eBASE (3835): FY2025 Results Summary — Sales Down 3.8% and Ordinary Income Down 18.4%, Structural Reforms and First-Ever Price Revision Underway

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: eBASE’s materials label the fiscal year ended March 31, 2026 as “FY2026” and the fiscal year ending March 31, 2027 as “FY2027”. This site classifies the most recently completed fiscal year as FY2025; the figures and period labels below follow the company’s materials.

eBASE Co., Ltd. reported FY2026 consolidated net sales of 5,259 million yen (YoY -3.8%) and ordinary income of 1,467 million yen (YoY -18.4%), while exceeding its revised earnings forecast by +5.2% on net sales and +8.7% on ordinary income. The decline came from the eBASE Business (packaged software), where large-scale projects in unfamiliar industries required significantly more custom development than anticipated; the eBASE-PLUS Business (IT outsourcing) grew both sales and profit. For FY2027 the company forecasts net sales of 5,400 million yen (+2.7%), ordinary income of 1,600 million yen (+9.0%) and net income of 1,070 million yen (+4.2%), and has implemented its first-ever price revision since founding.

Consolidated Results (FY2026 Actual)

Net sales were 5,259 million yen against 5,469 million yen in FY2025, a year-on-year decline of 3.8%. Operating income was 1,431 million yen (FY2025: 1,731 million yen), ordinary income was 1,467 million yen (FY2025: 1,797 million yen, -18.4%), and profit attributable to owners of parent was 1,026 million yen (FY2025: 1,250 million yen). Against the revised FY2026 earnings forecast of 5,000 million yen in net sales and 1,350 million yen in ordinary income, results came in +5.2% and +8.7% higher, respectively.

Item (1 million yen)	FY2026 Result	FY2025 Result	YoY
Net sales	5,259	5,469	-3.8%
Operating income	1,431	1,731	―
Ordinary income	1,467	1,797	-18.4%
Net income (profit attributable to owners of parent)	1,026	1,250	―

As of March 31, 2026, total assets were 8,098 million yen (-14 million yen from March 2025) and total net assets were 7,368 million yen (+10 million yen). Current assets decreased by 368 million yen to 6,053 million yen (cash and deposits -394, securities +108), while fixed assets increased by 354 million yen to 2,044 million yen, mainly reflecting investment securities +316. Total liabilities were 730 million yen.

Segment Results

eBASE Business (packaged software business): net sales were 2,591 million yen (-9.4%) and ordinary income was 1,062 million yen (-24.4%). By industry, the Food industry recorded 1,337 million yen (-2.6%), the Daily necessities goods industry 970 million yen (-20.6%) and the Housing industry 283 million yen (+6.5%). The company explains that in the Daily necessities goods industry, human resources were stretched thin by the increased burden of large-scale “MDM eBASE” custom development projects for industries outside its core expertise, reducing deep-sales activities to existing customers. By type, License & Support was 942 million yen, Cloud service 406 million yen, Packaged software 333 million yen, Entrusted development 790 million yen and Other 117 million yen; the Stock business accounted for 52.1% and the Flow business for 47.9% of eBASE Business sales.

eBASE-PLUS Business (IT outsourcing business): net sales were 2,679 million yen (+2.0%, +52 million yen) and ordinary income was 405 million yen (+3.4%, +13 million yen). Net sales progressed broadly in line with the plan, and the company continued price negotiations with customers in response to rising costs and labor expenses.

Segment / Industry (1 million yen)	Metric	FY2026 Result	FY2025 Result	YoY
eBASE Business	Net sales	2,591	2,861	-9.4%
eBASE Business	Ordinary income	1,062	1,405	-24.4%
Food industry	Net sales	1,337	1,373	-2.6%
Daily necessities goods industry	Net sales	970	1,222	-20.6%
Housing industry	Net sales	283	266	+6.5%
eBASE-PLUS Business	Net sales	2,679	2,626	+2.0%
eBASE-PLUS Business	Ordinary income	405	391	+3.4%

Segment figures are shown before elimination of intersegment transactions, as noted in the materials.

FY2027 Forecast

For the year ending March 2027, eBASE forecasts net sales of 5,400 million yen (+2.7%), ordinary income of 1,600 million yen (+9.0%) and net income of 1,070 million yen (+4.2%). First-half forecasts are 2,400 million yen in net sales, 500 million yen in ordinary income and 335 million yen in net income. The forecast incorporates the estimated impact of acquisition-related costs associated with M&A activities as well as advertising and promotional expenses for the BtoBtoC business.

Item (1 million yen)	FY2027 Forecast	FY2026 Result	YoY	FY2027 First Half Forecast	FY2026 First Half Result
Net sales	5,400	5,259	+2.7%	2,400	2,437
Ordinary income	1,600	1,467	+9.0%	500	567
Net income (profit attributable to owners of parent)	1,070	1,026	+4.2%	335	386

Shareholder Returns and Capital Position

The results presentation does not state the dividend per share or the dividend policy; this cannot be confirmed from the materials. The balance sheet slide shows that total shareholder’s equity changed by -19 million yen, reflecting purchase of treasury shares of -420 million yen and retained earnings of +402 million yen (dividend payment -624 million yen; net income +1,026 million yen).

Indicator	FY2026 Result	FY2025 Result
Total assets (consolidated, 1 million yen)	8,098	8,112
Net assets (consolidated, 1 million yen)	7,368	7,357
ROE	13.9%	17.5%
ROA	18.1%	22.6%
Capital adequacy ratio	91.0%	90.7%

Topics: Structural Reforms, Price Revision and M&A

The company attributes the FY2026 revenue and profit decline to large-scale projects in unfamiliar industries that required significantly more custom development than anticipated, which caused margin deterioration (a decline in the package ratio and an increase in low-margin service revenue) and opportunity loss (resource constraints halted deep-sales activities to existing customers). As structural reforms it lists (1) increasing the package adoption rate, including development of industry-specific templates and packaging of individual projects (2 projects completed), (2) productivity improvement through DX of development processes, such as a “Fit & Gap” tool and automatic document generation, and (3) pricing strategy and stricter project screening, including enforcing appropriate pricing on custom projects and promoting no-customization standards.

eBASE is implementing its first-ever price revision since founding. The basic software license unit price rises from 1,000,000 yen to 1,200,000 yen, the optional software license unit price from 700,000 yen to 800,000 yen, and the service unit price per day from 60,000 yen to 90,000 yen. New pricing has applied to new contracts from April 2026, and from FY March 2027 onward it will be applied gradually to existing maintenance fees at each renewal timing. According to the company, customer reception has been generally favorable and the risk of cancellations or churn due to the revision remains extremely limited at this point.

Item	Current Price	New Price
Basic Software License Unit Price	1,000,000 yen	1,200,000 yen
Optional Software License Unit Price	700,000 yen	800,000 yen
Service Unit Price / Day	60,000 yen	90,000 yen

At its Board of Directors meeting held on April 28, 2026, the company resolved to execute a share transfer agreement to acquire 74.8% of the issued shares of KSP-SP Co., Ltd., aiming to launch a next-generation micro-marketing business by combining eBASE’s detailed product data (“Shozai ebisu”) with POS data. Other initiatives in FY2026 included the release of “eB-for Subcontract Act”, a manufacturing consignment transaction management system compliant with the Subcontract Act, and the multi-unit residential version of the “eSumai Navi” home equipment and appliance manual management app, which Anabuki Construction adopted for its condominium properties together with “HOUSING eBASE Cloud”.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.