Slide 1: Forecast for FY2025 and Initiatives for Enhancing Corporate Value
Ajinomoto Co., Inc. Forecast for FY2025 (Ending March 31, 2026) and Initiatives for Enhancing Corporate Value Shigeo Nakamura Director, Representative Executive Officer, President & Chief Executive Officer November 6, 2025
Slide 2: Agenda
I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value Reference Materials Appendix: Consolidated Results First Half Ended September 30, 2025 Note: Business profit (consolidated) in this material: Sales - Cost of sales - S
Slide 3: Today's Message
Today’s Message ・Both sales and business profit in H1-FY2025 remained at the level of the previous year. While progress toward the full-year plan is slightly behind schedule, we are quickly addressing issues faced in Q2-FY2025 and aim to steadily achieve our forecast for FY2025. ・In our efforts for
Slide 4: Summary Results for the First Half and the FY2025 Forecast
I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value
Slide 5: FY2025: Digest of First-Half Results
I-1. FY2025: Digest of First-Half Results Profit attributable to owners of the Sales: Business Profit: parent company: Level with the previous year Level with the previous year Increased ¥738.8 billion ¥86.7 billion ¥51.2 billion 99.3% of FY2024 99.8% of FY2024 102.0% of FY2024 Excluding currency tr
Slide 6: Changes in Business Profit (H1-FY2025 by P&L Factor)
I-2. Changes in Business Profit (H1-FY2025 Results by P&L Factor) (¥ bil.) Increased GP from increased sales Investment in intangible 100 and an improved profit structure assets to bring growth 10.0 -8.7 0.5 -2.0 80 Investment in Increased international consumer product unit prices: Approx. +¥7.5 bi
Slide 7: Changes in Business Profit (H1-FY2025 by Segment)
I-2. Changes in Business Profit (H1-FY2025 Results by Segment) (¥ bil.) 100 4.2 -0.7 -0.4 0.4 80 -2.7 86.9 86.9 86.7 60 FY23 1H-FY24 Seasonings Frozen Foods Healthcare Other Shared 1H-FY25 Actual and Foods and Others companywide Actual expenses FY2025 Forecast vs FY2024 Actual (¥ bil.) 200 17.0 0.0
Slide 8: Forecast for FY2025
I-3. Forecast for FY2025 We aim to solidly achieve the FY2025 forecast made at the start of the fiscal year. We will take measures to address some challenging businesses and recover, and will work to achieve our forecast for the Group as a whole. Assumed exchange rate: ¥145/USD Profit attributable t
Slide 9: 2030 ASV Indicators
I-4. 2030 ASV Indicators Ref.: Aim for 1H- FY30 FY23 FY24 FY25 FY25 (forecast) (plan) (plan) approx. 3x EPS (vs. FY2022） Approx. Approx. ROE 11.0% 9.0% - 16% 18% 20% (Excluding the impact of the Forge acquisition) （11.4%） （11.3%） （Approx. 19%） (Excluding the impacts of the Forge acquisition + specia
Slide 10: Growth Paths by Segment
I-4. Reference: Growth Paths by Segment Segment Organic growth Business profit ROIC EBITDA margin Vs. prev. year CAGR Vs. prev. year CAGR FY24 1H-FY25 FY25 FY24 1H-FY25 FY25 FY24 FY25 FY24 1H-FY25 FY25 Sauce & actual actual forecast actual actual forecast actual forecast actual actual forecast Seaso
Slide 11: Sauce and Seasonings, and Quick Nourishment: Sales Breakdown and Profit Factors
I-5. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Breakdown of the H1- FY2025 sales and factors behind changes in the business profit, in Japan and overseas (vs. the previous year). Japan sales: 107% Overseas sales: 103% (local curren
Slide 12: Seasonings and Foods: Sauce and Seasonings
I-6．Seasonings and Foods: Sauce and Seasonings Sauce and Seasonings was strong both in Japan and overseas. The top line grew steadily, showing resistance to the macro environment. Business profit margin absorbed the cost of raw materials and fuels, which are soaring due to inflation, and in H1-FY202
Slide 13: Umami Seasonings for Processed Food Manufacturers
I-7. Seasonings and Foods: Umami seasonings for processed food manufacturers Revenue and profit decreased for both MSG and nucleotides due to major Chinese manufacturers’ increased production and entry into markets. These are businesses that have overcome cyclical difficulties in the past. We are ta
Slide 14: Frozen Foods: Initiatives in Japan (1)
I-8. Frozen Foods: Initiatives in Japan (1) The issue in Frozen Foods in Japan is sluggish home-use sales (restaurant- and industrial-use is performing well even after the March 2025 price increases). In particular, market share of gyoza products, the main product, has shifted more to private brands
Slide 15: Frozen Foods: Initiatives in Japan (2)
I-8. Frozen Foods: Initiatives in Japan (2) In the medium to long term, we will strengthen customer-oriented management and meet the diversifying needs of consumers. By recovering gyoza market share, we will return the Frozen Foods business in Japan to growth and expand its contribution to improving
Slide 16: Frozen Foods: Initiatives in North America
I-8. Frozen Foods: Initiatives in North America In H1-FY2025, revenue and profit temporarily decreased due to both U.S. tariffs and the timing of major account sales promotions, but a stable profit structure continued due to structural reform and TDC* margin expansion. In H2, we will work to undo th
Slide 17: Addressing Issues for Stable Growth in the Food Products Business
I-9. Addressing Issues for Stable Growth in the Food Products Business With solid management of the Food Products business, which is the foundation of the Ajinomoto Group, we will steadily achieve the 2030 Roadmap. Properly assess the essence of issues Umami seasonings for processed food Frozen Food
Slide 18: Functional Materials (Electronic Materials and Others)
I-10. Functional Materials (Electronic Materials and Others) In line with the recovery and expansion of the semiconductor market, we continued to significantly increase revenue and profit as we did in Q1-FY2025 (7 consecutive quarters). Sales in H1-FY2025 grew in excess of the forecast of 111% YoY.
Slide 19: Bio-Pharma Services (CDMO Services)
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) The segment performed in line with expectations in H1-2025. We anticipate growth in H2. H1-FY2025 review H2-FY2025 forecast Europe Europe Maintained strong performance centered on We forecast increased revenue and profit, w
Slide 20: Update on Bio-Pharma Services Following Forge Acquisition
I-11. Bio-Pharma Services & Ingredients: Update on Bio-Pharma Services (CDMO Services) Following Forge Acquisition Current state of Forge — Inquiries about our proprietary technologies (in use by 97% of customers) are strong; both sales and customer numbers are increasing steadily. — Projects are pr
Slide 21: Bio-Pharma Services (CDMO Services) AJICAP
I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) AJICAP® Two new AJICAP® license agreements have been signed. We are expecting AJICAP® to be a future growth driver. Steady expansion of customers October 2025: Signed license agreement with overseas company (undisclosed) Oc
Slide 22: Assets and Liabilities
I-12. Assets and Liabilities * From FY2025, we have adopted a new financial discipline indicator, "net interest-bearing debt/EBITDA ratio of less than 2x." As we grow EBITDA, we will control the leverage of net interest-bearing debt to 2 or less. We will continue realizing appropriate financial leve
Slide 23: Cash Generation
I-13. Cash Generation We forecast operating cash flow of ¥220 billion or more in FY2025. At the half-year point, operating cash flow was ¥93.2 billion yen, about ¥11.5 billion higher than in H1 of the previous year. We will further increase our capability to generate cash. (¥ bil.) 2,500 250 Operati
Slide 24: Strategic Investments
I-14. Strategic Investments In FY2025, we are planning capital investments of over ¥110 billion and will also proactively invest in intangible assets. We expect the percentage of investment in intangible assets to remain in the low-40% range. (%) 60% 60% Percentage of investment in intangible assets
Slide 25: Important Management Indicators
I-15. Important Management Indicators Improvements is expected in FY2025. ROE (%) ROA (BP basis, %) 11.0 Approx. Excluding the 18.0 impact of the Approx. 19 Approx. 10 Forge 12.9 acquisition 16 10.0 14.0 10.3 11.6 11.4 11.3 9.1 9.0 9.1 9.0 8.4 10.0 11.0 11.1 8.1 Excluding the profit 9.0 3.3 from sal
Slide 26: Shareholder Returns and Investment for Growth
I-16. Shareholder Returns and Investment for Growth (Our Thinking under the Medium-Term ASV Initiatives) We will strengthen our ability to create cash flow on the base of sustainable business growth, and will enhance shareholder returns through flexible share repurchases. Operating cash flow FY2025
Slide 27: Shareholder Returns and Investments for Growth
I-16. Shareholder Returns and Investments for Growth In addition to the share buyback of up to 100 billion yen announced on May 8, announced a new share buyback of up to 80 billion yen. FY2025 ◼Dividend (FY2016-2025 forecast) ◼Shareholder returns (our thinking under the Payout ratio (excluding mediu
Slide 28: Initiatives for Enhancing Corporate Value
I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value
Slide 29: New Management under CEO Nakamura
II-1. New Management under CEO Nakamura Progress of Initiatives Aimed at the Evolution of ASV Initiatives The Ajinomoto Group is advancing initiatives aimed at its further growth and the evolution of ASV initiatives. July to September 2025 AGES* (executive training) Work out concrete strategies From
Slide 30: AGES2025 Topics (1)
II-2. AGES2025 Topics (1) Through an integrated, cross-departmental team, with participation by overseas affiliates as well, we discussed concrete strategies and actions originating in four key growth areas (Healthcare, Food & Wellness, ICT, and Green). AGES In AGES2025, we worked out specific strat
Slide 31: AGES2025 Topics (2)
II-2. AGES2025 Topics (2) We further discussed the strengthening of our corporate brand, global management structure, and data-driven management with the aim of maximizing management resources. Based on conditions in countries, regions, and business areas, consider how to strengthen Strengthening of
Slide 32: Post 2030 Plan
II-3. Post 2030 Plan The Board of Directors is scheduled to begin discussions of our long-term vision this fiscal year, based on the output of AGES and other sources. We will continue to evolve medium-term ASV initiatives by connecting and refining the 2030 Roadmap and Post 2030. FY2025 FY2026 FY202
Slide 33: Human Assets
II-4. Human Assets Human resources are the driving force behind value creation and innovation. While fostering the human resources who will drive global business growth, we will integrate globally and evolve into a truly global company. Conceptual diagram of our human resources strategy Foster human
Slide 34: Human Asset Initiatives (Engagement Survey, Preliminary Results)
II-4. Human Asset Initiatives (Engagement Survey, Preliminary Results) The result area “ASV realization process” (average score from 8 categories) increased by 2 points from the previous year to 78 with improvements in every category. Scores increased in many categories, including an increase in the
Slide 35: Message from the CEO
Message from the CEO ・Even in an uncertain environment, we will properly recognize change, respond quickly, and will aim to achieve our FY2025 forecast. ・We will endeavor to achieve the 2030 Roadmap ahead of schedule through sustained growth in the Food Products business and dramatic growth in the H
Slide 36: 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 37: Changes in Business Profit (FY2025 Forecast by P&L Factor)
Changes in Business Profit (FY2025 Forecast by P&L Factor) (¥ bil.) Increased GP from increased sales Investment in intangible 240 and an improved profit structure assets to bring growth 24.0 200 - 43.5 0.5 39.5 Investment in marketing: Approx. -¥13.0 bil. Investment in 160 R&D: Approx. -¥2.5 bil. I
Slide 38: Factors behind Changes in Business Profit (FY2025 Forecast by Segment)
Factors behind Changes in Business Profit (FY2025 Forecast by Segment) FY2025 Forecast vs FY2024 Actual (¥ bil.) 200 17.0 0.0 180 3.3 5.0 1.9 160 140 180.0 159.3 120 100 FY24 Seasonings Frozen Foods Healthcare and Other Shared FY25 Actual and Foods Others companywide Forecast expenses Shared company
Slide 39: Sauce and Seasonings, and Quick Nourishment: FY2025 Forecast Breakdown
Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Breakdown of the FY2025 sales forecast and factors behind changes in the business profit forecast, in Japan and overseas (vs. the previous year). Overseas sales: 109% Japan sales: 107% (loc
Slide 40: Summary of the Second Quarter (July-September)
Summary of the Second Quarter (July-September) Profit attributable to Sales: Business profit: owners of the parent company: Level with the previous year Decreased Decreased ¥374.8 billion ¥39.5 billion down ¥19.0 billion 99.0% of FY2024 90.2% of FY2024 72.5% of FY2024 Excluding currency translation:
Slide 41: Consolidated Statements of Income
Consolidated Statements of Income Excluding currency FY25 FY25-H1 FY24-H1 Difference Vs. prev. year translation Vs. forecast (¥ bil.) Vs. prev. year forecast （A） （B） (A) –(B) (A) / (B) （A) / (C) (A) / (B) (C) Sales 738.8 744.2 -5.3 99% 100% 1,618.0 45% Business profit 86.7 86.9 -0.1 99% 100% 180.0 4
Slide 42: Assumed Exchange Rates and Exchange Rate Sensitivity
Assumed Exchange Rates and Exchange Rate Sensitivity Assumed exchange rates (vs. JPY) FY25 actual FY25 forecast 1Q 2Q USD 144.59 147.46 145.00 EUR 163.81 172.30 157.50 THB 4.37 4.56 4.55 BRL 25.53 27.07 25.00 Exchange Rate Sensitivity Foreign exchange rates (vs. JPY) FY25 forecast Sensitivity of tra
Slide 43: Key Financial Results by Segment (1)
Key Financial Results by Segment (1) Segment and Area (vs. H1-FY2024) Business Overview, H1-FY2025 Revenue increased in Sauce and Seasonings and Quick Nourishment (excluding coffee), mainly Sales due to the effect of increased unit prices. Coffee revenue grew significantly due to unit price growth u
Slide 44: Key Financial Results by Segment (2)
Key Financial Results by Segment (2) Segment and Area (vs. H1-FY2024) Business Overview, H1-FY2025 Revenue increased significantly in electronic materials due to strong demand for AI Sales servers. Continued growth in PCs and general servers also contributed to Functional Materials increased sales o