Ajinomoto Co., Inc. · TSE:2802
Ajinomoto — Q3 2026 Earnings Presentation
18 slides from Ajinomoto's earnings presentation, Feb 5, 2026
Slide 1: Forecast for FY2025 (Ending March 31, 2026) and Initiatives for Enhancing Corporate Value
Ajinomoto Co., Inc. (2802) Forecast for FY2025 (Ending March 31, 2026) and Initiatives for Enhancing Corporate Value Masataka Kaji Corporate Fellow General Manager, IR Office February 5, 2026 Note: Business profit (consolidated) in this material: Sales - Cost of sales - Selling expenses, Research &
Slide 2: Today’s Message
Today’s Message • For the first three quarters of FY2025, sales, business profit, and profit attributable to owners of the parent company all set new records. • The Seasonings and Foods business saw increased revenue and profit overall, primarily due to increased revenue and profit in Sauce and Seas
Slide 3: Digest of the First Three Quarters of FY2025
I-1. Digest of the First Three Quarters of FY2025 (April-December) Profit attributable to owners of the Sales: Increased Business profit: Increased parent company: (New record) (New record) Increased (New record) ¥1,164.1 billion ¥145.9 billion ¥89.7 billion 101% of FY2024 105% of FY2024 108% of FY2
Slide 4: Changes in Business Profit (by P&L Factor)
I-2. Changes in Business Profit (Q3 (cumulative) Results by P&L Factor) (¥ bil.) 180 Increased GP due to increased sales Investment in intangible and an improved profit structure assets to bring growth 160 4.8 18.6 -16.2 0.6 140 Investment in Personnel: Increased international consumer Approx. -¥5.8
Slide 5: Changes in Business Profit (by Disclosed Segment)
I-2. Changes in Business Profit (Q3 (cumulative) Results by Disclosed Segment) (¥ bil.) 160 Q3-FY25 Actual vs. Q3-FY24 Actual 10.1 2.3 140 -0.9 -1.1 -2.5 120 138.2 145.9 100 Q3-FY24 Seasonings Frozen Foods Healthcare Other Shared Q3-FY25 Actual and Foods and Others companywide Actual expenses (¥ bil
Slide 6: Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales
I-3. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales Breakdown of the FY2025 Q3 (cumulative) sales in Japan and overseas (vs. the previous year) Japan (including coffee products) Overseas Q3 (cumulative) Actual Q3 (cumulative) Actual Overseas sales: 104% Japan sales: 110% (local curr
Slide 7: Revised Forecast for FY2025
I-4. Revised Forecast for FY2025 Business profit: No revision in the overall Food Products business; Seasonings and Foods revised upward; Frozen Foods revised downward; and, reflecting strong performance, Healthcare and Others revised upward. Profit attributable to owners of the Sales: Downward Revi
Slide 8: Changes in Business Profit (FY2025 Forecast)
I-5. Changes in Business Profit (FY2025 Forecast) (¥ bil.) FY2025 Revised Forecast vs. FY2024 Actual 200 20.0 8.5 -0.9 -4.3 (-1.0) (+3.0) (-1.0) 150 (+3.5) -1.5 (-3.5) 180.9 Note: Figures in parentheses indicate changes 181.0 159.3 from the FY2025 initial forecast 100 FY24 FY24 Seasonings Frozen Hea
Slide 9: Healthcare and Others (Functional Materials)
I-6. Healthcare and Others (Functional Materials) Sales of ABFTM* are strong for high-performance boards used in AI, servers, networks, etc. Sales of Functional Materials %: Vs. previous year 128% 111% 125% Functional Materials 87% The first three quarters of FY2025 compared with the same period of
Slide 10: Healthcare and Others (Functional Materials)
I-6. Healthcare and Others (Functional Materials) We strengthened our supply capabilities by building a new varnish production facility as the first round of capital investment to respond to the increase in demand to 2030. The new facility began full-scale operation in October 2025, manufacturing AB
Slide 11: Healthcare and Others (Bio-Pharma Services (CDMO services))
I-7. Healthcare and Others (Bio-Pharma Services (CDMO services)) For the first three quarters of FY2025, both sales and profit were in line with plans, excluding the impact of one-time expenses recorded at Forge for commercialization.* We forecast a significant increase in profit in CDMO services ov
Slide 12: 2030 Roadmap and ASV Indicators
I-8. 2030 Roadmap and ASV Indicators Ref.: Aim for FY23 FY24 Q3-FY25 Cumulative actual FY25 Revised forecast FY25 plan* FY30 plan* approx. 3x EPS (vs. FY2022） *At time of the 2030 Roadmap announcement Approx. Approx. ROE 11.0% 9.0% - 17% 18% 20% （11.4%） (Excluding the impact of the Forge acquisition
Slide 13: Reference: Growth Paths by Segment
Reference: Growth Paths by Segment Segment Organic growth Business profit ROIC EBITDA margin Vs. prev. year Vs. prev. year FY24 FY25 Q3 FY25 FY24 FY25 Q3 FY25 FY24 FY25 FY24 FY25 Q3 FY25 Sauce & actual cumulative, revised actual cumulative, revised actual revised actual cumulative, revised Seasoning
Slide 14: 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
Slide 15: Summary of the Third Quarter (October-December)
Summary of the Third Quarter (October-December) Business profit: Profit attributable to owners of the Sales: Increased parent company: Significantly Increased (New record) (New record) Increased (New record) ¥425.2 billion ¥59.2 billion ¥38.5 billion 104% of FY2024 115% of FY2024 119% of FY2024 Excl
Slide 16: Consolidated Statements of Income
Consolidated Statements of Income Excluding currency Cumulative Cumulative FY25 Difference Vs. prev. year translation Vs. Forecast Q3-FY24 Q3-FY23 Revised forecast (¥ bil.) (A) – (B) (A) / (B) Vs. prev. year (A) / (C) (A) (B) (C) (A) / (B) Sales 1,164.1 1,151.0 13.1 101% 101% 1,600.0 72% Business pr
Slide 17: Overview by Segment for the First Three Quarters of FY2025: Food Products Business
Overview by Segment for the First Three Quarters of FY2025: Food Products Business VS Segment Cumulative Business overview, first three quarters of FY2025 Q3-FY24 Overall, revenue increased when the Seasonings and Foods and Frozen Sales Foods businesses are combined. Food Products business overall B
Slide 18: Overview by Segment for the First Three Quarters of FY2025: Bio & Fine Chemicals Business
Overview by Segment for the First Three Quarters of FY2025: Bio & Fine Chemicals Business VS Segment Cum ulative Business overview, first three quarters of FY2025 Q3-FY24 Overall, sales remained flat, but revenue increased in real terms, Bio & Fine Chemicals Sales excluding the effect of the sale of