Yukiguni Maitake : Financial Results for 1st Quarter of Fiscal Year Ended March 2023

Yukiguni Maitake Co., Ltd.

Financial Results for 1st Quarter of

Fiscal Year Ended March 2023

August 8, 2022

Tokyo Stock Exchange,

Prime Market: 1375

AGENDA

1. Summary of Consolidated Financial Results for 1Q of FYE March 2023
2. Forecast of Consolidated Financial Results for FYE March 2023
3. Medium- Term Business Plan for FYE March 31, 2022 to FYE March 31, 2026
4. 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 1Q of
	FYE March 2023

2

Summary of Financial Results for 1st Quarter of Fiscal Year Ending March 2023

In the three months of the current fiscal year, revenue and operating profit declined from the same period of the previous fiscal year.

External Environment

• COVID-19deregulation led to increased demand for food service and retail industry struggled
• Rising temperatures cause consumers to avoid foods that require cooking
• Increased production and shipments from new plants of other companies in the same industry are in full swing. Maitake mushroom market continues to be in a state of high supply.
• Cost increase factors such as high crude oil prices and yen's depreciation

Our Response

• Strengthened sales to restaurants and ready-to-eat meal service, where consumer demand is rising.
• Sales were promoted by increasing consumer touch points through sales at restaurants and ready-to-eat meal service.
• Conducted cross-MD with major seasoning manufacturers, etc., to stimulate consumer purchasing during non- demanding periods.
• Curbed rising costs by optimizing procurement of materials, fuel, etc., and thoroughly managing manufacturing activities.

Summary

vs Forecast

• Revenue
  JPY 6.3 billion

Belowour Forecast

YoY -JPY 0.2 billion

（-3.3%）

• Core EBITDA JPY 0.6 billion

	Exceedingour
YoY -JPY 0.3 billion	Forecast
（-35.3%）

3

Consolidated Statements of Income (1st Quarter)

In the three months of the current fiscal year, both total income and profits decreased compared to the same period of the

previous fiscal year.

1Q FYE		1Q FYE
	March 2022
March 2023
		Change

(JPY million)	Actual
Revenue	6,367
Gains Arising from Changes in Fair Value	1,833
Total Income	8,201
Material Costs, Labor Costs, etc.	4,434
Gains Arising from Changes in Fair Value	2,137
Cost of Sales	6,572
Gross Profit	1,628
SG&A Expenses	1,787
Other Income	23
Other Expenses	27
Operating Profit (loss)	(163)
vs Revenue	(2.6%)
vs Total Income	(2.0%)
Profit (loss) before Tax	(258)
Profit (loss) Attributable to Owners of Parent	(159)
[Reference]
Core Operating Profit *1	174
Core EBITDA *1	672
Core EBITDA margin*1	10.6%
Adjusted Profit (loss)*2	(263)

Actual	Amount	%
6,587	( 219)	(3.3%)
2,350	( 517)	(22.0%)
8,938	( 737)	(8.2%)
4,282	+152	+3.6%
2,622	(484)	(18.5%)
6,904	(331)	(4.8%)
2,033	(405)	(19.9%)
1,826	(38)	(2.1%)
11	+11	+100.3%
17	+9	+53.9%
201	(364)	-
3.1%
2.3%
97	(356)	-
54	(213)	-
560	(386)	(68.9％)
1,040	( 367)	(35.3％)
15.8%
87	( 351)	-

*1	Core Operating Profit ＝Operating Profit － the effect of applying IAS 41 "Agriculture" － Other income and expenses － One-time income and expenses	-
	Core EBITDA＝Core Operating Profit + Depreciation and Amortization	Core EBITDA margin ＝ Core EBITDA / Revenue
*2	Adjusted Profit = Profit + Management Fees1 + Listing-Related Expenses2 + Refinance-Related Gains/Losses3 + Tax Adjustments

1. Management Fees are compensation based on the management contract between the Company and Bain Capital Private Equity, LP, and SHINMEI HOLDINGS CO., LTD.
2. Listing-RelatedExpenses are temporary costs including listing preparation advisory costs, costs related to building an organizational structure for listing, costs related to the introduction of IFRS and timely disclosure system for listing, real estate registration costs associated with a merger,

etc.	4
3 Refinancing-Related Gains/Losses are advisory expenses that were temporarily incurred in connection with refinancing carried out after the Company was closed to the public. These expenses are offset by temporary gains that were incurred due to the decline in contract interest rates

associated with the refinancing and the increase in interest expense during the remaining contract period that occurs in conjunction with the refinancing.