AGEHA Inc.
9330・Growth Market・Services
Business
Ageha Co., Ltd. operates under the mission of "walking alongside as many companies as possible in their branding efforts to make Japan's business scene more exciting and dynamic!" The company is a branding specialist whose main clients are major corporations with 100 or more employees (approximately 1,000 companies cumulatively). Starting from HR (value creation through human resources), the company provides end-to-end services—from issue identification and strategy formulation to video, website, and graphic production, web marketing, and event operations—across two areas: Corporate Support (Corporate Branding, Inner Branding Support, and Sustainability Branding) and Recruiting Support. Founded in 2001 as a video production company, it listed on the Tokyo Stock Exchange Growth Market in September 2023 and on the Nagoya Stock Exchange Next Market in June 2025.
Business Model
Starting from client companies' challenges, the company provides consultation, creative production, and solution delivery in a cyclical manner, promoting cross-selling and up-selling to multiple departments within the same client, thereby expanding the transaction value per client. Through its proprietary "Butterfly Model®," it achieves consistency between inner and outer branding, expanding from recruiting branding to corporate branding, with continuous repeat orders forming the earnings base. The cost of sales ratio is approximately 47.8% (FY2025 ending September 2025), reflecting a contract-based business structure where the remainder becomes gross profit.
Company Strengths
The company has a cumulative transaction track record with approximately 1,000 companies among large enterprises with 100 or more employees. In FY2025 (ending September 2025), the number of client companies with annual order amounts of ¥10,000 thousand or more reached 34 (an increase of 3 companies year on year), reflecting steady deepening of relationships with key clients.
In April 2024, the company released its proprietary methodology, the "Butterfly Model®," which aligns inner and outer branding. It also owns "Bizmill Survey," a proprietary research tool that quantitatively visualizes corporate brand image, serving as a differentiating factor versus competitors.
Since 2013, the company has received continuous recognition from third-party organizations, including Bronze, Silver, and Gold awards at the Japan BtoB Advertising Awards, the Minister of Economy, Trade and Industry Award (2019) and Excellence Award (2020) at the Eizoren Awards, and the 2025 BtoB Advertising Awards Judging Committee Special Award and Gold Award, among others, certifying the company's creative quality.
ENVALITH's Perspective
Performance Trend
Financial trend: Revenue moved from ¥1,737 million in FY2023 → ¥1,561 million in FY2024 → ¥1,547 million in FY2025, declining for two consecutive periods, before turning to growth in the first half of FY2026 at ¥970 million (up 2.6% year on year). Operating profit continued to deteriorate, moving from ¥114 million in FY2023 → ¥2 million in FY2024 → -¥74 million in FY2025; in the first half of FY2026, it secured a profit of ¥68 million, but this represented a 27.5% decline year on year. The main cause was a rise in the cost of sales ratio from 43.0% in the same period of the previous year to 47.4% in the current interim period. The full-year forecast anticipates revenue of ¥1,850 million (up 19.6% year on year) and operating profit of ¥50 million (versus a loss in the previous period), projecting a return to profitability, but risks remain from the external environment, such as uncertainty over U.S. trade policy and volatility in financial and capital markets, which could affect corporate advertising and recruitment budgets.
Growth Strategy
Rebuilding the earnings structure through the four-domain reorganization, deeper cross-selling, and expanded new customer acquisition
The former "Corporate Support Domain" has been divided into four domains: Product & Service Marketing Support, Corporate Communication Support, Inner Branding Support, and Recruiting Support. Domain-specific management is intended to enhance the precision of sales and proposals and concentrate resources on growth domains.
Building on high customer satisfaction, the company seeks to uncover new needs in other departments of client companies and expand the transaction value per client. In the current interim period, results were confirmed in the Corporate Communication Support domain (up 49.3% year on year) and the Recruiting Support domain (up 16.7% year on year).
In parallel with expanding repeat orders, the company is also focusing on increasing the number of new client acquisitions. It continues its strategy of concentrating on major companies and strengthening sales efforts toward key clients, building up a customer base that will serve as the foundation for future deepening and expansion.
The full-year forecast for FY2026 (ending September 2026) is net sales of ¥1,850 million (up 19.6% year on year), operating profit of ¥50 million, ordinary profit of ¥48 million, and net income of ¥31 million. The interim progress rate stood at 52.4% for net sales and 136.6% for operating profit (interim profit exceeded the full-year forecast), with the focus for the second half on cost management and order acquisition.
Last updated: July 17, 2026