Worth reading
81Important
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
36.9
% (year-on-year change in revenue for the fiscal year ending December 2026)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+100.2%
基準 20,729Target41,500million
Operating profit+146.9%
基準 2,025Target5,000million
Operating profit margin+3.0pt
基準 2,025Target2,028%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Net income for the current fiscal yearFY2026 forecast: 1,497 → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planGross profit: +26% year on year; EBITDA: +28% year on year → Gross profit: +39.4% year on year; EBITDA: +117.7% year on year+320.4%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyPayout ratio of 38.4% and dividend per share of ¥5 for the fiscal year ending December 2026. DOE: Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyFrom 13 February 2026 through 31 December 2026, the company will acquire up to 3,800,000 common shares, with a maximum aggregate acquisition cost of ¥1 billion, through market purchases on the Tokyo Stock Exchange. The company may acquire part or none of the planned amount due to a significant increase in funding requirements, reasons related to insider trading regulations, or other factors.
Key initiatives
01Top-line growth and improved profitability through the strengthening of existing products
02Implementation of AI in products
03Creating Group Synergies
04Inorganic growth through M&A, alliances and other initiatives
05The group’s AI strategy
06BASE business AI strategy
07Areas under consideration for M&A
Plan assumptionsThe company assumes that the market size of its own e-commerce sites within the B2C e-commerce merchandise market in FY2020 will grow at a 10-year CAGR of 8%.
Segment targetSegment BASE / Target Revenue and gross profit: +10% to +15% year on year, Segment PAY.JP / Target Revenue and gross profit: approximately +10% year on year, Segment YELL BANK / Target Revenue and gross profit: approximately +30% year on year
Size of the Target MarketThe current long-tail market for the BASE business is ¥340 billion, and the target market in 2030 is ¥8 trillion. Areas under consideration for M&A comprise the merchandise sector at ¥15.0 trillion, the services sector at ¥8.2 trillion, the digital content sector at ¥2.6 trillion, and the value-added enhancement sector at ¥1.9 trillion. Sources: FY2020 and FY2024 “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry; “Creator Economy Survey” (2024) by Mitsubishi UFJ Research and Consulting; Yano Research Institute; and others.
Risks identified by the company
Risk that e-commerce growth will stagnate
Risk of intensified competition in the storefront e-commerce and online payment services markets
Risk of liability claims, refunds, damages claims and other demands arising from actions by service users that threaten service integrity or from fraudulent payments
Risk of legal liability and reputational damage resulting from the leakage of personal information or other incidents
Risk that the company will be unable to provide stable services due to a major system failure or other incident
Reason for revision or withdrawal
Top-line growth and improved profitability through the strengthening of existing products, implementation of AI in products, creation of group synergies, and inorganic growth through M&A, alliances and other initiatives.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan |
| Plan period | FY2025〜FY2028 |
| Progress against the plan | Formulated |
| Sales Target | FY2025 actual: 20,729 → FY2028 target: 41,500 |
| Operating profit target | FY2025 actual: 1,686 → FY2028 target: 5,000 |
| Operating profit margin target | FY2025 actual: 8.1% → FY2028 target: 12.0% |
| Net income target | FY2026 forecast: 1,497 → Not disclosed |
| Payout ratio / DOE policy | Payout ratio of 38.4% and dividend per share of ¥5 for the fiscal year ending December 2026. DOE: Not disclosed. |
| Treasury share acquisition policy | From 13 February 2026 through 31 December 2026, the company will acquire up to 3,800,000 common shares, with a maximum aggregate acquisition cost of ¥1 billion, through market purchases on the Tokyo Stock Exchange. The company may acquire part or none of the planned amount due to a significant increase in funding requirements, reasons related to insider trading regulations, or other factors. |
| Segment target | Segment BASE / Target Revenue and gross profit: +10% to +15% year on year, Segment PAY.JP / Target Revenue and gross profit: approximately +10% year on year, Segment YELL BANK / Target Revenue and gross profit: approximately +30% year on year |
| Plan assumptions | The company assumes that the market size of its own e-commerce sites within the B2C e-commerce merchandise market in FY2020 will grow at a 10-year CAGR of 8%. |
| Key initiatives | Top-line growth and improved profitability through the strengthening of existing products, Implementation of AI in products, Creating Group Synergies, Inorganic growth through M&A, alliances and other initiatives, The group’s AI strategy, BASE business AI strategy, Areas under consideration for M&A |
| Results under the previous plan | Gross profit: +26% year on year; EBITDA: +28% year on year → Gross profit: +39.4% year on year; EBITDA: +117.7% year on year |
| Reason for revision or withdrawal | Top-line growth and improved profitability through the strengthening of existing products, implementation of AI in products, creation of group synergies, and inorganic growth through M&A, alliances and other initiatives. |
| Size of the Target Market | The current long-tail market for the BASE business is ¥340 billion, and the target market in 2030 is ¥8 trillion. Areas under consideration for M&A comprise the merchandise sector at ¥15.0 trillion, the services sector at ¥8.2 trillion, the digital content sector at ¥2.6 trillion, and the value-added enhancement sector at ¥1.9 trillion. Sources: FY2020 and FY2024 “E-Commerce Market Survey” by the Ministry of Economy, Trade and Industry; “Creator Economy Survey” (2024) by Mitsubishi UFJ Research and Consulting; Yano Research Institute; and others. |
| Risks identified | Risk that e-commerce growth will stagnate, Risk of intensified competition in the storefront e-commerce and online payment services markets, Risk of liability claims, refunds, damages claims and other demands arising from actions by service users that threaten service integrity or from fraudulent payments, Risk of legal liability and reputational damage resulting from the leakage of personal information or other incidents, Risk that the company will be unable to provide stable services due to a major system failure or other incident |
| Publication date | 26 March 2026 |
Items this document does not state (8)
ROE targetROIC targetCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorNon-financial targetsDate of board resolution
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.The company aims to grow by strengthening existing products, creating group synergies, and receiving a full-year contribution from the Eストアーショップサーブ business. The decline in net income attributable to owners of the parent is due to the tax benefit running its course.
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.