Ajinomoto Co., Inc. · TSE:2802
Ajinomoto — Q2 2027 Earnings Presentation
50 slides from Ajinomoto's earnings presentation, Nov 9, 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 November 9, 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. Summary Results for the First Half Ended September 30, 2026 and the FY2026 Forecast II. Initiatives for Enhancing Corporate Value Reference Materials Appendixes: Consolidated Results for the Second Quarter Ended September 30, 2026 FY2026 Revised Forecast by Segment Note: Business profit (consolid
Slide 4: Today's Message
Today’s Message • In H1-FY2026, sales increased and profit significantly increased. Sales, business profit, and profit attributable to owners of the parent company all set new records for H1. Business profit for H1 was 125% the level of the previous year. • In the Food Products business, the Seasoni
Slide 5: I. Summary Results for H1 FY2026 and FY2026 Forecast
I. Summary Results for the First Half Ended September 30, 2026 and the FY2026 Forecast II. Initiatives for Enhancing Corporate Value
Slide 6: I-1. Digest of the First Two Quarters of FY2026
I-1. Digest of the First Two Quarters (First Half) of FY2026 Business profit: Profit attributable to owners of Sales: Significantly Increased the parent company: Increased (New record) Significantly Increased (New record) (New record) ¥831.1 billion ¥108.6 billion ¥73.3 billion 112% of H1-FY2025 125
Slide 7: I-2. Changes in Business Profit by P&L Factor
I-2. Changes in Business Profit (H1-FY2026 Results by P&L Factor) (¥ bil.) 150 Increased GP from Investment in intangible an improved profit structure assets to bring growth 130 7.1 -20.5 (Increased international consumer product 0.2 110 unit prices: 34.9 Approx. +¥4.0 bil.) Investment in Personnel:
Slide 8: I-2. Changes in Business Profit by Disclosed Segment
I-2. Changes in Business Profit (H1-FY2026 Results by Disclosed Segment) (¥ bil.) H1-FY2026 Actual vs. H1-FY2025 Actual 130 17.3 110 7.9 -0.0 -1.2 90 -2.2 70 108.6 86.7 50 30 H1-FY2025 Seasonings and Frozen Foods Healthcare and Other Shared H1-FY2026 actual Foods Others companywide actual expenses (
Slide 9: I-3. Revised Forecast for FY2026
・H2-FY2026 assumed exchange rate: ¥159.00/USD I-3. Revised Forecast for FY2026 ・FY2026 full-year assumed exchange rate: ¥159.25/USD Sales, business profit, and profit attributable to owners of the parent company have all been revised upward. Business profit reflects strong sales in Functional Materi
Slide 10: I-4. Changes in Business Profit (FY2026 Forecast)
I-4. Changes in Business Profit (FY2026 Forecast) (¥ bil.) FY2026 New Revised Forecast (Revised November 9) vs. FY2025 Actual Figures in parentheses indicate differences from the August 6 revised forecast 220 29.7 200 0.7 -0.9 -3.6 2.8 180 (-3.0) (+11.0) 160 210.0 140 181.1 120 100 FY2025 Seasonings
Slide 11: I-5. Impact of the Situation in the Middle East and Response Policy
I-5. Impact of the Situation in the Middle East and Our Response Policy Although increased costs due to the situation in the Middle East may have an impact of about -¥25.0 billion (based on results up to H1) for the full year, we will respond agilely to absorb this impact during FY2026. The risk of
Slide 12: I-5. Middle East Impact: Food Products Business
I-5. Impact of the Situation in the Middle East and Our Response Policy (Food Products Business*) (*Total of Seasonings & Foods and Frozen Foods) The impact of cost increases due to the situation in the Middle East, including raw material and logistics costs, is becoming more significant. At present
Slide 13: I-5. Responses to Steep Rise of Raw Material Prices
I-5. Responses to Steep Rise of Raw Material Prices Despite price revisions in response to increases in raw material prices, sales volume of seasonings in our five major countries* continued to grow. Based on this outcome, we will work to absorb the impact of this fiscal year’s cost increases, too,
Slide 14: I-6. Sauce and Seasonings, and Quick Nourishment: H1 Sales Breakdown
I-6. Sauce and Seasonings, and Quick Nourishment: Breakdown of the H1-FY2026 Sales (vs. the previous year) Japan Overseas (local currency basis) Japan sales (total): 106% Overseas sales: 104% (local currency basis) Volume 98% Unit prices 108% Volume 102% Unit prices 102% Japan sales (excluding coffe
Slide 15: I-7. Strengthening Food Products Foundation (Japan)
I-7. Strengthening the Foundation of the Food Products Business for Medium- to Long-Term Growth (Japan) Amid population decline, price inflation, and other changes in the business environment, we continue to release products for unmet needs and products that serve as an entry point for new customers
Slide 16: I-8. Strengthening Food Products Foundation (Overseas)
I-8. Strengthening the Foundation of the Food Products Business for Medium- to Long-Term Growth (Overseas) Ajinomoto (Malaysia) is scheduled to become a wholly owned subsidiary* within the fiscal year. (Approval was received at the Company’s extraordinary general meeting of shareholders.) The compan
Slide 17: I-9. Frozen Foods: Growth Strategy in North America
I-9. Frozen Foods: Growth Strategy in North America While the North American Frozen Foods business was affected by delayed recovery from the recall at the end of the previous fiscal year and by surging raw material and fuel prices, the impacts from the recall have overall been eliminated. In H2, we
Slide 18: I-10. Frozen Foods: Improving Profitability in North America
I-10. Frozen Foods: Initiatives to Improve Profitability in North America We will respond to raw material and fuel cost increases with price revisions, boost productivity through operational excellence, and aim to steadily improve ROIC over the medium- to long-term. Response to raw material & fuel c
Slide 19: I-11. Frozen Foods: Synergies with Sauce & Seasonings
I-11. Frozen Foods: Synergies with the Sauce & Seasonings Business For consumers who purchase our frozen foods, both purchase rate and amount of purchases are high for seasonings, contributing to sales for the Ajinomoto Group overall. We will work to leverage this characteristic and enhance value by
Slide 20: I-12. Functional Materials
I-12. Functional Materials Reflecting strong results in Q2 (July–September), the FY2026 earnings forecast was revised upward again. Sales of ABF * for high-performance boards used in AI, servers, networks, etc. remain strong, and the product mix is also improving. *Ajinomoto Build-up Film. “ABF” is
Slide 21: I-13. Functional Materials: ABF Demand
I-13. Functional Materials Demand for GPUs used in learning, high-performance CPUs used for inference, and high- throughput ASICs is expected to increase in line with the advance of AI utilization. ABF demand is expected to increase as package substrates become increasingly large and multi- layered
Slide 22: I-14. Functional Materials: New Gunma Factory
I-14. Functional Materials We decided to construct a new varnish factory on the grounds of the Gunma Plant. Mass production at the new factory is expected to begin in FY2030. In view of increased ABF demand in line with market growth in semiconductors for AI, we will expand production capacity. By s
Slide 23: I-15. Bio-Pharma Services (CDMO) Overall
I-15. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) Overall The loss of several large batches of production at Forge had an effect on performance over the short-term. However, with the early stabilization of production at Forge, continued strong performance of small molecule
Slide 24: I-16. Bio-Pharma Services at Forge
I-16. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) at Forge A plan to further expand the customer base and advance programs with commercialization is steadily moving forward based on the strength of Forge’s proprietary AAV(*1) manufacturing technology and platform. The comp
Slide 25: I-17. 2030 Roadmap and ASV Indicators
I-17. 2030 Roadmap and ASV Indicators We are focused on the steady achievement of our FY2026 forecast toward the attainment of the 2030 ASV targets. H1- FY2026 FY2023 FY2024 FY2025 new revised FY2030 Ref.: Aim for chu FY2026 plan 3x EPS forecast (revised Nov. 9) approx. Approx. Approx. (vs. FY2022）
Slide 26: I-18. Growth Paths by Segment
I-18. Growth Paths by Segment Segment Organic growth Business profit ROIC EBITDA margin Vs. prev. year Vs. prev. year FY2025 H1-FY2026 FY2026 FY25 H1-FY2026 FY2026 FY2025 FY2026 FY2025 H1-FY2026 FY2026 Sauce & actual actual new revised actual actual new revised actual new revised actual actual new r
Slide 27: I-19. Assets and Liabilities
I-19. 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 ha
Slide 28: I-20. Cash Generation
I-20. Cash Generation In FY2026, too, we will improve our cash generation capability by growing the business and improving working capital. Operating Cash Flow (¥ bil.) Approx. 250 239.3 240.0 209.8 200 150 100 50 0 FY16 FY18 FY20 FY22 FY24 FY26 New Revised Forecast Copyright © 2026 Ajinomoto Co., I
Slide 29: I-21. Strategic Investments
I-21. 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. (¥ bil.) 350 60% Percentage of investment in intangible assets (right axis) 300 250 40% 200 150 20% 100
Slide 30: I-22. Shareholder Returns and Investment for Growth
I-22. 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 future-oriented investments
Slide 31: I-23. Return to Shareholders and Investments for Growth
I-23. Return to Shareholders and Investments for Growth We will raise the dividend for FY2026 from 50 yen to 52 yen per share (+2 yen/share). We are now engaged in the repurchase of up to ¥80 billion in shares, as announced on November 6, 2025. ■Dividend (FY2016-2026 forecast) ■Shareholder Returns (
Slide 32: II. Initiatives for Enhancing Corporate Value
I. Summary Results for the First Half Ended September 30, 2026 and the FY2026 Forecast II. Initiatives for Enhancing Corporate Value
Slide 33: II-1. Seven Company-Wide Strategies and Their Execution
II-1. FY2026: Seven Company-Wide Strategies and Their Execution We positioned FY2026 as a year to incorporate strategic concepts discussed in FY2025 into seven company-wide strategies and fully implement them in our management. We will advance these strategies while raising the capabilities of our h
Slide 34: II-2. Progress toward Firming Up Company-Wide Growth Strategies
II-2. Progress toward Firming Up the Company-Wide Growth Strategies In H1-FY2026, looking ahead to Post 2030, we took stock of the current state of and issues in our businesses and organized growth opportunities, issues, and key points to be discussed company-wide. In H2-FY2026, we will deepen discu
Slide 35: II-3. Key Points for Discussion Aimed at Medium- to Long-Term Growth
II-3. Key Points for Discussion Aimed at Medium- to Long-Term Growth By taking stock of our businesses in H1-FY026, we clarified four key points for discussion to be addressed in our Post-2030 Plan. Reorganize the key discussion points and issues identified by To four company-wide taking stock of ea
Slide 36: II-4. Evolution of Our Portfolio Management
II-4. Evolution of Our Portfolio Management In H1-FY2026, we promoted the systemization of company-wide portfolio management. From H2, we will accelerate decision-making (including decisions on investment and withdrawal) from a company-wide perspective and promote a shift in resources to growth area
Slide 37: II-5. Progress in Improving Management by Using AI and Data
II-5. Progress in Improving Management by Using AI and Data We will aim to improve productivity and create value, work to expand economic value and social value, strengthen intangible assets, and connect these to the promotion of ASV. Improve productivity (reduce costs) Create value (higher sales, n
Slide 38: II-5. Progress in Improving Management by Using AI and Data
II-5. Progress in Improving Management by Using AI and Data We redesigned business processes and brought in AI in eight departments in FY2025, resulting in an annual reduction of 12,000 work hours. We are continuing to phase in this initiative in other departments in FY2026. Food Production & Techno
Slide 39: II-6. Sustainability Initiatives to Maximize ASV
II-6. Sustainability Initiatives to Maximize ASV We will strengthen our business foundation and create growth opportunities by reducing negative impacts and expanding positive impacts. In the agrifood sector in particular, we will leverage “AminoScience” and our partnerships with governments, financ
Slide 40: II-7. People and Organizational Culture Turn Strategy into Results
II-7. People and Organizational Culture Turn Strategy into Results Rather than applying our seven company-wide strategies uniformly, we will intentionally design the culture and discipline that fit each strategy. Determine the direction of Build a foundation of trust I II Convert strategy into resul
Slide 41: II-8. Message from the CHRO: Human Resources Strategy
II-8. Message from the CHRO: Overview of Our Human Resources Strategy Sustained enhancement of corporate value Creating economic value by solving social issues → Accelerating profit growth Enhanced execution capabilities of management and business strategies Improving employee engagement Placing the
Slide 42: II-9. Engagement Survey (Preliminary Results)
II-9. Engagement Survey (Preliminary Results) Our ASV realization process (average score for eight categories) scored 83, on the basis of a new question introduced last year regarding the enhancement of productivity. We will analyze the factors behind score fluctuations, work toward further spreadin
Slide 43: Message from the CEO
Message from the CEO • In H1-FY2026, sales, business profit, and profit attributable to owners of the parent company all set record highs, demonstrating steady growth. • Based on these results, we have revised our full-year forecast upward again, following the revision in Q1. Although some uncertain
Slide 44: 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 45: Summary of the Second Quarter (July-September)
Summary of the Second Quarter (July-September) Profit attributable to owners of Sales: Business profit: the parent company: Increased (New record) Significantly Increased Significantly Increased (New record) ¥419.0 billion ¥48.4 billion ¥36.8 billion 111% of FY2025 122% of FY2025 193% of FY2025 Excl
Slide 46: Consolidated Statements of Income
Consolidated Statements of Income Excluding currency FY2026 full-year YTD H1-FY2026 H1-FY2025 Difference vs. prev. year translation forecast (¥ bil.) progress (A) (B) (A)-(B) (A)/(B) vs. prev. year (revised Nov. 9) (A)/(C) (A)/(B) (C) Sales 831.1 738.8 92.2 112% 106% 1,767.0 47% Business profit 108.
Slide 47: Assumed Exchange Rates and Exchange Rate Sensitivity
Revised Forecast: Assumed Exchange Rates and Exchange Rate Sensitivity Assumed Exchange Rates (vs. JPY) FY2026 revised FY2026 actual H2-FY2026 FY2026 full-year forecast Q1 Q2 revised forecast initial forecast USD 159.25 159.57 159.41 159.00 150.00 EUR 182.22 185.41 183.45 180.00 180.00 THB 4.76 4.89
Slide 48: Key Financial Results by Segment (1)
Key Financial Results by Segment (1) Vs. H1-FY2025 Business Overview, H1-FY2026 Overall, revenue increased when both the Seasonings and Foods Sales Food Products business and Frozen Foods businesses are combined. business overall Business Overall, business profit increased when both the Seasonings a
Slide 49: Key Financial Results by Segment (2)
Key Financial Results by Segment (2) Vs. H1-FY2025 Business Overview, H1-FY2026 Overall, revenue increased significantly. Functional Materials and Sales Bio & Fine Chemicals Amino Acids for Pharmaceuticals and Foods saw increased revenue. business overall Business Overall, profit increased significa
Slide 50: Important Management Indicators
Important Management Indicators ROE (%) Excluding the impact of the ROA (BP basis, %) Forge acquisition 21.4 12.0 Approx. 22.0 Approx. 12 17.7 20 11.0 10.3 18.0 12.9 Approx. 10.0 14.0 11.6 11.3 11.4 10.3 17 9.1 9.0 9.1 10.0 9.0 8.4 11.0 8.1 9.0 6.0 3.3 8.0 7.2 2.0 7.0 FY19 FY20 FY21 FY22 FY23 FY24 F