Ajinomoto : Financial Statements for the Interim Period Ended September 30, 2025

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. November 6, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 (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 submission of statutory six months financial reports November 6, 2025 Scheduled date of starting payment of dividend December 2, 2025 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 Six Months Ended September 30, 2025 Consolidated Operating Results (Percentages indicate year-on-year changes.) Sales Business profit Profit before income taxes Profit Six months ended Million yen % Million yen % Million yen % Million yen % September 30, 2025 738,881 (0.7) 86,754 (0.2) 80,089 2.4 56,734 1.6 September 30, 2024 744,250 8.2 86,905 13.5 78,179 11.5 55,865 9.0 Profit attributable to owners of the parent company Total comprehensive income Basic earnings per share Diluted earnings per share Six months ended Million yen % Million yen % Yen Yen September 30, 2025 51,245 2.0 72,456 125.7 52.18 52.18 September 30, 2024 50,227 8.1 32,098 (74.2) 49.47 49.47 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 As of Million yen Million yen Million yen % September 30, 2025 1,744,627 783,912 715,018 41.0 March 31, 2025 1,721,131 813,273 746,804 43.4 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 Six months ended Million yen Million yen Million yen Million yen September 30, 2025 93,239 (52,110) (54,122) 153,559 September 30, 2024 81,778 (38,592) (36,240) 176,542 Cash Dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 40.00 - 40.00 80.00 Fiscal year ending March 31, 2026 - 24.00 Fiscal year ending March 31, 2026 (Forecast) - 24.00 48.00 Revisions from the last forecast released: None 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, 2026 (Percentages indicate year-on-year changes.) Sales Business profit Profit attributable to owners of the parent company Basic earnings per share Full-year Million yen % Million yen % Million yen % Yen 1,618,000 5.7 180,000 13.0 120,000 70.7 123.55 Note: Revisions from the last forecast released: None Notes Significant changes in scope of consolidation 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 September 30, 2025 1,005,637,616 As of March 31, 2025 1,005,637,616 Number of shares in treasury stock at end of period As of September 30, 2025 33,489,364 As of March 31, 2025 11,237,848 Average number of shares during period Six months ended September 30, 2025 982,061,961 Six months ended September 30, 2024 1,015,290,726 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 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 September 30, 2025: 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. The summary of interim financial statements is not subject to review 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 earnings forecasts, see page 5, "1. Qualitative Information on the Six Months Consolidated Results, (1) Overview of Operating Results." Where to obtain supplementary materials Supplementary materials will be posted on the Company's website on Thursday, November 6, 2025. Table of contents Qualitative Information on the Six Months Consolidated Results 5 Overview of Operating Results 5 Overview of Financial Position 8 Overview of Cash Flows 8 Analysis of Capital Resources and Liquidity 8 Condensed Consolidated Financial Statements and Notes 9 Condensed Consolidated Statements of Financial Position 9 Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income 11 Condensed Consolidated Statements of Changes in Equity 13 Condensed Consolidated Statements of Cash Flows 17 Notes to Condensed Consolidated Financial Statements 19 Going Concern Assumption 19 Segment Information 20 Significant Subsequent Events 22 ‌ Qualitative Information on the Six Months Consolidated Results 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 In the six months ended September 30, 2025, the Company's consolidated sales decreased 0.7% year on year, or ¥5.3 billion, to ¥738.8 billion. This was mainly due to the effect of currency translation, despite increase in sales in the Seasonings and Foods segment and other factors. Business profit decreased 0.2% year on year, or ¥0.1 billion, to ¥86.7 billion primarily due to lower profit in the Frozen Foods segment despite an increase in profit in the Healthcare and Others segment. Profit attributable to owners of the parent company totaled ¥51.2 billion, up 2.0% year on year, or ¥1.0 billion, primarily due to the realization of exchange differences on translation of foreign operations resulting from the sale of Ajinomoto Althea, Inc. The Company has not revised the financial results forecast announced on May 8, 2025. Overview by segment Sales and business profit by segment are summarized below. Versus previous year results (Billions of yen) Sales Business profit FY2025 Q2 YoY change % change FY2025 Q2 YoY change % change Seasonings and Foods 435.9 2.4 0.6% 69.5 (0.7) (1.1)% Frozen Foods 138.5 (4.5) (3.2)% 4.1 (2.7) (39.9)% Healthcare and Others 158.0 (1.9) (1.2)% 30.0 4.2 16.6% Other 6.3 (1.2) (17.0)% 2.7 (0.4) (14.3)% Shared companywide expenses* - - - (19.8) (0.4) 2.2% Total 738.8 (5.3) (0.7)% 86.7 (0.1) (0.2)% Versus the forecast (Billions of yen) Sales Business profit FY2025 Q2 Forecast for the year YTD progress FY2025 Q2 Forecast for the year YTD progress Seasonings and Foods 435.9 959.2 45.4% 69.5 139.1 50.0% Frozen Foods 138.5 304.0 45.6% 4.1 15.0 27.6% Healthcare and Others 158.0 339.0 46.6% 30.0 62.6 48.0% Other 6.3 15.6 40.7% 2.7 6.3 43.4% Shared companywide expenses* - - - (19.8) (43.2) 45.8% Total 738.8 1,618.0 45.7% 86.7 180.0 48.2% *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 first half of the previous fiscal year, segment business profit increased ¥9.7 billion in Seasonings and Foods, ¥2.3 billion in Frozen Foods, ¥6.8 billion in Healthcare and Others, and ¥0.4 billion in Other, while shared companywide expenses decreased ¥19.4 billion. Shared companywide expenses mainly relate to the parent company's administrative divisions. Seasonings and Foods In the Seasonings and Foods segment, sales increased 0.6% year on year, or ¥2.4 billion, to ¥435.9 billion, mainly because of the effect of increased unit sales prices. Segment business profit decreased 1.1% year on year, or ¥0.7 billion, to ¥69.5 billion, due primarily to the impact of lower profit for Solution and Ingredients despite the effect of increased unit sales prices and other factors. Main factors affecting segment sales Sauce & Seasonings: Overall increase in revenue. Japan: Increase in revenue primarily due to the effect of increased unit sales prices. Overseas: Increase in revenue due to increased sales, despite the impact of currency translation. Quick Nourishment: Overall increase in revenue. Japan: Increase in revenue primarily due to the effect of increased unit sales prices. Overseas: Increase in revenue due to the effect of increased unit sales prices and the impact of currency translation. Solution & Ingredients: Decrease in revenue due to decreased sales and the impact of currency translation. Main factors affecting segment profits Sauce & Seasonings: Overall increase in profit. Japan: Decrease in profit primarily due to cost increase for raw materials, despite increase in revenue. Overseas: Increase in profit primarily due to the effect of increased revenue. Quick Nourishment: Overall decrease in profit. Japan: 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 decreased 3.2% year on year, or ¥4.5 billion, to ¥138.5 billion, primarily owing to the effect of currency translation. Segment business profit decreased 39.9% year on year, or ¥2.7 billion, to ¥4.1 billion, mainly because of lower revenue and an increase in strategic expenses among other factors. Main factors affecting segment sales Overall decrease in revenue. Japan: Overall decrease in revenue due to decreased sales of home-use products. Overseas: Decrease in revenue primarily due to the impact of currency translation. Main factors affecting segment profits Overall large decrease in profit. Japan: Decrease in profit accompanying decrease in revenue. Overseas: Large decrease in profit primarily due to increased strategic expenses and the impact of currency translation. Healthcare and Others Healthcare and Others segment sales decreased 1.2% year on year, or ¥1.9 billion, to ¥158.0 billion, mainly impacted by the sale of Ajinomoto Althea, Inc., despite strong sales of electronic materials and other factors. Segment business profit increased 16.6% year on year, or ¥4.2 billion, to ¥30.0 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 decrease in revenue due to decrease in revenue for Bio-Pharma Services (CDMO services) primarily because of the impact of selling Ajinomoto Althea, Inc., despite increase in revenue due to increased sales of amino acids for pharmaceuticals and foods. 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 17.0% year on year, or ¥1.2 billion, to ¥6.3 billion. Segment business profit decreased 14.3% year on year, or ¥0.4 billion, to ¥2.7 billion. ‌Overview of Financial Position As of September 30, 2025, the Company's consolidated total assets stood at ¥1,744.6 billion, an increase of ¥23.4 billion from ¥1,721.1 billion at the end of the previous fiscal year on March 31, 2025. The main reason for this was an increase in inventories. Total liabilities came to ¥960.7 billion, ¥52.8 billion more than the ¥907.8 billion at the end of the previous fiscal year. This was mainly due to an increase in interest bearing debt. Interest bearing debt totaled ¥546.7 billion, an increase of ¥50.7 billion from the end of the previous fiscal year, mainly due to the issuance of commercial papers. Total equity as of September 30, 2025 was ¥783.9 billion, ¥29.3 billion less than the ¥813.2 billion at the end of the previous fiscal year. Despite the increase due to profit, this was mainly the result of a decrease because of the purchase of treasury stock and the payment of dividends. Equity attributable to owners of the parent company, which is total equity minus non-controlling interests, totaled ¥715.0 billion, and the equity ratio attributable to owners of the parent company was 41.0%. ‌Overview of Cash Flows The overview of cash flows for the six months ended September 30, 2025 is as follows: Net cash provided by operating activities totaled ¥93.2 billion during the six months ended September 30, 2025, compared with ¥81.7 billion during the six months ended September 30, 2024. The main factors included ¥80.0 billion in profit before income taxes and ¥42.7 billion in depreciation and amortization, offset by a ¥32.8 billion increase in inventories. Net cash used in investing activities came to ¥52.1 billion during the six months ended September 30, 2025, compared with ¥38.5 billion during the six months ended September 30, 2024. The main factors included ¥53.6 billion in purchase of property, plant and equipment, and intangible assets. Net cash used in financing activities was ¥54.1 billion during the six months ended September 30, 2025, compared with ¥36.2 billion during the six months ended September 30, 2024. The main factors included ¥60.0 billion in net proceeds from issuance of commercial papers, which offset ¥77.3 billion in purchase of treasury stock and ¥19.2 billion in dividends paid. As a result of the foregoing, cash and cash equivalents as of September 30, 2025 totaled ¥153.5 billion. ‌Analysis of Capital Resources and Liquidity Liquidity During the six months ended September 30, 2025, 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 September 30, 2025, the unused amount of committed credit lines was ¥190.0 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 six months ended September 30, 2025, 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 six months ended September 30, 2025, funds were primarily used to finance business operations. ‌2. Condensed Consolidated Financial Statements and Notes ‌(1) Condensed Consolidated Statements of Financial Position (Millions of yen) As of September 30, 2025 As of March 31, 2025 Assets Current assets Cash and cash equivalents 153,559 164,776 Trade and other receivables 174,262 174,136 Other financial assets 16,887 17,990 Inventories 325,617 286,952 Income taxes receivable 11,276 12,533 Others 27,820 27,600 Subtotal 709,424 683,989 Assets of disposal groups classified as held for sale - 17,308 Total current assets 709,424 701,298 Non-current assets Property, plant and equipment 587,333 581,330 Intangible assets 89,843 92,168 Goodwill 117,982 117,940 Investments in associates and joint ventures 133,298 129,645 Long-term financial assets 51,549 45,823 Deferred tax assets 9,850 10,198 Others 45,345 42,727 Total non-current assets 1,035,202 1,019,833 Total assets 1,744,627 1,721,131 (Millions of yen) As of September 30, 2025 As of March 31, 2025 Liabilities Current liabilities Trade and other payables 251,878 240,614 Short-term borrowings 5,876 5,923 Commercial papers 60,000 - Current portion of bonds 24,994 24,989 Current portion of long-term borrowings 1,698 8,234 Other financial liabilities 9,492 9,637 Short-term employee benefits 44,661 47,217 Provisions 5,052 4,514 Income taxes payable 22,574 19,923 Others 12,231 9,019 Subtotal 438,461 370,075 Liabilities of disposal groups classified as held for sale - 14,512 Total current liabilities 438,461 384,588 Non-current liabilities Corporate bonds 204,456 204,412 Long-term borrowings 209,348 211,795 Other financial liabilities 45,893 46,130 Long-term employee benefits 31,891 30,443 Provisions 4,222 4,267 Deferred tax liabilities 22,531 22,989 Others 3,907 3,230 Total non-current liabilities 522,252 523,270 Total liabilities 960,714 907,858 Equity Common stock 79,863 79,863 Capital surplus 142 - Treasury stock (109,939) (32,668) Retained earnings 622,246 590,517 Other components of equity 122,704 105,838 Other components of equity related to disposal groups classified as held for sale - 3,253 Equity attributable to owners of the parent company 715,018 746,804 Non-controlling interests 68,894 66,468 Total equity 783,912 813,273 Total liabilities and equity 1,744,627 1,721,131 ‌(2) Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income Condensed Consolidated Statements of Income (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2024 Sales 738,881 744,250 Cost of sales (459,452) (472,899) Gross profit 279,428 271,351 Share of profit of associates and joint ventures 4,527 4,006 Selling expenses (101,601) (98,815) Research and development expenses (15,181) (14,736) General and administrative expenses (80,419) (74,900) Business profit 86,754 86,905 Other operating income 5,624 2,398 Other operating expenses (10,514) (8,434) Operating profit 81,864 80,870 Financial income 4,293 4,604 Financial expenses (6,068) (7,295) Profit before income taxes 80,089 78,179 Income taxes (23,355) (22,313) Profit 56,734 55,865 Attributable to: Owners of the parent company 51,245 50,227 Non-controlling interests 5,488 5,638 Earnings per share (yen): Basic 52.18 49.47 Diluted 52.18 49.47 Condensed Consolidated Statements of Comprehensive Incom e (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2024 Profit 56,734 55,865 Other comprehensive income (Net of related tax effects) Items that will not be reclassified to profit or loss: Net gain on revaluation of financial assets measured at fair value through other comprehensive income 1,608 800 Remeasurements of defined benefit pension plans 124 (884) Share of other comprehensive income (loss) of associates and joint ventures 293 40 Items that may be reclassified subsequently to profit or loss: Cash flow hedges 253 (199) Hedge surplus (3) 109 Exchange differences on translation of foreign operations 12,315 (21,353) Share of other comprehensive income (loss) of associates and joint ventures 1,129 (2,280) Other comprehensive income (Net of related tax effects) 15,722 (23,767) Comprehensive income 72,456 32,098 Comprehensive income attributable to: Owners of the parent company 65,358 24,199 Non-controlling interests 7,097 7,899 ‌(3) Condensed Consolidated Statements of Changes in Equity Six months ended September 30, 2025 (Millions of yen) Equity attributable to owners of the parent company Other components of equity Common stock Capital surplus Treasury stock Retained earnings Net gain (loss) on revaluation of financial assets measured at fair value through other comprehensi ve income Remeasure ments of defined benefit pension plans Cash flow hedges Hedge surplus Balance as of April 1, 2025 79,863 - (32,668) 590,517 18,375 (2,023) (689) (101) Profit 51,245 Other comprehensive income 1,609 243 253 (3) Comprehensive income - - - 51,245 1,609 243 253 (3) Purchase of treasury stock (77,310) Disposal of treasury stock 0 Retirement of treasury stock Dividends (19,887) 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 retained earnings 387 (387) Transfer to non-financial assets (112) Stock-based remuneration transaction 142 39 Other (16) Total net changes in transactions with owners of the parent company - 142 (77,271) (19,516) (387) - (112) - Balance as of September 30, 2025 79,863 142 (109,939) 622,246 19,596 (1,780) (548) (104) Equity attributable to owners of the parent company Other components of equity Other components of equity related to disposal groups classified as held for sale Exchange differences on translation of foreign operations Share of other comprehen sive income (loss) of associates and joint ventures Total Non-controlling interests Total Total Balance as of April 1, 2025 94,896 (4,619) 105,838 3,253 746,804 66,468 813,273 Profit - 51,245 5,488 56,734 Other comprehensive income 13,840 1,423 17,366 (3,253) 14,113 1,608 15,722 Comprehensive income 13,840 1,423 17,366 (3,253) 65,358 7,097 72,456 Purchase of treasury stock - (77,310) (77,310) Disposal of treasury stock - 0 0 Retirement of treasury stock - - - Dividends - (19,887) (4,646) (24,534) 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 retained earnings (387) - - Transfer to non-financial assets (112) (112) (112) Stock-based remuneration transaction - 182 182 Other - (16) (25) (41) Total net changes in transactions with owners of the parent company - - (500) - (97,145) (4,672) (101,817) Balance as of September 30, 2025 108,737 (3,196) 122,704 - 715,018 68,894 783,912 Six months ended September 30, 2024 (Millions of yen) Equity attributable to owners of the parent company Other components of equity Common stock Capital surplus Treasury stock Retained earnings Net gain (loss) on revaluation of financial assets measured at fair value through other comprehensiv e income Remeasure ments of defined benefit pension plans Cash flow hedges Hedge surplus Balance as of April 1, 2024 79,863 - (49,164) 657,782 21,728 2,271 (991) (231) Profit 50,227 Other comprehensive income 802 (721) (199) 109 Comprehensive income - - - 50,227 802 (721) (199) 109 Purchase of treasury stock (50,008) Disposal of treasury stock (0) 0 Retirement of treasury stock (32,385) 32,385 Dividends (18,964) Loss of control of subsidiaries Changes in ownership interests in subsidiaries that do not result in loss of control 27 Transfer from other components of equity to retained earnings 1,583 (1,583) Transfer to non-financial assets (44) Stock-based remuneration transaction 162 17 Other 0 (15) Total net changes in transactions with owners of the parent company - (32,195) (17,604) (17,397) (1,583) - (44) - Balance as of September 30, 2024 79,863 (32,195) (66,769) 690,612 20,947 1,549 (1,236) (122) Equity attributable to owners of the parent company Other components of equity Other component s of equity related to disposal groups classified as held for sale Exchange differences on translation of foreign operations Share of other comprehen sive income (loss) of associates and joint ventures Total Non-controlling interests Total Total Balance as of April 1, 2024 105,941 (2,125) 126,592 - 815,074 69,373 884,448 Profit - 50,227 5,638 55,865 Other comprehensive income (23,779) (2,240) (26,028) (26,028) 2,260 (23,767) Comprehensive income (23,779) (2,240) (26,028) - 24,199 7,899 32,098 Purchase of treasury stock - (50,008) (50,008) Disposal of treasury stock - 0 0 Retirement of treasury stock - - - Dividends - (18,964) (14,042) (33,007) Loss of control of subsidiaries - - (403) (403) Changes in ownership interests in subsidiaries that do not result in loss of control - 27 (27) - Transfer from other components of equity to retained earnings (1,583) - - Transfer to non-financial assets (44) (44) (44) Stock-based remuneration transaction - 180 180 Other - (15) 19 4 Total net changes in transactions with owners of the parent company - - (1,628) - (68,825) (14,453) (83,279) Balance as of September 30, 2024 82,162 (4,365) 98,935 - 770,447 62,819 833,266 ‌(4) Condensed Consolidated Statements of Cash Flows (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2024 Cash flows from operating activities Profit before income taxes 80,089 78,179 Depreciation and amortization 42,767 42,627 Impairment loss and gain on reversal of impairment loss 1,378 951 Increase (decrease) in employee benefits (3,101) (1,188) Increase (decrease) in provisions 286 (2,246) Interest and dividend income (3,598) (3,594) Interest expense 3,579 3,355 Share of profit of associates and joint ventures (4,527) (4,006) Loss on sale and retirement of property, plant and equipment, and intangible assets 1,379 1,294 Decrease (increase) in trade and other receivables 2,558 5,250 Increase (decrease) in trade and other payables 26,484 (14,042) Decrease (increase) in inventories (32,823) (25,427) Increase (decrease) in other assets and liabilities 2,485 (2,521) Others (6,787) 1,868 Subtotal 110,170 80,499 Interest and dividends received 5,414 4,642 Interest paid (3,544) (3,127) Income taxes paid (18,800) (237) Net cash provided by operating activities 93,239 81,778 Cash flows from investing activities Purchase of property, plant and equipment, and intangible assets (53,673) (47,563) Proceeds from sale of property, plant and equipment, and intangible assets 215 1,318 Purchase of financial assets (3,599) (1,411) Proceeds from sale of financial assets 4,314 8,860 Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation 2,589 - Others (1,956) 203 Net cash used in investing activities (52,110) (38,592) (Millions of yen) Six months ended September 30, 2025 Six months ended September 30, 2024 Cash flows from financing activities Net change in short-term borrowings 235 (87,056) Net change in commercial papers 60,000 (28,000) Proceeds from long-term borrowings - 117,036 Repayments of long-term borrowings (8,173) (30,210) Proceeds from issuance of bonds - 79,697 Dividends paid (19,233) (18,967) Dividends paid to non-controlling interests (4,807) (13,788) Purchase of treasury stock (77,310) (50,008) Purchase of shares in subsidiaries not resulting in change in scope of consolidation - - Repayments of lease liabilities (4,871) (4,961) Others 39 17 Net cash used in financing activities (54,122) (36,240) Effect of currency rate changes on cash and cash equivalents 1,777 (1,940) Net change in cash and cash equivalents (11,216) 5,005 Cash and cash equivalents at beginning of period 164,776 171,537 Cash and cash equivalents at end of period 153,559 176,542 ‌(5) Notes to Condensed Consolidated Financial Statements ‌Going Concern Assumption 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. As a result of this change, in the six months ended September 30, 2024, segment business profit increased ¥9,778 million in Seasonings and Foods, ¥2,352 million in Frozen Foods, ¥6,831 million in Healthcare and Others, and ¥439 million in Other, while shared companywide expenses decreased ¥19,401 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 ( Ajinomoto Build-up Film ™( ABF ™) interlayer insulating material for semiconductor packages, etc.), Functional materials (adhesive PLENSET ® , magnetic materials AFTINNOVA ® Magnetic Film, etc.), activated carbon, release paper, etc. Others 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. Six months ended September 30, 2025 (April 1, 2025 to September 30, 2025) (Millions of yen) Reportable Segments Other 1 Total sales Adjustments 2 As included in consolidated statements of income Seasonings and Foods Frozen Foods Healthcare and Others Sales Sales to third parties 435,971 138,504 158,054 6,350 738,881 - 738,881 Inter-segment sales and transfers 4,219 406 2,537 13,806 20,970 (20,970) - Total sales 440,191 138,911 160,591 20,157 759,851 (20,970) 738,881 Share of profit of associates and joint ventures 1,947 - (118) 2,697 4,527 - 4,527 Segment profit or loss (Business profit or loss) 69,575 4,140 30,085 2,775 106,576 (19,821) 86,754 Other operating income 5,624 Other operating expenses (10,514) Operating profit 81,864 Financial income 4,293 Financial expenses (6,068) Profit before income taxes 80,089 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. Six months ended September 30, 2024 (April 1, 2024 to September 30, 2024) (Millions of yen) Reportable Segments Other 1 Total sales Adjustments 2 As included in consolidated statements of income Seasonings and Foods Frozen Foods Healthcare and Others Sales Sales to third parties 433,517 143,097 159,987 7,647 744,250 - 744,250 Inter-segment sales and transfers 3,822 264 2,380 16,848 23,317 (23,317) - Total sales 437,340 143,362 162,368 24,496 767,567 (23,317) 744,250 Share of profit of associates and joint ventures 1,127 - (60) 2,939 4,006 - 4,006 Segment profit or loss (Business profit or loss) 70,364 6,892 25,810 3,239 106,307 (19,401) 86,905 Other operating income 2,398 Other operating expenses (8,434) Operating profit 80,870 Financial income 4,604 Financial expenses (7,295) Profit before income taxes 78,179 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. ‌Significant Subsequent Events Share Repurchase The Company made a resolution at a meeting of its Board of Directors held on November 6, 2025 on matters pertaining to a share repurchase based on the provisions of Article 156 of the Companies Act as applied pursuant to the provisions of Article 165-3 of the same law, as outlined below. Reason for Conducting the Share Repurchase The reason is to increase the level of shareholder return and improve capital efficiency. Details of the Repurchase (1) Class of shares to be repurchased Common stock (2) Total number of shares to be repurchased 30 million (maximum) (3.09% of total shares outstanding, excluding treasury stock) (3) Total amount to be paid for repurchase ¥80 billion (maximum) (4) Period of share repurchase December 1, 2025 to November 30, 2026 (5) Method of repurchase Purchase in the market through the Tokyo Stock Exchange (6) Other The Company plans to retire all of the shares to be repurchased* this time by resolution of the Board of Directors, pursuant to the provisions of Article 178 of the Companies Act. *The Company's policy is to hold the acquired treasury stock up to approximately 1% of the total number of shares outstanding, as resolved at the Board of Directors meeting held on May 11, 2023. All shares to be repurchased this time will be retired as the number of shares held in treasury stock has reached the maximum limit. Reference: As of October 31, 2025 Number of shares outstanding (excluding treasury stock) 969,514,670 shares Number of shares in treasury stock 36,122,946 shares

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