Ajinomoto Co., Inc. · TSE:2802
Ajinomoto — Q4 2026 Earnings Presentation
57 slides from Ajinomoto's earnings presentation, May 7, 2026
Slide 1: Forecast for FY2026 and Initiatives for Enhancing Corporate Value
Ajinomoto Co., Inc. (2802) Forecast for FY2026 (Ending March 31, 2027) and Initiatives for Enhancing Corporate Value Shigeo Nakamura Representative Executive Officer, President & Chief Executive Officer May 7, 2026
Slide 2: Forward-looking statements
Forward-looking statements, such as business performance forecasts, made in these materials are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. This material includes sum
Slide 3: Agenda
I. FY2025 Summary Results and FY2026 Forecast II. Initiatives for Enhancing Corporate Value Reference Materials Appendixes: Consolidated Results for FY2025 Ended March 31, 2026 FY2026 Forecast by Segment Note: Business profit (consolidated) in this material: Sales - Cost of sales - Selling expenses,
Slide 4: Today's Message
Today’s Message • In FY2025, as in FY2024, both sales and business profit hit record highs. Business profit continued double-digit growth. In Healthcare and Others, profit increased significantly for Functional Materials, and Bio-Pharma Services & Ingredients. The Food Products business overall, a c
Slide 5: I. FY2025 Summary Results and FY2026 Forecast
I. FY2025 Summary Results and FY2026 Forecast II. Initiatives for Enhancing Corporate Value
Slide 6: I-1. Digest of FY2025 Results
I-1. Digest of FY2025 Results Sales: Increased Business profit: Increased Profit attributable to owners of the parent (New record) (New record) company: Increased (New record) ¥1,583.7 billion ¥181.1 billion ¥134.6 billion 103% of FY2024 113% of FY2024 191% of FY2024 Excluding currency translation:
Slide 7: I-2. Changes in Business Profit (FY2025 Results by P&L Factor)
I-2. Changes in Business Profit (FY2025 Results by P&L Factor) (¥ bil.) Increased GP from increased sales Investment in intangible 230 and an improved profit structure assets to bring growth 210 190 27.3 -26.3 1.7 Investment in 170 19.1 Personnel: Approx. -¥8.9 bil. 150 Increased international consu
Slide 8: I-2. Changes in Business Profit (FY2025 Results by Segment)
I-2. Changes in Business Profit (FY2025 Results by Segment ) (¥ bil.) FY25 Full-Year Actual vs. FY24 Full-Year Actual 200 20.5 0 8.9 -0.3 -2.7 150 -4.5 181.1 181.1 159.3 100 FY24 Seasonings Frozen Foods Healthcare Other Shared FY25 Actual and Foods and Others companywide Actual expenses (¥ bil.) (Re
Slide 9: I-3. Sauce and Seasonings, and Quick Nourishment
I-3. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Breakdown of the FY2025 sales and factors behind changes in business profit, in Japan and overseas (vs. the previous year). Japan sales: 111% Overseas sales: 104% (local currency basis
Slide 10: I-4. 2030 Roadmap and ASV Indicators
I-4. 2030 Roadmap and ASV Indicators FY30 Ref.: Aim for FY23 FY24 FY25 plan approx. 3x EPS Approx. (vs. FY2022） ROE 11.0% 9.0% 17.7% 20% (Excluding the impact of the Forge acquisition) (11.3%) (21.4%) (Excluding the impacts of the Forge acquisition (11.4%) + special factors*) (14.7%) (17.7%) Approx.
Slide 11: I-4. Reference: Growth Paths by Segment
I-4. Reference: Growth Paths by Segment Segment Organic growth Business profit ROIC EBITDA margin Vs. prev. year Vs. prev. year FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Sauce & actual actual actual actual actual actual actual actual actual actual actual actual Seasonings Seasoning
Slide 12: I-5. Forecast for FY2026
I-5. Forecast for FY2026 In the full-year FY2026 forecast, too, we expect sales and business profit to reach new record highs. In each of Seasonings and Foods, Frozen Foods, and Healthcare and Others, we expect increased revenue and profit. Assumed exchange rate: ¥150/USD Profit attributable to owne
Slide 13: I-5. Impact of the Situation in the Middle East and Our Response Policy
I-5. Impact of the Situation in the Middle East and Our Response Policy The increasingly tense situation in the Middle East from the end of February 2026 onward may impact our forecast for the fiscal year ending March 2027 in terms of procurement and costs, as noted below. We will respond flexibly t
Slide 14: I-6. Changes in Business Profit (FY2026 Forecast by P&L Factor)
I-6. Changes in Business Profit (FY2026 Forecast by P&L Factor) With the effect of increased revenue and improved gross profit margin, we will steadily increase gross profit, and by also making investments for growth, we will work to sustainably grow business profit. (¥ bil.) 280 Increased GP from i
Slide 15: I-6. Factors behind Changes in Business Profit (FY2026 Forecast by Segment)
I-6. Factors behind Changes in Business Profit (FY2026 Forecast by Segment) FY2026 Forecast vs FY2025 Actual (¥ bil.) 220 13.7 200 3.7 -0.9 2.8 -3.6 180 160 197.7 197.0 140 181.1 120 100 FY25 Seasonings Frozen Foods Healthcare and Other Shared FY26 Actual and Foods Others companywide Forecast expens
Slide 16: I-7. Sauce and Seasonings, and Quick Nourishment
I-7. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Breakdown of the FY2026 sales forecast and factors behind changes in the business profit forecast, in Japan and overseas (vs. the previous year). Overseas sales: 107% Japan sales: 106%
Slide 17: I-8. Seasonings and Foods Business
I-8. Seasonings and Foods: Seasonings and Foods Business Growth continued in BtoC Sauce and Seasonings in Japan and overseas. We expect the Seasonings and Foods business overall to continue growing steadily. Looking at Solution & Ingredients (S&I), while we expect the market for umami seasonings for
Slide 18: I-8. Growth in the Five Major Countries
I-8. Seasonings and Foods: Growth in the Five Major Countries In addition to continued growth in umami seasonings and flavor seasonings, growth in menu-specific seasonings, cooking sauces, Quick Nourishment, and other products has accelerated in recent years, raising the presence of these within the
Slide 19: I-8. Growth in the Five Major Countries (Example from Thailand)
I-8. Seasonings and Foods: Growth in the Five Major Countries (Example from Thailand) We provide products developed through deep exploration of diversifying needs, building on the foundation of umami seasonings and flavor seasonings in our five major countries. Sales of these products have been grow
Slide 20: I-8. Growth in the Neighboring Countries
I-8. Seasonings and Foods: Growth in the Neighboring Countries of the Five Major Countries Sales in the neighboring countries of the five major countries have also been growing over the medium to long term. 0,000 30.0% Sales and business profit margin in the neighboring countries 0,000 25.0% The fiv
Slide 21: I-8. Development of the Neighboring Countries
I-8. Seasonings and Foods: Development of the Neighboring Countries Expansion of opportunities to provide Further development of the Ajinomoto products through the deep exploration of Group model needs Enhancement of product lineup Further regional development Further development from the neighborin
Slide 22: I-9. Growth in the Frozen Foods Business
I-9. Frozen Foods: Growth in the Frozen Foods Business In FY2025, profit decreased for the Frozen Foods business overall against a backdrop that included changes in the external environment and product recalls in North America. Over the past 25 years, the Frozen Foods business has steadily grown its
Slide 23: I-9. Contributing to Brand Value and Well-Being
I-9. Frozen Foods: Contributing to Brand Value and Well-Being The Frozen Foods business, primarily gyoza, is not only a growth business, it is an important touch point by which consumers first encounter the Ajinomoto Group. It also holds an important position in terms of contributing to our corporat
Slide 24: I-9. Plan for Enhancing Corporate Value by FY2030
I-9. Frozen Foods: Plan for Enhancing Corporate Value by FY2030 While working to grow sales with innovation in Deliciousness Technology, which is grounded in amino acid research, we aim to achieve an ROIC about 3% higher by FY2030 through improvements in capital efficiency and a commitment to operat
Slide 25: I-10. Functional Materials (Electronic Materials and Others)
I-10. Functional Materials (Electronic Materials and Others) Revenue and profit increased significantly in FY2025 against a backdrop of strong sales of ABF * for high-performance boards related to AI, servers, networks, etc. throughout the year. We foresee continued growth centered on ABFTM products
Slide 26: I-10. Functional Materials: ABF in semiconductor packages
I-10. Functional Materials (Electronic Materials and Others) Since the adoption of ABFTM in semiconductor packages for use in PCs, the increase in functionality of semiconductor packages has progressed in line with the expansion of semiconductor applications. Accordingly, package boards are increasi
Slide 27: I-10. AFT: Planned acquisition of land for new production facility
I-10. Functional Materials (Electronic Materials and Others) Ajinomoto Fine Techno Co., Inc. (AFT): Planned acquisition of land for new production facility Separately from investment in expanded production aimed at 2030 (total: ¥25 billion from 2023 onward), there will be further investment in expan
Slide 28: I-11. Bio-Pharma Services (CDMO Services) Overall
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) Overall Heading toward FY2030, on top of continued growth in small molecules, we expect growth particularly in high-value-added areas grounded in our proprietary technologies. In addition to nucleic acid drugs made with AJI
Slide 29: I-11. Bio-Pharma Services (CDMO Services) Overall: FY2025 Review and FY2026 Plan
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) Overall We plan significantly higher profit in FY2026, too, through increased sales from small molecules, proprietary technologies such as AJIPHASE®, AJICAP®, and Forge. FY2025 Review FY2026 Plan Europe Europe Revenue and p
Slide 30: I-11. Bio-Pharma Services (CDMO Services) Forge
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) Forge Forge is demonstrating solid achievements, including improved productivity and an expansion of targeted fields. Based on its existing technical capabilities, it will further evolve technology to strengthen competitive
Slide 31: I-11. Bio-Pharma Services (CDMO Services) AJICAP
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) AJICAP® We expect AJICAP® revenue to increase again in FY2026. By collaborating with CROs,* we will expand opportunities for adoption from the technology selection stage of ADC development. At the same time, by partnering w
Slide 32: I-12. 2030 Roadmap and ASV Indicators
I-12. 2030 Roadmap and ASV Indicators We are focused on the steady achievement of our FY26 forecast toward the attainment of the 2030 ASV targets. FY26 FY30 Ref.: Aim for FY23 FY24 FY25 forecast plan Approx. approx. 3x EPS Approx. (vs. FY2022） ROE 11.0% 9.0% 17.7% 15% 20% (Excluding the impact of th
Slide 33: I-12. Reference: Growth Paths by Segment
I-12. Reference: Growth Paths by Segment Segment Organic growth Business profit ROIC EBITDA margin Vs. prev. year Vs. prev. year FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Sauce & actual actual forecast actual actual forecast actual actual forecast actual actual forecast Seasonings
Slide 34: I-13. Assets and Liabilities
I-13．Assets and Liabilities We will continue realizing appropriate financial leverage that contributes to organic growth and capital efficiency. As we grow EBITDA, we will control the leverage of net interest-bearing debt* to 2 or less. *Net interest bearing debt: Interest-bearing debt - Cash on han
Slide 35: I-14. Cash Generation
I-14. Cash Generation Our FY2025 operating cash flow set a new record. From FY2026 onward, too, we will improve our cash generation capability by growing the business and improving working capital. (¥ bil.) Operating Cash Flow 250 239.3 Approx. 230 or more 209.8 200 150 100 50 0 FY16 FY17 FY18 FY19
Slide 36: I-15. Strategic Investments
I-15．Strategic Investments For FY2026, we plan capital investments of approximately ¥130 billion. We will continue to proactively invest in intangible assets aimed at medium- to long-term growth. 60% 無形投資比率（右軸） Percentage of investment in intangible assets (right axis) (¥ bil.) 2,500 250 40% 2,000 2
Slide 37: I-16. Important Management Indicators
I-16. Important Management Indicators ROE (%) ROA (BP basis, %) Excluding the impact of the Approx. Forge acquisition 22.0 21.4 11.0 11 10.3 Approx. 17.7 18.0 18 10.0 12.9 Approx. 9.1 9.1 14.0 11.6 11.4 9.0 10.3 11.3 15 9.0 8.4 10.0 11.0 8.1 9.0 8.0 6.0 3.3 7.2 2.0 7.0 FY19 FY20 FY21 FY22 FY23 FY24
Slide 38: I-17. Shareholder Returns and Investment for Growth
I-17. Shareholder Returns and Investment for Growth (Our Thinking under the Medium-Term ASV Initiatives) We will strengthen our capability to generate cash flow, premised on business growth. We will enhance shareholder returns and increase our corporate value while making necessary future- oriented
Slide 39: I-18. Return to Shareholders and Investments for Growth
I-18. Return to Shareholders and Investments for Growth In FY2026, too, we plan to increase our dividend under our progressive dividend policy. We are now engaged in the repurchase of up to ¥80 billion in shares, as announced on November 6, 2025. We will continue working to enhance shareholder retur
Slide 40: II. Initiatives for Enhancing Corporate Value
I. FY2025 Summary Results and FY2026 Forecast II. Initiatives for Enhancing Corporate Value
Slide 41: II-1. Management under CEO Nakamura
II-1. Management under CEO Nakamura Progress Made in FY2025 (Looking Back on the Year) In FY2025, based on the issue identified through cross-SWOT analysis: we had few concrete strategies for the medium- to long- term, we had multiple discussions on company-wide management issues and the direction f
Slide 42: II-2. Recognition of Current Issues
II-2. Recognition of Current Issues We made some progress in organizing the concept of our action plan in FY2025. However, the issues moving forward in implementing this concept are how well initiatives take root and the creation of results, and an improved ability of our employees and organization
Slide 43: II-3. FY2026: Seven Company-Wide Strategies and Their Execution
II-3. FY2026: Seven Company-Wide Strategies and Their Execution In FY2026, we will translate the strategic concept discussed in FY2025 into seven company-wide strategies and fully implement them in our management. We will also strengthen our human resources and organizational capabilities, making th
Slide 44: II-4. Company-Wide Growth Strategy Committee
1) Medium- to long-term growth strategy II-4. Developments for FY2026 We established a new committee: the Company-Wide Growth Strategy Committee, and this committee will discuss and present the overarching direction of our company-wide growth strategy. Will hold monthly meetings from May 2026 Compan
Slide 45: II-5. Accelerate the Creation of Innovation
1) Medium- to long-term growth strategy II-5. Accelerate the Creation of Innovation We established new mechanisms to foster the creation of new businesses. In FY2026, we will advance to the stage of creating businesses. We will accelerate the speed of creating innovation by concentrating management
Slide 46: II-6. Strengthen Capabilities to Execute Company-Wide Strategies
4) Speed Up x Scale Up of organizational execution capabilities II-6. Strengthen Our Capabilities to Execute Our Company-Wide Strategies by Raising the Level of Our Human Resources and Organizational Foundation We revised our management structure, which includes human resources, the organization, an
Slide 47: II-7. Strengthening of Corporate Governance and Compliance
7) Strengthening of corporate governance and compliance II-7. Strengthening of Corporate Governance and Compliance In addition to the Group Compliance Committee (GCC), we newly established regional compliance committees (RCCs) as subordinate bodies. We evolved our structure from a head office-led ap
Slide 48: II-8. Dialogue with Employees
II-8. Dialogue with Employees I had discussions with more than 4,500* employees globally. I gained an understanding of the frontline and its reality at each Group location and shared our purpose to take on challenges independently, and will work to raise the precision of management based on the ques
Slide 49: II-9. Continually Update and Evolve the 2030 Roadmap
II-9. Continually Update and Evolve the 2030 Roadmap In FY2026, based on our progress on the 2030 Roadmap, we will identify and improve upon important company-wide issues in company-wide growth strategy meetings and other forums, create a company- wide growth strategy, and reflect these changes in t
Slide 50: Message from the CEO
Message from the CEO • We will accurately assess various changes in the external environment and respond agilely, and steadily achieve our FY2026 forecast. • We will continue to strive to achieve the 2030 Roadmap ahead of schedule. We will further accelerate business growth in both Food Products and
Slide 51: Supplementary Materials
Supplementary Materials Aj cAJINOMOTO
Slide 52: Summary of the Fourth Quarter (January-March)
Summary of the Fourth Quarter (January-March) Profit attributable to Sales: Increased Business profit: Increased owners of the parent company: Increased ¥419.5 billion ¥35.1 billion ¥44.9 billion 110% of FY2024 166% of FY2024 Dif. with prev. year: +¥57.0 billion Excluding currency translation:105% E
Slide 53: Overview by Segment for FY2025: Food Products Business
Overview by Segment for FY2025: Food Products Business Vs. Segment FY2024 Business overview, FY2025 Overall, revenue increased when the Seasonings and Foods and Sales Food Products Frozen Foods businesses are combined. business overall Business Profit decreased in the Frozen Foods business, but over
Slide 54: Overview by Segment FY2025: Bio & Fine Chemicals Business
Overview by Segment FY2025: Bio & Fine Chemicals Business Vs. Segment Business overview, FY2025 FY2024 Overall, revenue increased, despite the effect of the sale of Sales Bio & Fine Chemicals Ajinomoto Althea, Inc. business overall Overall, profit increased significantly. Profit increased (excluding
Slide 55: Forecast (Consolidated Statements of Income)
Forecast (Consolidated Statements of Income) Excluding currency FY26 forecast FY25 actual Difference Vs. prev. year translation (¥ bil.) (A) (B) (A) –(B) (A) / (B) Vs. prev. year (A) / (B) Sales 1,723.0 1,583.7 139.2 108% 108% Business profit 197.0 181.1 15.8 108% 108% Other operating income & expen
Slide 56: Forecast: Assumed Exchange Rates and Exchange Rate Sensitivity
Forecast: Assumed Exchange Rates and Exchange Rate Sensitivity Assumed exchange rates (vs. JPY) FY25 actual FY25 forecast FY26 forecast Q4 Q3 Q2 Q1 (Revised Feb. 5, 2026) USD 150.00 156.96 154.08 147.46 144.59 150.00 EUR 180.00 183.65 179.39 172.30 163.81 174.00 THB 4.71 4.96 4.79 4.56 4.37 4.69 BRL
Slide 57: Forward-looking statements
Forward-looking statements, such as business performance forecasts, made in these materials are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. This material includes s