Hokuto Corporation (TSE: 1379), Japan's largest cultivated-mushroom producer, reported consolidated full-year results for FY3/2026. Revenue rose 3.4% to ¥85,915 million and operating profit gained 6.1% to ¥7,031 million. Recurring (ordinary) profit climbed 17.7% to ¥8,186 million, and net profit attributable to owners surged 57.8% to ¥7,006 million from ¥4,441 million, lifting basic EPS to ¥223.84 from ¥140.63. ROE improved to 11.5%.
Domestic mushrooms hold firm
The core Domestic Mushroom business generated revenue of ¥56,077 million (+1.8%) and segment profit of ¥7,242 million (+3.5%). Prices for the company's signature varieties stayed resilient, helped by health-, beauty- and sports-themed marketing and promotion of its premium own-bred "Shimofuri Hiratake" oyster mushroom. Consolidated production volumes were 46,876 tonnes of Bunashimeji including Bunapy (+0.3%), 15,925 tonnes of Eringi (king oyster, -4.5%) and 15,655 tonnes of Maitake (+0.4%). In November 2025 Hokuto launched a renewed Eringi — its first breed improvement in 26 years.
Overseas, processing and chemicals
The Overseas Mushroom business (United States, Taiwan, Malaysia) posted revenue of ¥8,236 million (+6.8%), though segment profit slipped 0.8% to ¥1,147 million as softer local demand was offset by a weaker yen inflating translated results. Processed Foods revenue eased 1.9% to ¥8,003 million but segment profit jumped 36.5% to ¥511 million on strong retail, food-service and mail-order dried-mushroom sales. The Chemical Products and agricultural-materials segment grew revenue 12.1% to ¥13,598 million and segment profit 39.2% to ¥470 million.
Balance sheet and cash flow
Total assets rose to ¥113,726 million and net assets to ¥64,924 million, keeping the equity ratio at a healthy 57.1%; book value per share reached ¥2,071.19. Operating cash flow was ¥10,824 million, comfortably funding ¥2,917 million of investing outflows and ¥4,420 million of financing outflows, and period-end cash rose to ¥18,861 million.
Dividend raised; cautious FY27 guidance
The FY3/2026 annual dividend was lifted to ¥55.00 per share (¥10 interim + ¥45 year-end) from ¥50.00, a 24.6% payout ratio, and management guides a further increase to ¥62.00 for FY27. For FY3/2027, however, Hokuto guides revenue of ¥88,100 million (+2.5%) and operating profit of ¥7,260 million (+3.3%) but net profit of only ¥5,250 million (-25.1%), as the FY26 boost to recurring and below-the-line profit is not expected to repeat.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 85.9 | 83.1 | +3.4% |
| Operating profit (¥bn) | 7.03 | 6.63 | +6.1% |
| Recurring profit (¥bn) | 8.19 | 6.95 | +17.7% |
| Net profit attrib. (¥bn) | 7.01 | 4.44 | +57.8% |
| Basic EPS (¥) | 223.84 | 140.63 | +59.2% |
| ROE | 11.5% | 8.0% | +3.5pp |
| Equity ratio | 57.1% | 52.8% | +4.3pp |
| Annual dividend (¥) | 55.00 | 50.00 | +10.0% |
| FY27 net profit guidance (¥bn) | 5.25 | — | -25.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.