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Overview

Information & Communication

BASE,Inc.

BASE, Inc. operates an e-commerce enablement platform primarily targeting individuals, small teams, and SMEs in Japan, offering its flagship no-code online shop creation service 'BASE' with integrated payment processing ('BASE Kantan Kessai') supporting eight payment methods. The company also provides a consumer-facing shopping app 'Pay ID' (18 million registered users), an online payment API service 'PAY.JP' for developers and startups, a revenue-based financing service 'YELL BANK' for shop owners, a cross-border EC service 'want.jp', and a full-service e-commerce construction system 'E-Store ShopServe'. Its key competitive strengths lie in zero initial and monthly fees for basic plans, seamless one-stop shop setup with instant payment integration, and a growing ecosystem connecting merchants and buyers.

SBINM GK completed a tender offer for the company at ¥340 per share (announced 2026-08-28). (Completed)

Market Cap

¥39.0B

US$249M

¥16.5B

US$105M

Stock¥339▼-3.14%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.2

LTM EV/EBIT

7.4

LTM PER

17.8

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-15.9%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Aug 7, 26Q2 FY2026/12 earnings announced

2Aug 31, 26SBI Holdings launches TOB for BASE at ¥340/share, targeting 20% stake, starting Aug 31

MC → EV Bridge

AI Briefing

BASE runs a zero-fee e-commerce enablement platform (shop creation, payments, financing) serving 1.8M+ buyer IDs, now pushing cross-border EC and YELL BANK externally. FY25/12 revenue ¥20.7B with OP swinging positive to ¥1.7B (8.1% margin), a clear inflection after years of losses. No tender offer in play; at ¥44.6B market cap against ¥22.0B EV and ¥22.5B cash, the market is pricing in continued margin recovery.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

96%

EquityD/E 0.04xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 50.6%

as of 2026-06-30 · Source: Annual Securities Report

Yuta TSURUOKA

16.15%

Tachibana Securities Co., Ltd.

14.40%

Hiroyuki MAKI

6.62%

MORGAN STANLEY SMITH BARNEY LLC CLIENTS FULLY PAID SEG ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.35%

Yasuyoshi YANAGISAWA

2.29%

THE BANK OF NEW YORK 133612 (Standing Proxy: Mizuho Bank, Ltd.)

1.97%

CyberAgent,Inc.

1.95%

Custody Bank of Japan, Ltd. (Trust Account)

1.95%

Ueda Yagi Tanshi Co., Ltd.

1.56%

Akihiko TOKITSU

1.36%

Management

8 officers

Yuta TSURUOKA

Representative Director, Senior Executive Officer, CEO

Dec 2012 Founded the Company; assumed office as Representative Director, CEO Jan 2018 Director, PAY Inc. Dec 2020 Director, CAMPFIRE Inc. (current) Mar 2021 Assumed office as Representative Director, Senior Executive Officer, CEO of the Company (current) Jun 2025 Director, E-Store Inc. (current)

1989-12-28

Ken HARADA

Director, Senior Executive Officer, CFO

Apr 2000 Joined Ando Construction Co., Ltd. (now Ando Corporation) Sep 2007 Joined MIXI, Inc. Aug 2013 Joined Freakout Inc. (now Freakout Holdings, Inc.) Jun 2015 Joined the Company Feb 2016 Assumed office as Director, CFO of the Company Jan 2018 Director, PAY Inc. (current) Mar 2021 Assumed office as Director, Senior Executive Officer, CFO of the Company (current) Aug 2024 Director, want.jp Inc. (current) Jun 2025 Director, E-Store Inc. (current)

1977-03-28

Masayuki SHIMURA

Director

Apr 1982 Joined The Mitsui Bank, Limited (now Sumitomo Mitsui Banking Corporation) Apr 2010 Executive Officer, Head of Asia & Oceania Division, Sumitomo Mitsui Banking Corporation Apr 2015 Managing Executive Officer (Management Committee Member), Sumitomo Mitsui Banking Corporation May 2017 Managing Executive Officer, Mitsui Sumitomo Card Company, Limited Jun 2018 Representative Director, Managing Executive Officer, Mitsui Sumitomo Card Company, Limited Jul 2019 Established Shimura & Partners Inc.; Representative Director (current) Aug 2019 Outside Director, the Company (current) Mar 2020 Outside Director (Audit and Supervisory Committee Member), bitFlyer Holdings, Inc. (current) Dec 2020 Outside Director, MEDPEER Inc. Apr 2021 Outside Director, HashPort Inc. Dec 2022 Outside Director (Audit and Supervisory Committee Member), Digitalplus Inc. (current) Mar 2025 Outside Director (Audit and Supervisory Committee Member), KAKKO Inc. (current) Apr 2025 Outside Director, Style Edge Inc. (current)

1958-09-07

Misa MATSUZAKI

Director

Apr 1993 Joined Mobera Inc. Jun 1997 Established Agasta Inc.; Representative Director Dec 2010 Established General Incorporated Association Natural Beautyist Association; Representative Director Jun 2014 Established People Worldwide Inc.; Representative Director Jun 2014 Outside Director, Gendai Agency Inc. Jul 2017 Established WORK JAPAN Inc.; Representative Director (current) Nov 2021 Established Apricot Planet Pte. Ltd.; Representative Director (current) Mar 2022 Outside Director, the Company (current)

1970-11-18

Junko SUZUKI

Director

Apr 1994 Joined Mitsubishi Corporation Aug 2007 Joined BP Japan Ltd. Aug 2008 Vice President, Gas Japan, IST, BP Japan Ltd. May 2016 Joined F-Power, Inc.; Executive Officer Jul 2016 Representative Director, President, F-Power, Inc. Nov 2018 Joined Renova Inc. as CHRO Jan 2019 Executive Officer, CHRO, Renova Inc. Jun 2023 Outside Director, KSK Inc. (current) Jul 2023 Executive Officer, MEDPEER Inc. Mar 2025 Outside Director, the Company (current)

1971-05-04

Fumio UTAGAWA

Full-time Audit & Supervisory Board Member

Apr 1980 Joined Liebermann Welschel Sherry & Co., S.A. Apr 1989 Joined Noda Co., Ltd. Apr 1992 Joined Aichi Corporation Aug 1996 Joined Niscom Service Co., Ltd. (now Niscom Co., Ltd.) Jan 1999 Joined Movie Television Co., Ltd. Oct 2004 Joined Freshness Co., Ltd. Jan 2006 Joined Keystream Co., Ltd. Dec 2007 Established Clinic Complex Co., Ltd.; Representative Director Oct 2015 Audit & Supervisory Board Member, the Company (current) Jan 2018 Audit & Supervisory Board Member, PAY Inc. (current) Aug 2024 Audit & Supervisory Board Member, want.jp Inc. (current) Jun 2025 Audit & Supervisory Board Member, E-Store Inc. (current)

1955-08-05

Kaori MATSUBARA

Audit & Supervisory Board Member

Dec 2008 Registered as attorney (Dai-Ichi Tokyo Bar Association) Dec 2008 Joined Tanabe Sogo Law Office Feb 2013 Attached to the Legal Training and Research Institute of the Supreme Court (civil advocacy) Jan 2018 Partner, Tanabe Sogo Law Office (current) Jun 2025 Audit & Supervisory Board Member, E-Store Inc. (current) Nov 2025 Examiner, National Bar Examination and Preliminary Examination (Civil Procedure Law) (current) Mar 2026 Audit & Supervisory Board Member, the Company (scheduled to assume office)

1982-11-06

Sho SAITO

Audit & Supervisory Board Member

Dec 2007 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Apr 2020 Established Saito Accounting Office; Director (current) Feb 2021 Representative Partner, Tekune Audit Corporation (current) Mar 2026 Audit & Supervisory Board Member, the Company (scheduled to assume office)

1979-09-20

Large Shareholding Reports

Hiroyuki MAKI

2026-10-21

26.89%→28.36%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki Maki

2026-10-19

24.52%→26.89%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki Maki

2026-10-13

23.32%→24.52%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki Maki

2026-10-09

20.53%→23.32%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki Maki

2026-09-01

20.53%→20.53%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki MAKI

2026-05-19

20.55%→20.53%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki MAKI

2026-02-13

20.55%→20.55%

Annual report (as of 2026-06-30): 6.62%

Asset Management One Co., Ltd.

2025-10-07

5.05%→3.74%

Hiroyuki MAKI

2025-09-05

20.55%→20.55%

Annual report (as of 2026-06-30): 6.62%

Hiroyuki MAKI

2025-08-15

14.25%→20.55%

Annual report (as of 2026-06-30): 6.62%

Asset Management One Co., Ltd.

2025-08-07

5.05%

Disclosures

M&A / Other

2026-08-28

BASE,Inc.

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BASE,Inc.

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