BRANU Inc.

Business Details

Under the vision of "Updating the construction industry with technology," the company provides the construction DX platform "CAREECON Platform" targeting approximately 480,000 small and medium-sized construction companies nationwide. The business consists of three services: the matching media "CAREECON," which supports owned media development and new customer acquisition; the integrated business tool "CAREECON Plus," which offers an all-in-one solution for marketing, recruitment, construction, and management operations; and "Caricon Job," a recruitment support service specialized for the construction industry. The company adopts a revenue model that combines flow-type and stock-type (SaaS) revenue.

Recent Overview

H1 net sales up 40% and operating profit up 56% YoY, continuing strong growth; full-year forecast unchanged

In the first half of FY2026 (ending October 2026) (November 2025 to April 2026), new customer acquisition progressed steadily, driven by increased customer touchpoints and organizational expansion resulting from branch expansion. Upselling to existing customers through new feature expansion also performed well, resulting in net sales of ¥1,294 million (up 40.0% YoY) and operating profit of ¥170 million (up 56.3% YoY). Although ¥17 million in listing-related expenses was recorded as a non-operating expense, ordinary profit reached ¥152 million (up 41.4% YoY). Following the issuance of new shares (500,000 shares) associated with the listing on the TSE Growth Market in December 2025, net assets rose to ¥964 million (up ¥550 million from the end of the previous fiscal year), and the equity ratio improved to 55.7%. As a subsequent event, on June 12, 2026, the company resolved to issue stock options (1,500 stock acquisition rights, covering 150,000 shares) to 2 directors and 16 employees. The full-year earnings forecast (net sales of ¥2,800 million, operating profit of ¥395 million) remains unchanged from the figures announced on December 12, 2025.

Key Products

Growth Drivers

• Accelerating adoption of DX tools driven by demand related to the construction industry's "2024 problem" (overtime work cap regulations)
• A vast untapped market of approximately 480,000 small and medium-sized construction companies with low existing market share
• ARR expansion through a cross-selling and upselling strategy from new customer acquisition via CAREECON to CAREECON Plus
• Increased customer touchpoints and organizational expansion through branch scale expansion and local hiring (a key driver of new customer acquisition)
• Expanded sales reach through branch development in Tokyo, Osaka, and Fukuoka, and further nationwide expansion of locations
• Expanded sales channels through business partnerships with comprehensive building material trading companies such as Watanabe Pipe (net sales to Watanabe Pipe of ¥257 million, accounting for 12.1% of total net sales)
• Enhanced product value and promotion of upselling through the implementation of AI features (such as an AI blog assistant)
• Enhanced brand recognition, hiring capability, and credibility resulting from the listing on the TSE Growth Market

Risks

• Risk of revenue concentration in a specific customer (Watanabe Pipe Co., Ltd. accounts for 12.1% of net sales)
• Risk of declining demand due to economic fluctuations in the construction industry and reduced construction investment
• Uncertainty regarding the outlook for the construction industry due to rising prices of construction materials and labor costs, and deteriorating international conditions
• Risk of intensified price competition and entry by competitors offering similar services
• Risk of customer attrition due to delays in product development or quality issues
• Risk of constraints on business expansion due to delays in recruitment and organizational structure development
• Short-term profit pressure from increased costs associated with heightened visibility following the listing (such as listing-related expenses)
• Future dilution of shares due to the exercise of stock options (150,000 shares subject to options, equivalent to approximately 3.3% of shares outstanding)