Yukiguni Factory Co., Ltd.TSE: 1375

Performance Review for 3rd Quarter of Fiscal Year Ending March 2026

· Issued by Yukiguni Factory Co., Ltd.

Performance Review for 3rd Quarter of Fiscal Year Ending March 2026

February 9, 2026

YUKIGUNI FACTORY CO., LTD.

Tokyo Stock Exchange, Prime Market: 1375

0



AGENDA

  1. Summary of Consolidated Financial Results for 3Q of

    FYE March 2026



  2. Forecast of Consolidated Financial Results for FYE March 2026

  3. New Business

  4. Sustainability

  5. Medium- Term Business Plan for FYE March 31, 2024 to FYE March 31, 2028

  6. Financial Policies and Shareholder Returns

  7. Reference Materials

(Caution concerning forward-looking statements)

The forward-looking statements, such as forecasts of financial results, included in this document are based on information available to the management as of the date of the document and certain assumptions that the management considers reasonable. The Company does

not promise that forecasts will be achieved. Actual results may differ significantly due to a range of factors. 1

  1. Summary of Consolidated Financial Results for 3Q of FYE March 2026

    2



    Revenue for the first nine months of the current fiscal year outperformed the same period last year. Core EBITDA fell short of both the prior-year period and the forecast, but exceeded both in the third quarter alone.

    External Environment

Our Response

Summary

  • Although certain vegetables continued to see high prices due to adverse weather conditions, the average unit sales prices for vegetables as a whole trended lower year on year, supported by stable shipments of major vegetable varieties.

  • While the lingering summer heat extended into October, temperatures gradually became more autumn-like. However, no significant cold spells followed, and nationwide average temperatures remained high.

  • Although the wave of food price hikes showed signs of easing, it continued to reinforce consumers' preference for saving and selective purchasing.

  • The depreciation of the yen, which drove up import prices, further accelerated to sustained inflation.

  • We flexibly adapted our product mix to the market conditions and implemented unit sales price control, thereby achieving a higher unit sales price level than the same period last year.

  • We worked to create eye-catching displays by refreshing labels to match seasonal events.

  • Through closer collaboration between production and sales, we captured the peak-season demand and achieved the highest sales volume.

  • Although freight costs rose, we reduced overall manufacturing costs.

    Revenue

    JPY 27.4 billion

    • YoY

      JPY +0.2 billion

      （+0.9%）

    • vs Forecast



      Core EBITDA JPY 4.7 billion

    • YoY

      JPY -0.1 billion

      （-2.6%）

    • vs Forecast



3

In the nine months of the current fiscal year, revenue increased but profits decreased compared to the same period of the previous fiscal year.

3Q FYE

March 2026

3Q FYE

March 2025

Change

(JPY million)

Actual

Actual

Amount/Margin

%

Revenue

27,463

27,216

+247

+0.9%

Gains Arising from Changes in Fair Value

11,917

12,351

(434)

(3.5%)

Total Income

39,380

39,568

(187)

(0.5%)

Material Costs, Labor Costs, etc.

17,427

17,472

(45)

(0.3%)

Gains Arising from Changes in Fair Value

10,676

11,000

(324)

(2.9%)

Cost of Sales

28,103

28,473

(369)

(1.3%)

Gross Profit

11,277

11,094

+182

+1.6%

SG&A Expenses

7,039

6,721

+318

+4.7%

Other Income

139

79

+60

+76.5%

Other Expenses

68

141

(73)

(51.9%)

Operating Profit

4,309

4,311

(1)

(0.0%)

vs Revenue

15.7%

15.8%

(0.1%)

-

vs Total Income

10.9%

10.9%

+0.0%

-

Profit before Tax

4,238

4,139

+99

+2.4%

Profit Attributable to Owners of Parent

2,621

2,689

(68)

(2.6%)

[Reference]

Core Operating Profit1

3,032

3,088

(56)

(1.8%)

Core Operating Profit margin1

11.0%

11.3%

(0.3%)

-

Core EBITDA1

4,731

4,856

(125)

(2.6%)

Core EBITDA margin1

17.2%

17.8%

(0.6%)

-

1 Core Operating Profit ＝Operating Profit － the effect of applying IAS 41 "Agriculture" － Other income and expenses － One-time income and expenses - 4

Core EBITDA＝Core Operating Profit + Depreciation and Amortization Core EBITDA margin ＝ Core EBITDA / Revenue Core Operating Profit margin ＝ Core Operating Profit / Revenue

Both Revenue and Core EBITDA were higher in this third quarter than those in the same period of the previous year.

3,000

4Q

6,000

2,000

4,000

2,000

1,339

1,000

681 689

0

0

1Q 2Q

Revenue

3Q

Core EBITDA1

7,569

7,419

3,485

8,000

4,000

9,885

10,000

5,000

12,227

12,000

(JPY million)

6,000

FYE March 2025

(JPY million)

14,000

Core EBITDA1

Revenue

1Q 2Q 3Q 4Q

0

0

575

653

1,000

2,000

4,000

2,000

6,000

3,000

7,675

7,284

3,502

8,000

4,000

10,000

5,000

12,503

12,000

(JPY million)

6,000

FYE March 2026

(JPY million)

14,000



1 Core EBITDA＝Core Operating Profit + Depreciation and Amortization 5

While Revenue increased, Core EBITDA decreased slightly due to Cost of sales and sales-related expenses increase compared to the same period of the previous year.

（JPY million）

(125) Increase Decrease Total

4,856

+247

(66) (305)

4,731

Core EBITDA for

FYE March 2024

Core EBITDA for 3Q Cumulative FYE March 2025

Revenue Cost of sales SG&A Expenses

Core EBITDA for 3Q Cumulative FYE March 2026

Core EBITDA for

FYE March 2025

External environment

  • Factors affecting Revenue

    • Warmer weather than usual

    • Stable supply of vegetables

    • Continued consumer selectivity and thriftiness

      • Factors affecting Cost of sales

        • Uncertainty due to unstable global conditions

        • Rising prices due to inflation

        • Rising trend in wages

      Core EBITDA

      variable factors

  • Main factors affecting changes in Revenue

    • (Three main mushrooms) Increase in unit sales price and slight decrease in sales volume

    • (Maitake) Increase in small packs sales

    • (Buna shimeji) Increase in ratio of products with 1 root

  • Main factors affecting changes in Cost

    • Rising raw materials prices

    • Gross profit margin improved due to flexible production-sales

      collaboration

    • Increase in sales-related expenses due to higher freight rates

6

Maitake and other mushrooms decreased, but other segments exceeded those of the same period of the previous year, resulting in overall increased. Overseas Business in other mushrooms accounts for about 45%.

3Q FYE

March 2025

3Q FYE March 2026

Increase (Decrease)

Composition

Composition

(JPY million)

Actual

Ratio

Actual

Ratio

Amount

Change YoY

Total Revenue

27,216

100.0%

27,463

100.0%

247

+0.9%

Mushroom Business

26,986

99.2%

27,175

99.0%

189

+0.7%

Maitake

14,661

53.9%

14,600

53.2%

(61)

(0.4%)

Eryngii

2,819

10.4%

2,923

10.6%

104

+3.7%

Buna-Shimeji

5,450

20.0%

5,729

20.9%

279

+5.1%

Other

Mushrooms1

4,055

14.9%

3,922

14.3%

(133)

(3.3%)

Other2

229

0.8%

287

1.0%

57

+25.0%

7

1 Hon-Shimeji, Hatake-Shimeji, Button-Mushroom, Overseas Business, purchased mushrooms, etc.

2 Including new businesses.

Revenue of all mushrooms has been on an upward trend toward the 3rd Quarter.

(JPY million)

+276

12,227

79

12,503

1,622

7,419

78

1,269

7,569

7,284

7,675

3,563

4,053

905

834

1,601

1,446

4,018

3,544

5,393

7,037

7,044

904

876

1,685

1,558

1,003

74

1,075

85

1,137

71

1,162

1,078

1,143

2,113

92

1,282

2,402

2,485

9,885

127

1,709

14,000

12,000

10,000

8,000

+48

+87

+83

+65

Other

Other Mushrooms1

Buna-Shimeji

Eryngii

6,000

4,000

(7)

Maitake

2,000

0

1Q 2Q 3Q 4Q 1Q 2Q 3Q

FYE March 2025 FYE March 2026

1 Hon-Shimeji, Hatake-Shimeji, Button-Mushroom, Overseas Business, purchased mushrooms, etc. 8

Sales Volume: Eryngii exceeded the same period of the previous year. Maitake and Buna-Shimeji were almost flat. Unit Sales Prices: All three major mushroom varieties exceeded the same period of the previous year.

Sales Volume Comparison 1

Unit Sales Price Comparison 1

（%）

vs 3Q FYE

Mar 2025 vs Forecast

vs 3Q FYE

Mar 2025 vs Forecast

Maitake 99.2% 95.9% 100.3% 99.9%

Eryngii 100.3% 95.6% 103.4% 103.6%

Buna-Shimeji 98.9% 99.8% 106.0% 104.2%

Other Mushrooms2 92.0% 82.2% 96.9% 93.0%

1 Comparison excluding Overseas Business and processed products

2 Comparison by the total of Hon-Shimeji, Hatake-Shimeji and button mushrooms 9

Company analysis

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