currently available information. As such, these forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Therefore, you may not rely entirely on forward-looking statements. The Company does not assume any obligation to change or correct any forward-looking statements in light of new information, future events or other findings. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. In giving this presentation, the Company does not undertake any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. Information on companies other than the Company and information provided from third parties are based on public information or sources. The Company has not independently verified the accuracy and appropriateness of such data and indicators used herein, nor assume any responsibility for the accuracy and appropriateness of such data and indicators presented in this document. This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Handling of these Materials