Ajinomoto : Financial Statements for the Fiscal Year Ended March 31, 2026

About this update from Ajinomoto Co., Inc.

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. May 7, 2026 Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under IFRS) Company name Ajinomoto Co., Inc. Stock exchange listing Tokyo Stock Exchange Stock Code 2802 URL https://www.ajinomoto.co.jp/company/ Representative Shigeo Nakamura, Representative Executive Officer & President For inquiries Itoomi Watanabe, Corporate Executive & General Manager, Global Finance Department Telephone +81-3-5250-8111 Scheduled date of the general meeting of shareholders June 19, 2026 Scheduled date of starting payment of dividend June 22, 2026 Scheduled date of submission of securities report June 12, 2026 Preparation of supplementary materials Yes Results briefing Yes (for analysts) (Yen amounts are rounded down to millions, unless otherwise noted.) Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 Consolidated Operating Results (Percentages indicate year-on-year changes.) Sales Business profit Profit before income taxes Profit Fiscal year ended Million yen % Million yen % Million yen % Million yen % March 31, 2026 1,583,719 3.5 181,163 13.7 196,115 81.0 145,060 79.6 March 31, 2025 1,530,556 6.3 159,302 7.9 108,330 (23.7) 80,773 (20.8) Profit attributable to owners of the parent company Total comprehensive income Basic earnings per share Diluted earnings per share Fiscal year ended Million yen % Million yen % Yen Yen March 31, 2026 134,675 91.6 214,159 195.2 138.36 138.36 March 31, 2025 70,272 (19.3) 72,537 (63.7) 69.77 69.77 ROE attributable to owners of the parent company Ratio of business profit to total assets Ratio of business profit to sales Fiscal year ended % % % March 31, 2026 17.7 10.3 11.4 March 31, 2025 9.0 9.1 10.4 (Reference) Share of profit of associates and joint ventures For the fiscal year ended March 31, 2026 ¥8,113 million For the fiscal year ended March 31, 2025 ¥6,314 million Upon the adoption of IFRS, the Ajinomoto Group has introduced “business profit” as a new profit level that will better enable investors, the Board of Directors, and the Management Committee to grasp the core business results and future outlook of each business while also facilitating continual evaluation of the Group’s business portfolio by the Board of Directors and the Management Committee. “Business profit” is defined as sales and share of profit of associates and joint ventures minus cost of sales, selling expenses, research and development expenses, and general and administrative expenses. Business profit does not include other operating income or other operating expenses. With a 2-for-1 stock split of the Company’s ordinary shares effective April 1, 2025, basic earnings per share and diluted earnings per share were calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. Consolidated Financial Position Total assets Total equity Equity attributable to owners of the parent company Ownership ratio attributable to owners of the parent company Equity per share (attributable to owners of the parent company) As of Million yen Million yen Million yen % Yen March 31, 2026 1,812,346 844,275 770,819 42.5 804.24 March 31, 2025 1,721,131 813,273 746,804 43.4 751.01 With a 2-for-1 stock split of the Company’s ordinary shares effective April 1, 2025, equity per share (attributable to owners of the parent company) was calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. Consolidated Cash Flows Net cash provided by operating activities Net cash used in investing activities Net cash used in financing activities Cash and cash equivalents at end of period Fiscal year ended Million yen Million yen Million yen Million yen March 31, 2026 239,351 (84,229) (225,603) 106,693 March 31, 2025 209,898 (77,382) (137,684) 164,776 Cash Dividends Annual dividends per share Total cash dividends Payout ratio (Consolidated) Ratio of dividends to equity attributable to owners of the parent company (Consolidated) First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Fiscal year ended March 31, 2025 Yen Yen Yen Yen Yen Million yen % % — 40.00 — 40.00 80.00 40,074 57.3 5.2 Fiscal year ended March 31, 2026 — 24.00 — 24.00 48.00 46,372 34.7 6.2 Fiscal year ending March 31, 2027 (Forecast) — 25.00 — 25.00 50.00 39.6 With a 2-for-1 stock split of the Company’s ordinary shares effective April 1, 2025, the actual dividend amount before the stock split is stated for the fiscal year ended March 31, 2025. Forecast for the Fiscal Year Ending March 31, 2027 Sales Business profit Profit attributable to owners of the parent company Basic earnings per share Full-year Million yen % Million yen % Million yen % Yen 1,723,000 8.8 197,000 8.7 120,000 (10.9) 126.16 Notes Changes in significant subsidiaries during the period: None Changes in accounting policies and accounting estimates Changes in accounting policies as required by IFRS: None Other changes in accounting policies: None Changes in accounting estimates: None Number of shares outstanding (ordinary shares) Number of shares outstanding at end of period (including treasury stock) As of March 31, 2026 977,735,616 As of March 31, 2025 1,005,637,616 Number of shares in treasury stock at end of period As of March 31, 2026 19,290,839 As of March 31, 2025 11,237,848 Average number of shares during period FY2025 973,367,344 FY2024 1,007,203,566 With a stock split of the Company's ordinary shares effective April 1, 2025, number of shares outstanding (ordinary shares) was calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. The number of shares in treasury stock at the end of the period includes the Company’s shares held by the director’s remuneration BIP trust (As of March 31, 2026: 792,000 shares. As of March 31, 2025: 811,200 shares), which was adopted along with the introduction of stock-based remuneration of executive officers based on the Company’s medium-term earnings performance for the directors and others. In addition, these Company’s shares are included in the treasury stock which is deducted from the number of shares outstanding at the end of the period when calculating the average number of shares during the period. (Reference) Overview of Non-consolidated Financial Results Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2026 Non-consolidated Operating Results (Percentages indicate year-on-year changes.) Sales Operating profit Ordinary Profit Profit Fiscal year ended Million yen % Million yen % Million yen % Million yen % March 31, 2026 317,757 1.3 (20,216) — 121,248 2.0 142,812 58.5 March 31, 2025 313,636 2.1 (18,191) — 118,896 (20.8) 90,081 (35.5) Earnings per share Diluted earnings per share Fiscal year ended Yen Yen March 31, 2026 146.72 146.71 March 31, 2025 89.44 89.44 1. With a 2-for-1 stock split of the Company’s ordinary shares effective April 1, 2025, earnings per share and diluted earnings per share were calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. Non-consolidated Financial Position Total assets Net assets Equity ratio Net assets per share As of Million yen Million yen % Yen March 31, 2026 1,103,818 331,899 30.1 346.29 March 31, 2025 1,112,861 360,605 32.4 362.64 (Reference) Equity For the fiscal year ended March 31, 2026 ¥331,899 million For the fiscal year ended March 31, 2025 ¥360,605 million 1. With a 2-for-1 stock split of the Company's ordinary shares effective April 1, 2025, net assets per share were calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. During the fiscal year ended March 31, 2026, the Company transferred a portion of its non-current assets (the land and building of the head office) and recorded a gain on the sale of non-current assets. As a result, there is a difference between the profit for the current fiscal year and the previous fiscal year. This summary of consolidated financial statements is outside the scope of an audit by certified public accountants or an audit firm. Appropriate use of forecasts and other notes Disclaimer regarding forward-looking statements and other information Forward-looking statements, such as business forecasts, included in this document are based on management’s estimates, assumptions, and projections at the time of release. These statements do not promise nor represent a commitment by the Company to achieve these forecasts. Actual operating results may differ significantly due to various factors. For more information regarding our earnings forecasts, see page 9, “1. Qualitative Information on Fiscal Year-end Consolidated Results, Ⅰ . Overview of operating results for the fiscal year ended March 31, 2026, 2. Outlook for the Fiscal Year Ending March 31, 2027.” Where to obtain supplementary materials Supplementary materials will be posted on the Company’s website on Thursday, May 7, 2026. Table of contents Qualitative Information on Fiscal Year-end Consolidated Results 6 Overview of operating results for the fiscal year ended March 31, 2026 6 Overview of financial position in the fiscal year ended March 31, 2026 10 Basic policy regarding allocation of profits and dividends for the fiscal year ended March 31, 2026 and the fiscal year ending March 31, 2027 11 Basic Rationale for the Selection of Accounting Standards 12 Consolidated Financial Statements and Notes 13 Consolidated Statements of Financial Position 13 Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 15 Consolidated Statements of Income 15 Consolidated Statements of Comprehensive Income 16 Consolidated Statements of Changes in Equity 17 Consolidated Statements of Cash Flows 21 Notes to Consolidated Financial Statements 23 Going Concern Assumption 23 Changes in Material Accounting Policies 23 Segment Information 24 Information for Earnings per Share 26 Significant Subsequent Events 27 Qualitative Information on Fiscal Year-end Consolidated Results Overview of operating results for the fiscal year ended March 31, 2026 Upon the adoption of IFRS, the Ajinomoto Group has introduced "business profit” as a new profit level that will better enable investors, the Board of Directors, and the Management Committee to grasp the core business results and future outlook of each business while also facilitating continual evaluation of the Group’s business portfolio by the Board of Directors and the Management Committee. “Business profit” is defined as sales and share of profit of associates and joint ventures minus cost of sales, selling expenses, research and development expenses, and general and administrative expenses. Business profit does not include other operating income or other operating expenses. Overview of operating results During the fiscal year ended March 31, 2026, the Company’s consolidated sales increased 3.5% year on year, or ¥53.1 billion, to ¥1,583.7 billion. This was mainly due to increases in sales in the Seasonings and Foods segment and the Healthcare and Others segment. Business profit increased 13.7% year on year, or ¥21.8 billion, to ¥181.1 billion primarily due to the increases in profit in the Healthcare and Others segment and the Seasonings and Foods segment. Operating profit increased 75.0% year on year, or ¥85.4 billion, to ¥199.4 billion. This was mainly due to the gain on sale of non-current assets recorded with the transfer of a portion of the Company’s non-current assets (the land and building of the head office) during the fiscal year ended March 31, 2026, in addition to higher business profit. Profit attributable to owners of the parent company totaled ¥134.6 billion, up 91.6% year on year, or ¥64.4 billion, primarily as a result of higher operating profit. Overview by segment Sales and business profit by segment are summarized below. (Billions of yen) Sales Business profit FY2025 YoY change % change FY2025 YoY change % change Seasonings and Foods 936.9 40.9 4.6% 143.0 8.9 6.6% Frozen Foods 290.3 0.9 0.3% 8.4 (4.5) (35.0)% Healthcare and Others 341.5 13.1 4.0% 66.2 20.5 45.1% Other 14.9 (1.7) (10.6)% 6.0 (0.3) (4.9)% Shared companywide expenses* — — — (42.5) (2.7) 6.9% Total 1,583.7 53.1 3.5% 181.1 21.8 13.7% Shared companywide expenses are expenses not attributable to specific reportable segments and used to be allocated to each reportable segment based on certain criteria according to the management approach. However, in order to more appropriately evaluate the performance of each reportable segment, the Company has decided not to allocate shared companywide expenses to reportable segments beginning the current fiscal year. This change has been applied retrospectively to the segment figures for the previous fiscal year. As a result of this change, in the fiscal year ended March 31, 2025, segment business profit increased ¥20.1 billion in Seasonings and Foods, ¥4.9 billion in Frozen Foods, ¥13.8 billion in Healthcare and Others, and ¥0.9 billion in Other, while shared companywide expenses decreased ¥39.8 billion. Shared companywide expenses mainly relate to the parent company’s administrative divisions. Seasonings and Foods In the Seasonings and Foods segment, sales increased 4.6% year on year, or ¥40.9 billion, to ¥936.9 billion, mainly due to sales growth. Segment business profit increased 6.6% year on year, or ¥8.9 billion, to ¥143.0 billion, due primarily to the effect of increased revenue. Main factors affecting segment sales Sauce & Seasonings: Both in Japan and overseas, increase in revenue due to increased sales. Quick Nourishment: Overall increase in revenue. Japan: Large increase in revenue primarily due to the effect of increased unit sales prices. Overseas: Increase in revenue due to the impact of currency translation and the effect of increased unit sales prices. Solution & Ingredients: Decrease in revenue primarily due to decreased sales of umami seasonings for processed food mfrs. Main factors affecting segment profits Sauce & Seasonings: Both in Japan and overseas, increase in profit primarily due to the effect of increased revenue. Quick Nourishment: Overall large increase in profit. Japan: Large increase in profit primarily due to the effect of increased revenue. Overseas: Decrease in profit primarily due to cost increase for raw materials, despite increase in revenue. Solution & Ingredients: Overall large decrease in profit accompanying decrease in revenue. Frozen Foods Frozen Foods segment sales were flat overall year on year, increasing 0.3% year on year, or ¥0.9 billion, to ¥290.3 billion. Segment business profit decreased 35.0% year on year, or ¥4.5 billion, to ¥8.4 billion, mainly because of lower profit in North America. Main factors affecting segment sales Overall revenue was level with the previous year. Main factors affecting segment profits Overall large decrease in profit primarily due to decrease in profit in North America. Healthcare and Others Healthcare and Others segment sales increased 4.0% year on year, or ¥13.1 billion, to ¥341.5 billion, mainly impacted by strong sales of electronic materials and other factors despite the sale of Ajinomoto Althea, Inc. Segment business profit increased 45.1% year on year, or ¥20.5 billion, to ¥66.2 billion mainly due to the effect of higher revenue for electronic materials and an increase in profit for Bio-Pharma Services & Ingredients. Main factors affecting segment sales Bio-Pharma Services & Ingredients: Overall large increase in revenue, excluding the impact of selling Ajinomoto Althea, Inc. Increase in revenue for amino acids for pharmaceuticals and foods due to increased sales. Increase in revenue for Bio-Pharma Services (CDMO services), excluding the impact of selling Ajinomoto Althea, Inc. Functional Materials (electronic materials and others): Large increase in revenue due to strong sales of electronic materials. Others: Overall decrease in revenue. Main factors affecting segment profits Bio-Pharma Services & Ingredients: Overall large increase in profit due to increase in profit for both amino acids for pharmaceutical and foods and Bio-Pharma Services (CDMO services). Functional Materials (electronic materials and others): Large increase in profit accompanying large increase in revenue. Others: Overall large decrease in profit primarily due to strategic expenses. Other In the Other segment, sales decreased 10.6% year on year, or ¥1.7 billion, to ¥14.9 billion. Segment business profit decreased 4.9% year on year, or ¥0.3 billion, to ¥6.0 billion. Outlook for the Fiscal Year Ending March 31, 2027 (Billions of yen) Sales Business profit Profit attributable to owners of the parent company Fiscal year ending March 31, 2027 1,723.0 197.0 120.0 For the fiscal year ending March 31, 2027, the Company expects consolidated sales of ¥1,723.0 billion and business profit of ¥197.0 billion. The forecast for profit attributable to owners of the parent company is ¥120.0 billion. Given that the situation in the Middle East is changing rapidly, and the outlook remains highly uncertain, the Company’s key assumptions for the next fiscal year’s earnings forecast do not include the impact of escalating tensions in the region. Although rising prices for various raw materials and fuels, as well as increased logistics costs are anticipated, the Company will do its utmost to offset these through flexible pricing strategies and steady cost reductions. Currently, supplies of key raw materials and fuels, such as packaging materials, are secured, but to counter future procurement risks, the Company will commit to ensuring steady business operations and minimize the impact on its financial performance through measures such as securing alternative suppliers. The Company has prepared the business results forecasts based on the following main assumptions. ・Assumed exchange rate of US$1: ¥150. ・Global economy expands moderately overall, despite regional variations ・Raw material prices remain stable overall, except for some, such as tapioca The Company will strive to provide high value-added products as always, and consistently implement measures in response to escalating tension in the Middle East to achieve the Medium-Term ASV Initiatives 2030 Roadmap. The Company will closely monitor the impact of the situation in the Middle East on its business performance, and will reflect it in business earnings forecasts as appropriate. (Reference) Forecast by Segments (Billions of yen) Fiscal year ending March 31, 2027 Sales Business profit FY2026 YoY change % change FY2026 YoY change % change Seasonings 998.6 61.7 6.6% 145.9 2.8 2.0% Frozen Foods 310.6 20.3 7.0% 12.1 3.7 44.1% Healthcare 397.8 56.3 16.5% 80.0 13.7 20.8% Other 15.8 0.8 5.9% 5.1 (0.9) (15.6)% Shared companywide — — — (46.2) (3.6) 8.5% Total 1,723.0 139.2 8.8% 197.0 15.8 8.7% and Foods and Others expenses* Overview of financial position in the fiscal year ended March 31, 2026 Overview of factors affecting the financial position during the fiscal year ended March 31, 2026 Consolidated financial position as of March 31, 2026 As of March 31, 2026, the Company’s consolidated total assets stood at ¥1,812.3 billion, an increase of ¥91.2 billion from ¥1,721.1 billion at the end of the previous fiscal year on March 31, 2025. This was mainly due to an increase in assets as a result of currency translation effects and an increase in property, plant and equipment. Total liabilities came to ¥968.0 billion, ¥60.2 billion more than the ¥907.8 billion at the end of the previous fiscal year. This was mainly due to increases in trade and other payables. Total equity came to ¥844.2 billion, ¥31.0 billion more than the ¥813.2 billion at the end of the previous fiscal year. Despite a decrease due to the acquisition of treasury stock, this was mainly due to increases in exchange differences on translation of foreign operations resulting from the depreciation of the yen. Equity attributable to owners of the parent company, which is total equity minus non-controlling interests, totaled ¥770.8 billion, and the equity ratio attributable to owners of the parent company was 42.5%. Summary of consolidated cash flows (Billions of yen) FY ended March 31, 2026 FY ended March 31, 2025 Change Net cash provided by operating activities 239.3 209.8 29.4 Net cash used in investing activities (84.2) (77.3) (6.8) Net cash used in financing activities (225.6) (137.6) (87.9) Effect of currency rate changes on cash and cash equivalents 12.3 (1.5) 13.9 Increase (decrease) in cash and cash equivalents (58.0) (6.7) (51.3) Cash and cash equivalents at end of the year 106.6 164.7 (58.0) Net cash provided by operating activities during the fiscal year totaled ¥239.3 billion, compared with ¥209.8 billion in the previous fiscal year. The main factors included ¥196.1 billion in profit before income taxes and ¥88.9 billion in depreciation and amortization, partially offset by ¥39.3 billion in income taxes paid. Net cash used in investing activities came to ¥84.2 billion, compared with ¥77.3 billion used in the previous fiscal year. The main factors included ¥96.4 billion in purchase of property, plant and equipment which offset ¥45.9 billion in proceeds from sale of property, plant and equipment. Net cash used in financing activities came to ¥225.6 billion, compared with ¥137.6 billion used in the previous year. Purchase of treasury stock of ¥130.0 billion, dividends paid of ¥43.1 billion, and redemption of bonds of ¥25.0 billion were among the main outflows. As a result of the foregoing, cash and cash equivalents as of March 31, 2026 totaled ¥106.6 billion. Trends in cash flow-related indices FY ended March 31, 2026 FY ended March 31, 2025 FY ended March 31, 2024 Equity ratio attributable to owners of the parent company (%) 42.5 43.4 46.1 Equity ratio based on market price (%) 232.5 170.9 164.1 Ratio of interest-bearing debt to cash flows (%) 201.7 236.3 292.5 Interest coverage ratio (times) 32.7 29.5 34.8 Equity ratio attributable to owners of the parent company = (total equity − non-controlling interests) / total assets Equity ratio based on market price = market capitalization / total assets Ratio of interest-bearing debt to cash flows = interest-bearing debt / net cash provided by operating activities Interest coverage ratio = net cash provided by operating activities / interest paid Notes All indices are based on consolidated financial results. Market capitalization = closing price at fiscal year-end x total shares outstanding at fiscal year-end (excluding treasury stock) Interest-bearing debt includes all liabilities recognized on the consolidated statement of financial position on which interest is paid. Analysis of Capital Resources and Liquidity Liquidity During the fiscal year ended March 31, 2026, the Company ensured adequate short-term liquidity on hand through funding methods that mainly consisted of committed credit lines, overdraft facilities, and commercial paper issuance facilities. Moreover, in addition to maintaining an adequate ratio of liquidity on hand, the Company ensured funding security through committed credit lines concluded with its main banks. As of March 31, 2026, the unused amount of committed credit lines was ¥200.0 billion in Japanese yen and US$100 million in foreign currency. Furthermore, the Company provides an emergency loan facility to respond to temporary cash shortages at overseas consolidated subsidiaries with a high possibility of liquidity risks. Fund Procurement In the fiscal year ended March 31, 2026, the Company raised funds mainly through the issuance of commercial papers in order to fund its operations, taking into consideration the balance between direct and indirect finance from the perspective of funding costs and risk diversification, and the balance between longterm and short-term funding. Use of Funds During the fiscal year ended March 31, 2026, funds were primarily used to finance business operations. Basic policy regarding allocation of profits and dividends for the fiscal year ended March 31, 2026 and the fiscal year ending March 31, 2027 The Company’s basic policy is to pay dividends twice a year: an interim dividend and a year-end dividend. For the current fiscal year (ended March 31, 2026), the Company plans to pay an annual dividend of ¥48 per share (including the interim dividend of ¥24 per share), an increase of ¥8 from the previous fiscal year. Moreover, in the Medium-Term ASV Initiatives 2030 Roadmap, the Company declares a progressive dividend policy indicating dividends will not be reduced but will be increased or maintained. The Company’s standard dividend calculation method is based on normalized EPS*, which uses business profit less affected by extraordinary profit fluctuations such as from impairment losses. The Company will further increase dividends by steadily increasing business profit. The total return ratio (to profit attributable to owners of the parent company) for the three-year period is set at 50% or more. Based on these factors, the Company plans to pay an annual dividend of ¥50 per share (with an interim dividend of ¥25 per share) for the next fiscal year (ending March 31, 2027), an increase of ¥2 from the previous fiscal year. *Dividends based on normalized EPS = (Business profit x (1 − Ajinomoto Group standard tax rate at 27%)) / Total number of shares outstanding x Return coefficient at 35% Basic Rationale for the Selection of Accounting Standards To improve international comparability of financial information in and outside the Group and enhance communication with shareholders, investors, and other stakeholders, the Ajinomoto Group has adopted the International Financial Reporting Standards (IFRS) and, beginning with the financial statements for the annual securities report for the fiscal year ended March 31, 2017, has been preparing consolidated financial statements in accordance with the IFRS, as permitted by Article 312 of Japan’s “Ordinance on Terminology, Forms, and Preparation Methods of Consolidated Financial Statements” (Ordinance of the Ministry of Finance No. 28 of 1976). Consolidated Financial Statements and Notes Consolidated Statements of Financial Position (Millions of yen) As of March 31, 2026 As of March 31, 2025 Assets Current assets Cash and cash equivalents 106,693 164,776 Trade and other receivables 194,221 174,136 Other financial assets 46,670 17,990 Inventories 318,632 286,952 Income taxes receivable 7,656 12,533 Others 30,294 27,600 Subtotal 704,170 683,989 Assets of disposal groups classified as held for sale — 17,308 Total current assets 704,170 701,298 Non-current assets Property, plant and equipment 647,381 581,330 Intangible assets 92,231 92,168 Goodwill 124,051 117,940 Investments in associates and joint ventures 138,571 129,645 Long-term financial assets 54,675 45,823 Deferred tax assets 13,844 10,198 Others 37,419 42,727 Total non-current assets 1,108,176 1,019,833 Total assets 1,812,346 1,721,131 (Millions of yen) As of March 31, 2026 As of March 31, 2025 Liabilities Current liabilities Trade and other payables 303,960 240,614 Short-term borrowings 6,350 5,923 Current portion of bonds 29,988 24,989 Current portion of long-term borrowings 4,095 8,234 Other financial liabilities 11,625 9,637 Short-term employee benefits 51,585 47,217 Provisions 6,362 4,514 Income taxes payable 18,659 19,923 Others 16,435 9,019 Subtotal 449,063 370,075 Liabilities of disposal groups classified as held for sale — 14,512 Total current liabilities 449,063 384,588 Non-current liabilities Corporate bonds 174,512 204,412 Long-term borrowings 206,410 211,795 Other financial liabilities 64,810 46,130 Long-term employee benefits 33,943 30,443 Provisions 6,812 4,267 Deferred tax liabilities 28,326 22,989 Others 4,191 3,230 Total non-current liabilities 519,007 523,270 Total liabilities 968,070 907,858 Equity Common stock 79,863 79,863 Capital surplus — — Treasury stock (67,337) (32,668) Retained earnings 587,856 590,517 Other components of equity 170,436 105,838 Other components of equity related to disposal groups classified as held for sale — 3,253 Equity attributable to owners of the parent company 770,819 746,804 Non-controlling interests 73,456 66,468 Total equity 844,275 813,273 Total liabilities and equity 1,812,346 1,721,131 Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Consolidated Statements of Income (Millions of yen) Fiscal year ended Fiscal year ended March 31, 2026 March 31, 2025 Sales 1,583,719 1,530,556 Cost of sales (986,570) (979,792) Gross profit 597,148 550,764 Share of profit of associates and joint ventures 8,113 6,314 Selling expenses (225,349) (211,976) Research and development expenses (32,108) (30,921) General and administrative expenses (166,640) (154,878) Business profit 181,163 159,302 Other operating income 48,589 4,936 Other operating expenses (30,339) (50,269) Operating profit 199,412 113,968 Financial income 9,020 8,792 Financial expenses (12,318) (14,431) Profit before income taxes 196,115 108,330 Income taxes (51,054) (27,556) Profit 145,060 80,773 Attributable to: Owners of the parent company 134,675 70,272 Non-controlling interests 10,385 10,501 Earnings per share (yen): Basic ¥138.36 ¥69.77 Diluted ¥138.36 ¥69.77 Consolidated Statements of Comprehensive Income (Millions of yen) Fiscal year ended March 31, 2025 Fiscal year ended March 31, 2026 Profit 145,060 80,773 Other comprehensive income (Net of related tax effects) Items that will not be reclassified to profit or loss: Net gain (loss) on revaluation of financial assets measured at fair value through other comprehensive income 2,225 4,733 Remeasurements of defined benefit pension plans (8,370) (4,357) Share of other comprehensive income (loss) of associates and joint ventures Items that may be reclassified subsequently to profit or loss: 729 (187) Cash flow hedges 1,001 534 Hedge surplus 46 130 Exchange differences on translation of foreign operations 71,878 (6,783) Share of other comprehensive income (loss) of associates and joint ventures 1,588 (2,306) Other comprehensive income (Net of related tax effects) 69,099 (8,236) Comprehensive income 214,159 72,537 Comprehensive income attributable to: Owners of the parent company 197,378 61,088 Non-controlling interests 16,781 11,449 Consolidated Statements of Changes in Equity Fiscal year ended March 31, 2026 Equity attributable to owners of the parent company (Millions of yen) Other components of equity Common Capital Treasury Retained Net gain (loss) on revaluation of financial assets measured at fair value through other comprehen sive income Remeasur ements of defined benefit pension plans Cash flow hedges Hedge surplus stock surplus stock earnings Balance as of April 1, 79,863 — (32,668) 590,517 18,375 (2,023) (689) (101) Profit 134,675 Other comprehensive income 2,223 (8,215) 1,001 46 Comprehensive income — — — 134,675 2,223 (8,215) 1,001 46 Purchase of treasury stock (130,009) Disposal of treasury stock 0 Retirement of treasury (95,300) 95,300 stock Dividends (43,219) Changes in transactions with non-controlling interests Loss of control of subsidiaries Changes in ownership interests in subsidiaries that do not result in loss of control Transfer from other components of equity to 946 (946) retained earnings Transfer of negative balance of other capital 95,088 (95,088) surplus Transfer to non-financial (412) assets Stock-based remuneration transaction 212 39 Disposal groups classified as held for sale Other 25 Total net changes in transactions with owners — of the parent company — (34,669) (137,336) (946) — (412) — Balance as of March 31, 79,863 — (67,337) 587,856 19,652 (10,239) (100) (54) 2025 2026 Equity attributable to owners of the parent company Other components of equity Other compone nts of equity related to Total disposal groups classified as held for sale Non- controlling Total interests Share of Exchange co other e difference mpreh s on i nsive Total translation ncome of foreign a (loss) of s operations ssociate and joint ventures Profit — 134,675 10,385 145,060 Other comprehensive 68,583 2,317 65,956 (3,253) 62,703 6,396 69,099 Comprehensive income 68,583 2,317 65,956 (3,253) 197,378 16,781 214,159 Purchase of treasury stock — (130,009) (130,009) Disposal of treasury stock — 0 0 Retirement of treasury stock — — — Dividends — (43,219) (9,851) (53,071) Changes in transactions with non-controlling — — 77 77 interests Loss of control of subsidiaries — — — Changes in ownership interests in subsidiaries that do not result in loss of control — — — Transfer from other components of equity to (946) — — retained earnings Transfer of negative balance of other capital surplus — — — Transfer to non-financial assets (412) (412) (412) Stock-based remuneration transaction — 251 251 Disposal groups classified as held for sale — — — Other — 25 (18) 6 Total net changes in transactions with owners — — (1,358) — (173,364) (9,793) (183,157) of the parent company Balance as of March 31, 2026 163,480 (2,302) 170,436 — 770,819 73,456 844,275 Balance as of April 1, 2025 94,896 (4,619) 105,838 3,253 746,804 66,468 813,273 income Fiscal year ended March 31, 2025 Equity attributable to owners of the parent company (Millions of yen) Other components of equity Common Capital Treasury Retained Net gain (loss) on revaluation of financial assets measured at fair value through other comprehen sive income Remeasur ements of defined benefit pension plans Cash flow hedges Hedge surplus stock surplus stock earnings Balance as of April 1, 2024 79,863 — (49,164) 657,782 21,728 2,271 (991) (231) Profit 70,272 Other comprehensive income 4,731 (4,294) 534 130 Comprehensive income — — — 70,272 4,731 (4,294) 534 130 Purchase of treasury stock (90,695) Disposal of treasury stock 0 1 Retirement of treasury stock (107,173) 107,173 Dividends (39,119) Changes in transactions with non-controlling interests Loss of control of subsidiaries Changes in ownership interests in subsidiaries 27 that do not result in loss of Transfer from other components of equity to retained earnings 8,084 (8,084) control Transfer to non-financial assets (231) Transfer of negative balance of other capital surplus 106,810 (106,810) Disposal groups classified as held for sale Stock-based remuneration transaction 335 17 Other 0 307 Total net changes in transactions with owners of the parent company — — 16,496 (137,537) (8,084) — (231) — Balance as of March 31, 2025 79,863 — (32,668) 590,517 18,375 (2,023) (689) (101) Equity attributable to owners of the parent company Other components of equity Other compone nts of equity related to Total disposal groups classified as held for sale Non- controlling Total interests Share of Exchange co other e difference mpreh s on i nsive Total translation ncome of foreign a (loss) of s operations ssociate and joint ventures Balance as of April 1, 2024 105,941 (2,125) 126,592 — 815,074 69,373 884,448 Profit — 70,272 10,501 80,773 Other comprehensive income (7,791) (2,493) (9,183) (9,183) 947 (8,236) Comprehensive income (7,791) (2,493) (9,183) — 61,088 11,449 72,537 Purchase of treasury stock — (90,695) (90,695) Disposal of treasury stock — 1 1 Retirement of treasury stock — — — Dividends — (39,119) (14,306) (53,426) Changes in transactions with non-controlling interests — — — Loss of control of subsidiaries — — (403) (403) Changes in ownership interests in subsidiaries that do not result in loss of — 27 (27) — control Transfer from other components of equity to (8,084) — — retained earnings Transfer of negative balance of other capital surplus — — — Transfer to non-financial assets (231) (231) (231) Stock-based remuneration transaction — 352 352 Disposal groups classified as held for sale (3,253) (3,253) 3,253 — — Other Total net changes in — 308 382 691 transactions with owners of (3,253) the parent company — (11,569) 3,253 (129,357) (14,354) (143,712) Balance as of March 31, 94,896 (4,619) 105,838 3,253 746,804 66,468 813,273 2025 (4) Consolidated Statements of Cash Flows (Millions of yen) Fiscal year ended March 31, 2026 Fiscal year ended March 31, 2025 Cash flows from operating activities Profit before income taxes 196,115 108,330 Depreciation and amortization 88,914 86,461 Impairment loss and gain on reversal of impairment loss 8,450 33,854 Increase (decrease) in employee benefits 263 (413) Increase (decrease) in provisions 1,482 555 Interest income (6,601) (6,305) Dividend income (556) (861) Interest expense 7,487 7,554 Share of profit of associates and joint ventures (8,113) (6,314) Loss on disposal of non-current assets 5,117 4,778 Gain on sale of non-current assets (41,265) (570) Loss on sale of non-current assets 530 283 Decrease (increase) in trade and other receivables (11,791) 6,124 Increase (decrease) in trade and other payables 55,795 11,558 Decrease (increase) in inventories (12,355) (9,547) Increase (decrease) in consumption taxes payable (135) (2,518) Increase (decrease) in other assets and liabilities (1,178) (1,645) Others (7,431) (4,777) Subtotal 274,727 226,546 Interest received 6,320 6,557 Dividends received 4,951 4,046 Interest paid (7,314) (7,127) Income taxes paid (39,333) (20,123) Net cash provided by operating activities 239,351 209,898 (Millions of yen) Fiscal year ended March 31, 2026 Fiscal year ended March 31, 2025 Cash flows from investing activities Purchase of property, plant and equipment (96,446) (88,104) Proceeds from sale of property, plant and equipment 45,933 1,726 Purchase of intangible assets (8,104) (6,986) Proceeds from sale of intangible assets 205 74 Purchase of financial assets (36,136) (6,265) Proceeds from sale and redemption of financial assets 8,124 22,154 Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation 2,589 — Purchase of shares in investments accounted for using equity method — (462) Others (394) 480 Net cash used in investing activities (84,229) (77,382) Cash flows from financing activities Net change in short-term borrowings 284 (90,993) Net change in commercial papers — (53,000) Proceeds from long-term borrowings — 116,955 Repayments of long-term borrowings (8,531) (37,497) Proceeds from issuance of bonds — 79,697 Redemption of bonds (25,000) — Dividends paid (43,159) (39,136) Dividends paid to non-controlling interests (9,739) (14,372) Purchase of treasury stock (130,009) (90,695) Purchase of shares in subsidiaries not resulting in change in scope of consolidation — (93) Repayments of lease liabilities (9,630) (9,793) Others 183 1,245 Net cash used in financing activities (225,603) (137,684) Effect of currency rate changes on cash and cash equivalents 12,398 (1,592) Net change in cash and cash equivalents (58,082) (6,760) Cash and cash equivalents at beginning of the year 164,776 171,537 Cash and cash equivalents at end of the year 106,693 164,776 (5) Notes to Consolidated Financial Statements Going Concern Assumption Not applicable Changes in Material Accounting Policies Impact of Applying New Accounting Standards Not applicable Segment Information (1) Overview of reportable segments The Group’s reportable segments are categorized primarily by product lines. There are three reportable segments: Seasonings and Foods, Frozen Foods, and Healthcare and Others. Each reportable segment is a component of the Group for which separate financial information is available and evaluated regularly by the Management Committee in determining the allocation of management resources and in assessing performance. Shared companywide expenses are expenses not attributable to specific reportable segments and used to be allocated to each reportable segment based on certain criteria according to the management approach. However, in order to more appropriately evaluate the performance of each reportable segment, the Company has decided not to allocate shared companywide expenses to reportable segments beginning the current fiscal year. This change has been applied retrospectively to the segment figures for the previous fiscal year. This change has been applied retrospectively to the segment figures for the previous fiscal year. As a result of this change, during the fiscal year ended March 31, 2025, segment business profit increased ¥20,131 million in Seasonings and Foods, ¥4,974 million in Frozen Foods, ¥13,845 million in Healthcare and Others, and ¥911 million in Other, while shared companywide expenses decreased ¥39,862 million. Shared companywide expenses mainly relate to the parent company’s administrative divisions. The product categories belonging to each reportable segment are as follows: Reportable Segments Details Main Products Seasonings and Foods Sauce and Seasonings Umami seasoning AJI-NO-MOTO ® , HON-DASHI ® , Cook Do ® , Ajinomoto KK Consommé , Pure Select ® Mayonnaise , Ros Dee ® (flavor seasoning), Masako ® (flavor seasoning), Aji-ngon ® (flavor seasoning), Sazón ® (flavor seasoning), Sajiku ® (menu-specific seasoning), CRISPY FRY ® (menu-specific seasoning), etc. Quick Nourishment Knorr ® Cup Soup, YumYum ® (instant noodles), Birdy ® (coffee beverage), Birdy ® 3in1 (powdered drink), Blendy ® brand products ( CAFÉ LATORY ® , stick coffee, etc.), MAXIM ® brand products, Chotto Zeitakuna Kohiten® brand products, various gift sets, office supplies (coffee vending machines, tea servers), etc. Solution and Ingredients Umami seasoning AJI-NO-MOTO ® for foodservice and processed food manufacturers in Japan, Seasonings and processed foods for foodservice, Seasonings for processed foods (savory seasonings, enzyme ACTIVA ® ), Delicatessen products, Bakery products, Nucleotides, Sweeteners (aspartame for industrial use, etc.), and others Frozen Foods Frozen Foods Chinese dumplings ( Gyoza, POT STICKERS , etc.), Cooked rice ( THE CHA-HAN, CHICKEN FRIED RICE , etc.), Noodles ( YAKISOBA, RAMEN , etc.), Sweets (cakes for restaurant and industrial-use, MACARON , etc.), Shumai ( THE SHUMAI, Ebi shumai (shrimp dumpling), etc.), Processed chicken ( Yawaraka Wakadori Kara-Age (fried chicken), THE KARAAGE , etc.), and others Healthcare and Others Amino Acids for Pharmaceuticals and Foods Amino acids, culture media Bio-Pharma Services (CDMO services) Contract development and manufacturing services of pharmaceutical intermediates and active ingredients and others Functional Materials (electronic materials and others) Electronic materials (interlayer insulating material for semiconductor packages ABF ™, etc.), Functional materials (adhesive PLENSET ® , magnetic materials AFTINNOVA ® Magnetic Film, etc.), activated carbon, release paper, etc. Other Feed-use amino acids, Sports nutrition (Supplement ( amino VITAL ® ), etc.), Personal care ingredients (an amino acid-based surfactant ( Amisoft ® ), and amino acid-based oil and powder for use in makeup ( Eldew ® and Amihope ® , respectively), etc.), Medical foods, Crop services, etc. (2) Sales and profits by segment The Group’s sales and profits by reportable segment are as follows: Inter-segment sales and transfers are primarily based on transaction prices with third parties. Fiscal year ended March 31, 2026 (Millions of yen) Reportable Segments Other 1 Total Adjustments 2 As included in consolidated statements of income Seasonings and Foods Frozen Foods Healthcare and Others Sales Sales to third parties 936,926 290,308 341,504 14,979 1,583,719 — 1,583,719 Inter-segment sales and transfers 9,121 718 6,054 33,526 49,421 (49,421) — Total 946,048 291,026 347,559 48,506 1,633,140 (49,421) 1,583,719 Share of profit of associates and joint ventures 3,651 — (287) 4,749 8,113 — 8,113 Segment profit or loss (Business profit or loss) 143,036 8,457 66,202 6,064 223,760 (42,597) 181,163 Other operating income 48,589 Other operating expenses (30,339) Operating profit 199,412 Financial income 9,020 Financial expenses (12,318) Profit before income taxes 196,115 Other includes the tie-up and other service-related businesses. Adjustments of segment profit or loss are shared companywide expenses, which are expenses not attributable to specific reportable segments. Shared companywide expenses mainly relate to the parent company’s administrative divisions. Fiscal year ended March 31, 2025 (Millions of yen) Reportable Segments Other 1 Total Adjustments 2 As included in consolidated statements of income Seasonings and Foods Frozen Foods Healthcare and Others Sales Sales to third parties 896,012 289,388 328,397 16,758 1,530,556 — 1,530,556 Inter-segment sales and transfers 8,805 754 6,145 37,902 53,608 (53,608) — Total 904,817 290,142 334,543 54,660 1,584,164 (53,608) 1,530,556 Share of profit of associates and joint ventures 2,397 — (277) 4,194 6,314 — 6,314 Segment profit or loss (Business profit or loss) 134,129 13,015 45,640 6,379 199,165 (39,862) 159,302 Other operating income 4,936 Other operating expenses (50,269) Operating profit 113,968 Financial income 8,792 Financial expenses (14,431) Profit before income taxes 108,330 Other includes the tie-up and other service-related businesses. Adjustments of segment profit or loss are shared companywide expenses, which are expenses not attributable to specific reportable segments. Shared companywide expenses mainly relate to the parent company’s administrative divisions. Information for Earnings per Share Information related to the calculation of earnings per share attributable to owners of the parent company is as follows: Profit attributable to owners of the parent company (Millions of yen) Fiscal year ended March 31, 2026 Fiscal year ended March 31, 2025 Amount used for calculating the basic earnings per share 134,675 70,272 Amount used for calculating the diluted earnings per share 134,675 70,272 Weighted average number of ordinary shares (Thousands of shares) Fiscal year ended March 31, 2026 Fiscal year ended March 31, 2025 Weighted average number of ordinary shares 973,367 1,007,203 Effect of dilutive potential ordinary shares 36 2 Weighted average number of dilutive potential ordinary shares 973,403 1,007,206 Note: With a 2-for-1 stock split of the Company's ordinary shares effective April 1, 2025, weighted average number of ordinary shares, effect of dilutive potential ordinary shares, and weighted average number of dilutive potential ordinary shares were calculated based on the assumption that the stock split was conducted at the beginning of the fiscal year ended March 31, 2025. Basic earnings per share attributable to owners of the parent company Yen Fiscal year ended March 31, 2026 Fiscal year ended March 31, 2025 Basic earnings per share 138.36 69.77 Diluted earnings per share 138.36 69.77 With a 2-for-1 stock split of the Company’s ordinary shares effective April 1, 2025, basic earnings per share and diluted earnings per share were calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year ended March 31, 2025. Upon calculation of the basic earnings per share, the Company’s shares held by Director’s remuneration BIP Trust are included in the treasury stock which is deducted from the number of shares outstanding at end of period when the average number of shares during the period are calculated. Significant Subsequent Events Not applicable

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