Yukiguni Factory (1375): FY2025 Results Summary — Revenue of ¥37,845 Million and Core EBITDA of ¥6,422 Million

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

Note: Yukiguni Factory does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. This site classifies the most recently completed fiscal year as FY2025; the company labels the same period the fiscal year ended March 31, 2026 (FY2026/3), and the source labels are retained in the body text and tables. Yen amounts are shown in millions of yen, following the source materials, except where the source itself uses units of ¥100 million, which are rendered in billions of yen.

For the fiscal year ended March 31, 2026, Yukiguni Factory posted revenue of ¥37.84 billion (up ¥0.74 billion, +2.0% year on year) and core EBITDA of ¥6.42 billion (up ¥0.22 billion, +3.7%), both above the same period of the previous fiscal year. The company summarized the year by stating that coordination between production and sales during the peak demand season accelerated growth in the second half, that revenue and core EBITDA both increased steadily, and that both exceeded the level of the same period of the previous fiscal year, when vegetable prices had surged. Operating profit was ¥4,319 million (+78.5% year on year) and profit attributable to owners of parent was ¥2,958 million (+96.9%), both sharply higher. For the fiscal year ending March 31, 2027, the company expects revenue of ¥39,640 million (a 4.7% increase year on year) and operating profit of ¥4,140 million (a 4.1% decrease).

Consolidated Results (FY2026/3 Actual, Year Ended March 31, 2026)

Revenue was ¥37,845 million (up ¥743 million, +2.0% year on year), and total revenue including gains from changes in fair value was ¥53,449 million (up ¥310 million, +0.6%). Gross profit was ¥14,092 million (+3.2%) and selling, general and administrative expenses were ¥9,757 million (+2.2%); with other expenses falling from ¥1,769 million in the previous fiscal year to ¥186 million, operating profit came to ¥4,319 million (+78.5%) and the ratio to revenue was 11.4% (previous fiscal year: 6.5%). As reference figures, core operating profit was ¥4,139 million (+7.3%), the core operating profit margin was 10.9% (previous fiscal year: 10.4%), core EBITDA was ¥6,422 million (+3.7%) and the core EBITDA margin was 17.0% (previous fiscal year: 16.7%). In the analysis of the change in core EBITDA, revenue was an increase factor of +¥743 million, while cost of sales was △¥322 million and selling, general and administrative expenses were △¥193 million as decrease factors, for a net change of +¥226 million.

Item (¥ million)	This Period (FY2026/3)	Previous Period (FY2025/3)	Change
Revenue	37,845	37,102	+743 (+2.0%)
Total revenue	53,449	53,139	+310 (+0.6%)
Cost of sales	39,357	39,487	△130 (△0.3%)
Gross profit	14,092	13,651	+441 (+3.2%)
Selling, general and administrative expenses	9,757	9,550	+206 (+2.2%)
Operating profit	4,319	2,419	+1,899 (+78.5%)
Profit before tax	4,195	2,175	+2,020 (+92.9%)
Profit attributable to owners of parent	2,958	1,502	+1,455 (+96.9%)
Core operating profit	4,139	3,858	+281 (+7.3%)
Core EBITDA	6,422	6,196	+226 (+3.7%)
Core EBITDA margin	17.0%	16.7%	+0.3%

Key management indicators were an operating margin of 8.1% (previous fiscal year: 4.6%, measured against total revenue), a core EBITDA margin of 17.0% (16.7%), basic earnings per share of ¥74.18 (¥37.66), ROE (ratio of profit to equity attributable to owners of parent) of 21.8% (12.6%) and ROIC (return on invested capital) of 9.6% (5.4%). On the balance sheet, total assets were ¥37,686 million (down ¥182 million from the end of the previous fiscal year) and total equity was ¥14,770 million (up ¥2,244 million); through the reduction of borrowings, the net D/E ratio improved from 1.0x at the end of the previous fiscal year to 0.4x and the net debt to core EBITDA multiple improved from 2.1x to 1.8x. Net cash provided by operating activities was ¥4,534 million, net cash used in investing activities was △¥2,085 million and net cash used in financing activities was △¥2,406 million, leaving cash and cash equivalents at the end of the period at ¥3,968 million (up ¥65 million).

Segment Results (by Business)

Revenue in the mushroom business was ¥37,471 million (+1.9% year on year), accounting for 99.0% of the total. By product, maitake was ¥20,264 million (+1.0%), eryngii ¥3,973 million (+3.9%) and bunashimeji ¥7,948 million (+5.1%), with all three principal mushroom products above the previous year, while other mushrooms (honshimeji, hatakeshimeji, mushrooms, the overseas business, purchased mushrooms and others) came to ¥5,284 million (△1.0%). The overseas business accounted for approximately 45% of other mushrooms. Other businesses, including new businesses, were ¥373 million (+15.9%). In the mushroom business, sales volumes of the three principal mushroom products were 101.6% for maitake, 101.2% for eryngii and 100.8% for bunashimeji against the same period of the previous year, exceeding the prior year, while all three came in slightly below plan. Unit selling prices were 99.1% for maitake, 102.5% for eryngii and 104.0% for bunashimeji against the same period of the previous year, and 101.2%, 106.7% and 106.7%, respectively, against plan.

Category (¥ million)	This Period (FY2026/3)	Previous Period (FY2025/3)	Change
Total revenue from sales	37,845	37,102	+743 (+2.0%)
Mushroom business	37,471	36,779	+691 (+1.9%)
Maitake	20,264	20,055	+208 (+1.0%)
Eryngii	3,973	3,822	+150 (+3.9%)
Bunashimeji	7,948	7,563	+385 (+5.1%)
Other mushrooms	5,284	5,337	△53 (△1.0%)
Other businesses	373	322	+51 (+15.9%)

Full-Year Forecast (Fiscal Year Ending March 31, 2027)

For the fiscal year ending March 31, 2027, the company plans revenue of ¥39,640 million (a 4.7% increase year on year) and total revenue of ¥56,910 million (a 6.5% increase), while selling, general and administrative expenses of ¥10,590 million (an 8.6% increase) and other factors are expected to bring operating profit to ¥4,140 million (a 4.1% decrease), profit before tax to ¥3,950 million (a 5.8% decrease) and profit attributable to owners of parent to ¥2,540 million (a 14.1% decrease). Core EBITDA is projected at ¥6,450 million (a 0.4% increase), with a core EBITDA margin of 16.3%. By product, planned revenue is ¥20,660 million for maitake (a 2.0% increase), ¥4,260 million for eryngii (a 7.1% increase), ¥7,980 million for bunashimeji (a 0.4% increase) and ¥6,360 million for other mushrooms (a 20.3% increase). The company states that it will pursue both the steady execution of its strategy and the strengthening of its business foundation as it works toward the achievement of its medium-term management plan.

Item (¥ million)	FY2027/3 Forecast	FY2026/3 Actual	Change
Total revenue	56,910	53,449	+3,460 (+6.5%)
of which revenue	39,640	37,845	+1,795 (+4.7%)
Operating profit	4,140	4,319	△179 (△4.1%)
Profit before tax	3,950	4,195	△245 (△5.8%)
Profit attributable to owners of parent	2,540	2,958	△418 (△14.1%)
Basic earnings per share (yen)	63.69	74.18	△10.50 (△14.1%)
Core operating profit	3,960	4,139	△180 (△4.3%)
Core EBITDA	6,450	6,422	+27 (+0.4%)
Core EBITDA margin	16.3%	17.0%	△0.7%

Shareholder Returns

The annual dividend per share for the fiscal year ended March 31, 2026 was ¥23.00 (interim ¥4.00, year-end ¥19.00), with a payout ratio of 31.0%. For the fiscal year ending March 31, 2027, the company forecasts an annual dividend of ¥20.00 (interim ¥5.00, year-end ¥15.00) and a payout ratio of 31.4%. Under its financial policy, the company intends to provide flexible profit returns in line with free cash flow in each fiscal year and to continue stable dividends targeting a consolidated payout ratio of around 30%, together with a shareholder benefit program (once a year). Under the shareholder benefit program, shareholders holding at least one trading unit (100 shares) continuously for six months or more as of the end of March each year receive a set of the company’s own products worth from ¥3,000 (Set A) to ¥7,000 (Set C), depending on the number of shares held.

Item	FY2026/3	FY2027/3 (Forecast)
Interim dividend	¥4.00	¥5.00
Year-end dividend	¥19.00	¥15.00
Annual dividend	¥23.00	¥20.00
Payout ratio	31.0%	31.4%

Medium-Term Management Plan / Topics

Under the medium-term management plan (fiscal year ended March 2024 through fiscal year ending March 2028), the basic policies are A. strengthening the existing premium business in the domestic mushroom market and creating new businesses; B. rationalization of all processes with no sanctuaries (company-wide BPR-driven cost reductions and labor savings of more than 200 people); and C. global expansion (PMI of the acquired Dutch company and exploration of the possibility of further acquisitions). The quantitative targets for the fiscal year ending March 2028 are revenue of more than ¥42.0 billion, an overseas revenue ratio of around 6-7%, a core EBITDA margin of around 18% and ROIC of around 10%, with an upside case of revenue of around ¥60.0 billion and an overseas revenue ratio of around 30%. In new businesses, “Kinoko no Oniku” (mushroom meat), which uses “Yukiguni Maitake Kiwami” as its raw material to express a meat-like texture, was launched on February 18, 2025, and the company aims for sales of a double-digit figure in units of ¥100 million by leveraging the sales network of produce sections. In sustainability, the company has set a target of net-zero greenhouse gas emissions by fiscal 2050, and for the fiscal year ending March 2031 it has set reduction targets of △24.6% in total emissions and △35.0% in intensity per unit of production versus the base year (fiscal year ended March 2021). The company changed its trade name to Yukiguni Factory Co., Ltd. on April 1, 2025.

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.