IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>On November 6, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for H1 FY2026/3 (April–September).</li><li>Revenue decreased 0.2% YoY to JPY 14,959 mn, while core EBITDA fell 10.3% YoY to JPY 1,228 mn and core operating profit dropped 46.4% YoY to JPY 108 mn.</li><li>Due to seasonality, H1 is non-demanding periods for mushrooms, and significant earnings progress is difficult to expect.</li></ul>

On November 6, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for H1 FY2026/3 (April–September).Revenue decreased 0.2% YoY to JPY 14,959 mn, while core EBITDA fell 10.3% YoY to JPY 1,228 mn and core operating profit dropped 46.4% YoY to JPY 108 mn.Due to seasonality, H1 is non-demanding periods for mushrooms, and significant earnings progress is difficult to expect.

Q2 Follow-Up - YUKIGUNI FACTORY (1375 JP) -  November 14, 2025

<ul><li>On August 7, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for Q1 FY2026/3 (April–June).</li><li>Revenue decreased 1.8% YoY to JPY 7,284 mn, while core EBITDA fell 15.5% YoY to JPY 575 mn and core operating profit dropped 78.6% YoY to JPY 22 mn.</li><li>Due to seasonality, Q1 and Q2 are non-demanding periods for mushrooms, and significant earnings progress is difficult to expect.</li></ul>

On August 7, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for Q1 FY2026/3 (April–June).Revenue decreased 1.8% YoY to JPY 7,284 mn, while core EBITDA fell 15.5% YoY to JPY 575 mn and core operating profit dropped 78.6% YoY to JPY 22 mn.Due to seasonality, Q1 and Q2 are non-demanding periods for mushrooms, and significant earnings progress is difficult to expect.

Q1 Follow-Up: YUKIGUNI FACTORY (1375 JP) - September 10, 2025

<ul><li>Company profile: YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).</li><li>In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.</li><li>Strength: 1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.</li></ul>

Company profile: YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.Strength: 1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.

Initiation: Yukiguni Factory (1375 JP) - July 28, 2025

<ul><li>YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).</li><li>In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.</li><li>1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.</li></ul>

YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass- produced (with approximately 52% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.1) Through a vertically integrated value chain covering production, processing, and sales of mushrooms, the Company ensures strict quality control and stable year-round supply.

Yukiguni Factory (1375 JP) - Preview Report

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>In 2QFY21, <a href="https://www.smartkarma.com/entities/yukiguni-maitake-co-ltd" target="_blank" data-smartkarma-citation="entities:19900:1" rel="noopener">Yukiguni Maitake (1378 JP)</a>’s cumulative revenue increased by 4.3% year-on-year whereas adjusted OP increased by 19.1% (OPM improvement of 2.7 percentage points). Yukiguni Maitake has issued guidance to generate revenue of ¥35,632 million and an OP of ¥8,324 million. Although tough, we believe revenue guidance could be achievable. On the other hand, annual OP guidance seems too optimistic. The company is also targeting a 7% OP CAGR through FY20-23 by improving existing businesses, expanding overseas businesses, and optimising the business portfolio through M&amp;As.</p>

In 2QFY21, Yukiguni Maitake (1378 JP)’s cumulative revenue increased by 4.3% year-on-year whereas adjusted OP increased by 19.1% (OPM improvement of 2.7 percentage points). Yukiguni Maitake has issued guidance to generate revenue of ¥35,632 million and an OP of ¥8,324 million. Although tough, we believe revenue guidance could be achievable. On the other hand, annual OP guidance seems too optimistic. The company is also targeting a 7% OP CAGR through FY20-23 by improving existing businesses, expanding overseas businesses, and optimising the business portfolio through M&amp;As.

Yukiguni Maitake: A Plan Alone Is Insufficient to Justify a Long Position

Japan

Yukiguni Maitake Co Lted cultivates, processes, and distributes food products. The Company produces maitake, pleurotus eryngii and other mushrooms. Yukiguni Maitake markets its products in Japan.

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Yukiguni Maitake (1375 JP)

Q2 Follow-Up - YUKIGUNI FACTORY (1375 JP) - November 14, 2025

On November 6, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for H1 FY2026/3 (April–September).

Sessa Investment Research

Q1 Follow-Up: YUKIGUNI FACTORY (1375 JP) - September 10, 2025

On August 7, YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) announced its consolidated financial results for Q1 FY2026/3 (April–June).

Sessa Investment Research

Initiation: Yukiguni Factory (1375 JP) - July 28, 2025

In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from...

Sessa Investment Research

Yukiguni Factory (1375 JP) - Preview Report

In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from...

Sessa Investment Research

Yukiguni Maitake: A Plan Alone Is Insufficient to Justify a Long Position

Yukiguni Maitake listed on the 1st section of the Tokyo Stock Exchange on 17th September 2020 and the company’s share price has continued to...

Oshadhi Kumarasiri

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