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

May 7, 2026

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.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026
   1. 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

      1. 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.

      2. 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.

   2. 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.

   3. 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

2. 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.

3. Forecast for the Fiscal Year Ending March 31, 2027

1. Changes in significant subsidiaries during the period: None

2. Changes in accounting policies and accounting estimates

   1. Changes in accounting policies as required by IFRS: None

   2. Other changes in accounting policies: None

   3. Changes in accounting estimates: None

3. Number of shares outstanding (ordinary shares)

   1. 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

   2. 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

   3. Average number of shares during period

1. 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.

2. 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.

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2026

1. 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.

2. Non-consolidated Financial Position

(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

1. Qualitative Information on Fiscal Year-end Consolidated Results 6

   1. Overview of operating results for the fiscal year ended March 31, 2026 6

   2. Overview of financial position in the fiscal year ended March 31, 2026 10

   3. 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

2. Basic Rationale for the Selection of Accounting Standards 12

3. Consolidated Financial Statements and Notes 13

1. Consolidated Statements of Financial Position 13

2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 15

   Consolidated Statements of Income 15

   Consolidated Statements of Comprehensive Income 16

3. Consolidated Statements of Changes in Equity 17

4. Consolidated Statements of Cash Flows 21

5. 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

1. Qualitative Information on Fiscal Year-end Consolidated Results
   1. 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.

      1. 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%

         1. 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.

            1. 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.
            2. 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.

            3. 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.
            4. 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.

      2. 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*

   2. Overview of financial position in the fiscal year ended March 31, 2026
      1. 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.

      2. 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

         1. All indices are based on consolidated financial results.

         2. Market capitalization = closing price at fiscal year-end x total shares outstanding at fiscal year-end (excluding treasury stock)

         3. Interest-bearing debt includes all liabilities recognized on the consolidated statement of financial position on which interest is paid.

      3. Analysis of Capital Resources and Liquidity

         1. 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.

         2. 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.

         3. Use of Funds

         During the fiscal year ended March 31, 2026, funds were primarily used to finance business operations.

   3. 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%

2. 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).

3. Consolidated Financial Statements and Notes

1. Consolidated Statements of Financial Position

   (Millions of yen)

   As of March 31, 2026

   As of March 31, 2025

   AssetsCurrent 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

2. Consolidated Statements of Income and Consolidated Statements of Comprehensive IncomeConsolidated 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

3. Consolidated Statements of Changes in Equity

Equity attributable to owners of the parent company

(Millions of yen)

Equity attributable to owners of the parent company

income

Equity attributable to owners of the parent company

(Millions of yen)

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)

Retirement of treasury stock

(107,173) 107,173

Changes in transactions with non-controlling interests

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)

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)

—

79,863 — (32,668) 590,517 18,375 (2,023) (689) (101)

Equity attributable to owners of the parent company

Not applicable

(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:

(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)

1. Other includes the tie-up and other service-related businesses.

2. 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)

1. Other includes the tie-up and other service-related businesses.

2. 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 related to the calculation of earnings per share attributable to owners of the parent company is as follows:

1. 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

2. 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.

3. Basic earnings per share attributable to owners of the parent company

1. 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.

2. 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.

Not applicable