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Financial results presentation1375YUKIGUNI FACTORY CO.,LTD.Food

First-Quarter Financial Results Presentation for the Fiscal Year Ending March 2027

In the first quarter of the fiscal year ending March 2027, revenue exceeded the same period of the previous fiscal year and reached a record high, primarily due to higher sales volumes. Although an operating loss remained, including the impact of agricultural accounting, core EBITDA improved significantly.

Worth reading
72In focus
Scored from 4 of 6 sections
Direction
Improvement
Direction inferred from the company’s description.
Scale
9.6
Year-on-year change in revenue (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,983 million+9.6%
Operating profit¥-433 million
Ordinary income¥-471 million
Net income¥-306 million
Selling, general and administrative expenses¥2,235 million
Operating profit margin
Rate-4.2% (of total income) / -5.4% (of revenue)
Year on year against the same period last year+3.9 percentage points / +4.4 percentage points
Results for the three months of the current quarterRevenue of ¥7,983 million and core EBITDA of ¥831 million. Both figures are presented in the quarterly trend chart as standalone first-quarter results.
Full-year earnings forecast
Revenue
¥39,640 million
Total income
¥56,910 million
Operating profit
¥4,140 million
Income before taxes
¥3,950 million
Profit for the period attributable to owners of the parent
¥2,540 million
Core operating profit
¥3,960 million
Core EBITDA
¥6,450 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Revenue¥699 million
  • Cost of sales¥-399 million
  • Selling, general and administrative expenses¥-44 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Stable market supply volumes are assumed. The company cites the risk of vegetable price fluctuations due to weather and other factors, geopolitical risks, and the continued upward trend in labor costs as assumptions, but the underlying figures are not disclosed.
New initiatives
  • Sales and expansion of the “Mushroom Meat” series
  • Launch of new products combining alternative meat ingredients with mushrooms
  • Business process reengineering to improve operational efficiency, and labor-saving and energy-saving measures through new investment
  • Expansion of markets in surrounding regions through collaboration with the Dutch subsidiary
  • Development of sales channels and exploration of additional acquisitions in Europe, the United States and ASEAN
Key KPIsA metric the company considers important as a management benchmark.
  • Core EBITDA¥831 million
    Year on year against the same period last year+44.4%
  • Core operating profit¥246 million
    Year on year against the same period last year+996.8%
  • Core EBITDA margin10.4 %
    Year on year against the same period last year+2.5 percentage points
  • ROE26.4 %
    Year on year against the same period last year+17.7 percentage points
  • ROIC10.6 %
    Year on year against the same period last year+6.5 percentage points
  • Net debt-to-equity ratio1 times
    Prior-year period0.8x
  • Net debt-to-core EBITDA2 times
    Prior-year period1.8x
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Maitake sales volume113.3% of the previous-year period, 100.4% of plan
  • Maitake selling price per unit97.4% of the previous-year period, 100.4% of plan
  • Eryngii sales volume106.0% of the previous-year period, 96.0% of plan
  • Eryngii selling price per unit100.2% of the previous-year period, 95.8% of plan
  • Buna-shimeji sales volume102.4% of the previous-year period, 100.8% of plan
  • Buna-shimeji selling price per unit102.7% of the previous-year period, 99.0% of plan
  • Sales volume of three other mushroom products123.5% of the previous-year period, 102.2% of plan
  • Selling price per unit of three other mushroom products90.5% of the previous-year period, 85.0% of plan
Segment results
Mushroom business
Revenue
¥7,873 million
Year on year against the same period last year+9.2%
Maitake mushrooms
Revenue
¥3,947 million
Year on year against the same period last year+11.4%
King oyster mushrooms
Revenue
¥949 million
Year on year against the same period last year+5.0%
Bunashimeji mushrooms
Revenue
¥1,756 million
Year on year against the same period last year+4.2%
Other mushrooms
Revenue
¥1,219 million
Year on year against the same period last year+13.4%
Other Businesses
Revenue
¥110 million
Year on year against the same period last year+48.5%
Medium-term management plan targets
Fiscal year ending March 2028
RevenueMore than ¥42 billion
Overseas revenue ratioApproximately 6–7%
Core EBITDA marginApproximately 18%
ROICApproximately 10%
Upside target
RevenueApproximately ¥60 billion
Overseas revenue ratioApproximately 30%
Core EBITDA marginApproximately 18%
Financial targets
ROIC
Actual results for the fiscal year ending March 20269.6%
Target for the fiscal year ending March 2028Approximately 10%
Net debt-to-equity ratio
Fiscal year ending March 20260.8x
First quarter of the fiscal year ending March 20271.0x
Net debt-to-core EBITDA
Fiscal year ending March 20261.8x
First quarter of the fiscal year ending March 20272.0x
Market Size / Share
  • Japan's alternative meat market (2030)780 Hundreds of millions of yen
  • Market size for non-fresh products in the produce sections of supermarkets in Japan800 Hundreds of millions of yen
  • Domestic maitake market share (based on production volume in 2022)51 %
  • Domestic eryngii market share (based on production volume in 2022)25 %
  • Domestic buna-shimeji market share (based on production volume in 2022)13 %
Number of employees
Labor-saving measures involving more than 200 employees are included as a medium-term initiative. The number of employees and hiring plans are not disclosed.
Capital expenditures
¥432 millions purchases of property, plant and equipment
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending March 2027
Net Sales¥7,983 million (YoY +9.6%)
Operating profit¥-433 million
Ordinary income¥-471 million
Net income¥-306 million
Operating profit marginRate -4.2% (of total income) / -5.4% (of revenue) / Year on year against the same period last year +3.9 percentage points / +4.4 percentage points
Selling, general and administrative expenses¥2,235 million
Results for the three months of the current quarterRevenue of ¥7,983 million and core EBITDA of ¥831 million. Both figures are presented in the quarterly trend chart as standalone first-quarter results.
Full-year earnings forecastRevenue ¥39,640 million / Total income ¥56,910 million / Operating profit ¥4,140 million / Income before taxes ¥3,950 million / Profit for the period attributable to owners of the parent ¥2,540 million / Core operating profit ¥3,960 million / Core EBITDA ¥6,450 million
Segment resultsMushroom business Revenue ¥7,873 million / yoy_pct 9.2 / Maitake mushrooms Revenue ¥3,947 million / yoy_pct 11.4 / King oyster mushrooms Revenue ¥949 million / yoy_pct 5 / Bunashimeji mushrooms Revenue ¥1,756 million / yoy_pct 4.2 / Other mushrooms Revenue ¥1,219 million / yoy_pct 13.4 / Other Businesses Revenue ¥110 million / yoy_pct 48.5
Breakdown of Factors Affecting the ChangeFactors Revenue / Amount ¥699 million, Factors Cost of sales / Amount ¥-399 million, Factors Selling, general and administrative expenses / Amount ¥-44 million
Key KPIsIndicator name Core EBITDA / Value ¥831 million / Year on year against the same period last year +44.4%, Indicator name Core operating profit / Value ¥246 million / Year on year against the same period last year +996.8%, Indicator name Core EBITDA margin / Value 10.4 % / Year on year against the same period last year +2.5 percentage points, Indicator name ROE / Value 26.4 % / Year on year against the same period last year +17.7 percentage points, Indicator name ROIC / Value 10.6 % / Year on year against the same period last year +6.5 percentage points, Indicator name Net debt-to-equity ratio / Value 1 times / Prior-year period 0.8x, Indicator name Net debt-to-core EBITDA / Value 2 times / Prior-year period 1.8x
Unit price and quantity metricsIndicator name Maitake sales volume / Value 113.3% of the previous-year period, 100.4% of plan, Indicator name Maitake selling price per unit / Value 97.4% of the previous-year period, 100.4% of plan, Indicator name Eryngii sales volume / Value 106.0% of the previous-year period, 96.0% of plan, Indicator name Eryngii selling price per unit / Value 100.2% of the previous-year period, 95.8% of plan, Indicator name Buna-shimeji sales volume / Value 102.4% of the previous-year period, 100.8% of plan, Indicator name Buna-shimeji selling price per unit / Value 102.7% of the previous-year period, 99.0% of plan, Indicator name Sales volume of three other mushroom products / Value 123.5% of the previous-year period, 102.2% of plan, Indicator name Selling price per unit of three other mushroom products / Value 90.5% of the previous-year period, 85.0% of plan
Number of employeesLabor-saving measures involving more than 200 employees are included as a medium-term initiative. The number of employees and hiring plans are not disclosed.
Assumptions Underlying the Business OutlookStable market supply volumes are assumed. The company cites the risk of vegetable price fluctuations due to weather and other factors, geopolitical risks, and the continued upward trend in labor costs as assumptions, but the underlying figures are not disclosed.
Medium-term management plan targetsFiscal year ending March 2028 Revenue More than ¥42 billion / Overseas revenue ratio Approximately 6–7% / Core EBITDA margin Approximately 18% / ROIC Approximately 10% / Upside target Revenue Approximately ¥60 billion / Overseas revenue ratio Approximately 30% / Core EBITDA margin Approximately 18%
Financial targetsROIC Actual results for the fiscal year ending March 2026 9.6% / Target for the fiscal year ending March 2028 Approximately 10% / Net debt-to-equity ratio Fiscal year ending March 2026 0.8x / First quarter of the fiscal year ending March 2027 1.0x / Net debt-to-core EBITDA Fiscal year ending March 2026 1.8x / First quarter of the fiscal year ending March 2027 2.0x
Capital expenditures¥432 millions (purchases of property, plant and equipment)
Market Size / ShareItem Japan's alternative meat market (2030) / Value 780 Hundreds of millions of yen, Item Market size for non-fresh products in the produce sections of supermarkets in Japan / Value 800 Hundreds of millions of yen, Item Domestic maitake market share (based on production volume in 2022) / Value 51 %, Item Domestic eryngii market share (based on production volume in 2022) / Value 25 %, Item Domestic buna-shimeji market share (based on production volume in 2022) / Value 13 %
New initiativesSales and expansion of the “Mushroom Meat” series, Launch of new products combining alternative meat ingredients with mushrooms, Business process reengineering to improve operational efficiency, and labor-saving and energy-saving measures through new investment, Expansion of markets in surrounding regions through collaboration with the Dutch subsidiary, Development of sales channels and exploration of additional acquisitions in Europe, the United States and ASEAN
Items this document does not state (10)
Gross Profit MarginProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesOrders 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.

The factors cited as contributing to higher revenue and improved profitability were sales volumes exceeding those of the same period of the previous fiscal year, the effects of new customer development and new product launches since the previous quarter, product proposals tailored to consumer needs, and the restraint of freight cost increases through improved delivery efficiency. The company also explained that higher raw material unit prices and freight costs, as well as cost increases resulting from the situation in the Middle East, had an adverse impact.

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First-Quarter Financial Results Presentation for the Fiscal Year Ending March 2027 | YUKIGUNI FACTORY CO.,LTD. (1375) timely disclosure | Komori