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Earnings presentation2936BASE FOOD,Inc.Food

Financial Results Presentation for the Second Quarter of the Fiscal Year Ending February 2027

Revenue increased 16.7% year on year in the first half, while operating profit was a loss of ¥10 million due to advertising and research and development investments. Although the first half is progressing at a pace that exceeds expectations, the full-year forecasts were left unchanged from the initial forecasts pending assessment of the second half.

Worth reading
59In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
43.7
¥100 million (first-half revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFiscal year ending February 2027, second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥43.7 hundred million+16.7%
Operating profit¥-0.1 hundred million
Gross Profit Margin55.1
Operating profit margin-0.3
Full-year earnings forecast
Net Sales
¥162.5 hundred million
Gross profit
¥89.7 hundred million
Operating profit
¥0.6 hundred million
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales51.4
Gross profit51.9
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and gross profit are progressing at a pace that exceeds forecasts, while operating profit is broadly in line with forecasts
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
SBIR grant: maximum grant amount of ¥1.87 billion; implementation period from November 2024 to March 2028
New initiatives
  • Partnered with China's Panpan Food Group and began sales through Hema Fresh
  • Launched the caramel flavor of the BASE Pound Cake series
  • Expanded the LITE series with new offerings: chocolate banana, caramel and milk
Key KPIsA metric the company considers important as a management benchmark.
  • Number of subscribers25.9 10,000 people
  • Equity ratio26.9 %
  • Convenience-store distribution rate74.2 %
  • Drugstore distribution rate25 %
  • Supermarket distribution rate10.8 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The number of subscription customers, LTV, churn rate, average monthly customer spend and monthly sales per store are presented, but most figures cannot be read specifically from the charts.
Segment results
Direct-to-consumer e-commerce
Net Sales¥28.5 hundred million
Year on year against the same period last year+14.4%
Wholesale
Net Sales¥11.2 hundred million
Year on year against the same period last year+18.2%
Third-party e-commerce
Net Sales¥3.4 hundred million
Year on year against the same period last year+54.5%
Overseas expansion
Net Sales¥0.4 hundred million
Year on year against the same period last year-36.0%
Medium-term management plan targets
Targeting sales growth of 10–30% from the fiscal year ending February 2027 onward
Financial targets
Equity ratio
26.9 %
As ofEnd of Q2 of the fiscal year ending February 2027
Market Size / Share
Market Size
  • ¥4,000 hundred million
  • ¥2,970 hundred million
  • ¥1,300 hundred million
ShareIf approximately 30% is captured
Number of stores and locations
Number of stores in operation47,500 Stores or more as of the end of February 2026
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal year ending February 2027, second quarter
Net Sales¥43.7 hundred million (YoY +16.7%)
Operating profit¥-0.1 hundred million
Gross Profit Margin55.1
Operating profit margin-0.3
Full-year earnings forecastNet Sales ¥162.5 hundred million / Gross profit ¥89.7 hundred million / Operating profit ¥0.6 hundred million / Ordinary income Not disclosed / Net income Not disclosed
Progress against full-year forecastNet Sales 51.4 / Gross profit 51.9 / Operating profit Not disclosed
Self-assessment against the planRevenue and gross profit are progressing at a pace that exceeds forecasts, while operating profit is broadly in line with forecasts
Segment resultsDirect-to-consumer e-commerce Net Sales ¥28.5 hundred million / yoy_pct ¥14.4 hundred million / Wholesale Net Sales ¥11.2 hundred million / yoy_pct ¥18.2 hundred million / Third-party e-commerce Net Sales ¥3.4 hundred million / yoy_pct ¥54.5 hundred million / Overseas expansion Net Sales ¥0.4 hundred million / yoy_pct ¥-36 hundred million
Key KPIsNumber of subscribers 25.9 10,000 people, Equity ratio 26.9 %, Convenience-store distribution rate 74.2 %, Drugstore distribution rate 25 %, Supermarket distribution rate 10.8 %
Unit price and quantity metricsThe number of subscription customers, LTV, churn rate, average monthly customer spend and monthly sales per store are presented, but most figures cannot be read specifically from the charts.
Number of stores and locationsNumber of stores in operation 47,500 Stores or more (as of the end of February 2026) / Number of store openings and closures during the period Not disclosed
Assumptions Underlying the Business OutlookSBIR grant: maximum grant amount of ¥1.87 billion; implementation period from November 2024 to March 2028
Medium-term management plan targetsTargeting sales growth of 10–30% from the fiscal year ending February 2027 onward
Financial targetsEquity ratio 26.9 %
Market Size / ShareMarket Size ¥4,000 hundred million, ¥2,970 hundred million, ¥1,300 hundred million / Share If approximately 30% is captured
New initiativesPartnered with China's Panpan Food Group and began sales through Hema Fresh, Launched the caramel flavor of the BASE Pound Cake series, Expanded the LITE series with new offerings: chocolate banana, caramel and milk
Items this document does not state (13)
Ordinary incomeNet incomeSelling, general and administrative expensesResults for the three months of the current quarterBreakdown of Factors Affecting the ChangeNumber of employeesRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Sales growth was supported by the renewal and promotion of the core BREAD chocolate product, an increase in the number of subscription customers, the in-house operation of advertising using AI, increases in the number of convenience stores carrying the product and monthly sales per store, and achieving bestseller status on Amazon. The decline in operating profit was attributed to the planned concentration of advertising investment and research and development investment associated with SBIR selection.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Financial Results Presentation for the Second Quarter of the Fiscal Year Ending February 2027 | BASE FOOD,Inc. (2936) timely disclosure | Komori