YUKIGUNI FACTORY CO.,LTD.
1375・Prime Market・Fishery, Agriculture & Forestry
Business
Yukiguni Factory Co., Ltd. (formerly Yukiguni Maitake) is a comprehensive mushroom company that manufactures mushroom varieties such as maitake, king trumpet mushrooms (eringi), buna-shimeji, and button mushrooms using its proprietary industrial production methods, with a business model centered on direct sales to retailers. Domestically, the company operates multiple bio-centers based in Minamiuonuma City, Niigata Prefecture, and began expanding into Europe in December 2023 by making SPROOMZ B.V., a Dutch exotic mushroom business company, a wholly owned subsidiary. Mushroom business accounts for approximately 99% of revenue, with major customers being major domestic supermarkets and other retailers. The company is also cultivating new businesses such as health foods and alternative meat ("Kinoko no Oniku" [mushroom-based meat]).
Business Model
The company achieves stable, large-scale mushroom production through a proprietary growing-medium recipe free of pesticides and chemical fertilizers, combined with environmental control technology, and sells to retailers through an extensive direct-trading network. Its structure maintains selling prices via a premium strategy exemplified by the "Kiwami" brand, while securing margins through production cost reductions achieved via factory automation and mechanization. The company applies agricultural accounting under IFRS (IAS 41), measuring biological assets at fair value.
Company Strengths
The proprietary new strain introduced in 2015, harvested as "Yukiguni Maitake Kiwami," has achieved improved yield rates and stabilized production. The company succeeded in enlarging bag-cultivated units to approximately 900 grams per unit, enabling flexible product lineups ranging from 50-gram packs to single-unit sales. Buna-shimeji and eringi (king trump mushroom) production processes are almost fully automated, and the company operates the industry's largest cultivation and fruiting rooms (approximately 1,350 square meters each).
The company holds an extensive network of direct trading routes with retailers built since its founding, with a diversified customer base in which no single customer accounts for more than 10% of consolidated revenue. The direct sales model enables flexible product proposals responsive to market conditions and maximization of per-kilogram unit prices, and in FY2026 (ending March 2026) the company achieved further expansion of in-store market share.
SPROOMZ B.V., a Dutch subsidiary acquired in December 2023, is one of Europe's top players in exotic mushrooms, and its performance remained strong in FY2026 (ending March 2026) as well. The company completed making it a wholly owned subsidiary in December 2025, establishing a foundation for expanding its European business by leveraging the direct sales network expertise cultivated domestically.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥42,204 million in FY2023 (ended March 2023) and has since recovered, reaching ¥37,845 million (total revenue of ¥53,449 million) in FY2026 (ending March 2026), marking two consecutive years of revenue growth. Operating profit rebounded sharply to ¥4,319 million (up 78.5% year on year), reflecting the prior-year impact of a ¥1,599 million impairment loss, and profit attributable to owners of the parent also rose to ¥2,958 million (up 96.9% year on year), the highest level in the past five fiscal years. Core EBITDA improved to ¥6,422 million (margin of 17.0%). However, for FY2027 (ending March 2027), operating profit is forecast to decline to ¥4,140 million (down 4.1% year on year) amid rising material costs, higher labor costs, and increased sales promotion expenses, with structural cost pressures constraining profit growth.
Growth Strategy
Aiming for sustainable growth through three pillars: strengthening domestic premium products, company-wide BPR, and expanding the R&D structure
Centered on the "Kiwami" brand, the company is expanding its product lineup with large-cut items and newly designed products, while pursuing sales floor development linked to seasonal events and acquiring new user bases through SNS and digital promotions. Maitake revenue for FY2027 (ending March 2027) is projected at ¥20,660 million (up 2.0% year on year).
Under the medium-term management plan's policy of "rationalizing all processes without exception," the company continues to promote business process improvement through company-wide BPR and labor-saving/energy-saving through new capital investment. Capital expenditure (acquisition of tangible fixed assets) for FY2026 (ending March 2026) was ¥2,095 million. The core EBITDA margin has already improved to 17.0%.
In November 2025, the "R&D Office" was upgraded to the "R&D Division," with the newly established "Mushroom Research Institute," which deepens existing mushroom research, and the "Mirai Research Institute," which is responsible for functional materials and new technologies. The company is promoting increased awareness and sales expansion of the new business product "Kinoko no Oniku" (Mushroom Meat) series, which launched in February 2025.
Exotic mushrooms handled by overseas group companies continued to perform well in FY2026 (ending March 2026) as well. Other mushroom revenue for FY2027 (ending March 2027) is projected at ¥6,360 million (up 20.3% year on year), with overseas expansion expected to serve as a growth driver.
Last updated: July 19, 2026