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
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
-
Consolidated Operating Results (Percentages indicate year-on-year changes.)
-
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 segmentSales 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.
-
Seasonings and Foods
-
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
-
Liquidity
-
Overview of Operating Results
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 |
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 |
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 | Other1 | Total sales | Adjustments2 | 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 | Other1 | Total sales | Adjustments2 | 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.
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