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Director, Representative Executive Officer, President & Chief Executive Officer Shigeo Nakamura November 6, 2025 Ajinomoto Co., Inc. Forecast for FY2025 (Ending March 31, 2026) and Initiatives for Enhancing Corporate Value
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I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value Reference Materials Appendix: Consolidated Results First Half Ended September 30, 2025 Note: Business profit (consolidated) in this material: Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures
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3Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Today’s Message ・Both sales and business profit in H1-FY2025 remained at the level of the previous year. While progress toward the full -year plan is slightly behind schedule , we are quickly addressing issues faced in Q2 -FY2025 and aim to steadily achieve our forecast for FY2025. ・In our efforts for further growth over the medium to long term and the evolution of ASV initiatives, we have identified issues, set out a direction for actions, and worked out concrete strategies. We will evolve our activities to achieve the 2030 Roadmap and will tackle the creation of innovation to achieve sustainable growth over the medium to long term.
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I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value
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down ¥5.3 billion Copyright © 202 5 Ajinomoto Co., Inc. All rights reserved vs Q1-FY24 vs Q2-FY24 vs H1-FY24 Details of impacts in H1-FY25 Sales -1.5 -3.8 -5.3 Change in GP due to change in sales -0.5 -1.5 -2.0 Decrease in GP due to decreased revenue in umami seasonings for processed food manufacturers and Frozen Foods, in addition to the effect of sale of Ajinomoto Althea Inc. (hereinafter “Althea”) and of currency translation. Change in GP due to change in GP margin 6.2 3.8 10.0 Higher GP margin in Bio-Pharma Services and Sauce and Seasonings overseas contributed to increased GP. Change in SGA expenses -2.3 -6.4 -8.7 Increase in SGA expenses due to the enhancement of human resource investment and to strategic expenses. Share of profit of associates and joint ventures 0.8 -0.2 0.5 Business profit 4.1 -4.3 -0.1 Change in other operating income/expenses 4.4 -3.2 1.1 Change in financial income/expenses -0.3 1.2 0.9 Profit attributable to owners of the parent company 8.2 -7.2 1.0 I-1. FY2025: Digest of First -Half Results YoY ChangeDetails – Summary (¥ bil.) down ¥0.1 billion Business Profit: Level with the previous year Profit attributable to owners of the parent company: Increased 99.3% of FY2024 ¥738.8 billion Excluding currency translation: 100% Sales: Level with the previous year 99.8% of FY2024 ¥86.7 billion Excluding currency translation: 100% 102.0% of FY2024 ¥51.2 billion 5
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Ref.: Impact of currency translation: approximately ▲¥0.7 billion 6Copyright © 2025 Ajinomoto Co., Inc. All rights reserved 86.9 86.7 -2.0 10.0 -8.7 0.5 40 60 80 100 H1-FY24 Actual Change in GP due to change in sales Change in GP due to change in GP margin Change in SGA expenses Share of profit of associates and joint ventures H1-FY25 Actual (¥ bil.) Increased GP from increased sales and an improved profit structure Investment in intangible assets to bring growth Investment in Personnel: Approx. -¥4.9bil. Marketing: Approx. -¥1.5bil. R&D: Approx. -¥0.4bil. Currency translation: Approx. +¥3.1bil. Increased international consumer product unit prices: Approx. +¥7.5 bil. I-2. Changes in Business Profit (H1 -FY2025 Results by P&L Factor)
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I-2. Changes in Business Profit (H1 -FY2025 Results by Segment) 86.9 86.9 86.7 -0.7 -2.7 4.2 -0.4 0.4 60 80 100 FY23 Actual Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses 1H-FY25 Actual Copyright © 2025 Ajinomoto Co., Inc. All rights reserved (¥ bil.) 159.3 180.0 5.0 1.9 17.0 0.0 3.3 100 150 200 FY24 Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses Actual FY25 Forecast FY2025 Forecast vs FY2024 Actual (¥ bil.) 1H-FY24 7
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FY25 Forecast FY24 Actual vs. Prev. year H1-FY25 Actual Percentage of progress vs the FY25 forecast Sales 1,618.0 1,530.5 105.7% 738.8 45.7% Seasonings and Foods 959.2 896.0 107.1% 435.9 45.4% Frozen Foods 304.0 289.3 105.1% 138.5 45.6% Healthcare and Others 339.0 328.3 103.3% 158.0 46.6% Other 15.6 16.7 93.2% 6.3 40.7% Business Profit 180.0 159.3 113.0% 86.7 48.2% Seasonings and Foods 139.1 134.1 103.8% 69.5 50.0% Frozen Foods 15.0 13.0 115.3% 4.1 27.6% Healthcare and Others 62.6 45.6 137.3% 30.0 48.0% Other 6.3 6.3 100.2% 2.7 43.4% Shared companywide expenses -43.2 -39.8 108.5% -19.8 45.8% Sales Business profit I-3. Forecast for FY2025 We aim to solidly achieve the FY2025 forecast made at the start of the fiscal year. We will take measures to address some challenging businesses and recover, and will work to achieve our forecast for the Group as a whole. Assumed exchange rate: ¥145/USD Profit attributable to owners of the parent company Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Note: Shared companywide expenses are expenses not attributable to specific reportable segments were previously allocated to each reportable segment based on reasonable criteria. However, the Company changed to a method that does not allocate shared companywide expenses to each reportable segment from FY2025 in order to evaluate the performance of each reportable segment more appropriately. Shared companywide ex penses mainly relate to the parent company’s administrative divisions. 105.7% of FY2024 ¥1,618.0 billion Excluding currency translation: 106.7% 113.0% of FY2024 ¥180.0 billion 170.7% of FY2024 ¥120.0 billion Excluding currency translation: 112.9% (¥ bil.) 8
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I-4. 2030 ASV Indicators 9Copyright © 2025 Ajinomoto Co., Inc. All rights reserved FY23 FY24 1H- FY25 FY25 FY30 (plan) ROE 11.0% 9.0% - 16% 18% 20% ROIC（>Capital Cost） 8.7% 6.7% - 11% 13% 17% Organic sales growth 1.7% 3.7% 1.9% 7% 5% (FY23-25） 5% (FY26-30） EBITDA margin 15.7% 16.1% 17.5% 17% 17% 19% Initiatives to Reduce Environmental Impact -35% CO2 emissions (Scope1,2) -43% CO2 emissions (Scope1,2) - - - Reduce our environmental impact by 50% (outcome) Nutrition commitment 940 mil. people 950 mil. people - - - Help extend the healthy life expectancy of 1 bil. people (outcome) Employee engagement score 76% 76% 78% 80% 80% 85% Brand Value (mUSD) 1,625 1,972 - - Compared with FY22, CAGR 7% or more Challenging targets from management （11.4%） （9.4%） （14.7%） （9.8%） （11.3%） （7.8%） （Approx. 18%） （Approx. 19%） （Approx. 11%） （Approx. 12%） (plan) Economic value indicators Social value indicators ASV Indicators (Excluding the impact of the Forge acquisition) We plan to consider KPIs for other contributions than nutrition as well. (Interbrand published value) (Excluding the impacts of the Forge acquisition + special factors) (Excluding the impact of the Forge acquisition) (Excluding the impacts of the Forge acquisition + special factors) (result, +17% vs. prev. year) (result, +21% vs. prev. year) (preliminary result) Ref.: Aim for approx. 3x EPS (vs. FY2022） ASV will grow dramatically and continually, and we will continue to be an attractive group for stakeholders and society or more Strengthening intangible assets Approx. Approx. or more Approx. Approx. Approx. Approx. (forecast) (mUSD)
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I-4. Reference: Growth Paths by Segment Copyright © 2025 Ajinomoto Co., Inc. All rights reserved FY24 actual 1H-FY25 actual FY25 forecast ¥134.1 bil. -1.1% 3.8% FY24 actual 1H-FY25 actual FY25 forecast 19.4％ 20.6％ Approx. 19% FY24 actual 1H-FY25 actual FY25 forecast 4.1% 1.8% 6.7% -0.9% -0.7% 6.3% ¥13.0 bil. ¥4.1 bil. ¥15.0 bil. 9.4％ 8.3％ Approx. 9% 3.7% 1.9% 7.4% ¥159.3 bil. -0.2 % 13.0 % 16.1％ 17.5％ Approx. 17% ¥45.6 bil. 16.5% 37.3% 21.5％ 26.3％ Approx. 26%6.8% 5.7% 11.2％ (BP) 10 FY24 actual FY25 forecast 20.9％ Approx. 20% 4.7％ Approx. 6% 6.7％ Approx. 11% 2.0％ Approx. 12% WACC 7% WACC 5% WACC 8% WACC 7% (BP) Seasonings and Foods Frozen Foods Healthcare and Others Total Sauce & Seasonings Quick Nourishment Solution & Ingredients Frozen Foods Bio-Pharma Services & Ingredients Functional Materials (electronic materials and others) Others EBITDA marginSegment ROICOrganic growth Business profit CAGRVs. prev. year Vs. prev. year CAGR Note: Shared companywide expenses are expenses not attributable to specific reportable segments were previously allocated to each reportable segment based on reasonable criteria. However, the Company changed to a method that does not allocate shared companywide expenses to each reportable segment from FY2025 in order to evaluate the performance of each reportable segment more appropriately. The above figures, including results for FY2024, reflect this change. Shared companywide expenses mainly relate to the parent company’s administrative divisions.
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I-5. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Factors behind changes in business profit (Japan) Factors behind changes in business profit (overseas, local currency basis) 10.0 -7.0 -3.0 H1-FY24 actual Change in GP due to change in sales Change in costs of raw materials and manufacturing Change in SGA expenses, etc. vs. H1-FY24 +0.0 Japan sales: 107% Volume 94% Unit prices 113% Overseas sales: 103% (local currency basis) Volume 100% 103% H1-FY25 Actual Breakdown of the H1- FY2025 sales and factors behind changes in the business profit, in Japan and overseas (vs. the previous year). Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Unit prices (¥ bil.) 7.0 -1.5 -3.0 H1-FY24 actual Change in GP due to change in sales Change in costs of raw materials and manufacturing Change in SGA expenses, etc. vs. H1-FY24 +2.5 H1-FY25 Actual (¥ bil.) 11
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Sale of Amoy Food in Hong Kong, in FY2018 (primarily decrease in sales) Adoption of IFRS in FY2016 (decline in sales, increase in profit margin) 5.0% 15.0% 25.0% 0.0 100.0 200.0 300.0 400.0 500.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H Sales (H1) Sales (H2) Business profit margin I-6．Seasonings and Foods: Sauce and Seasonings Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Sauce and Seasonings w as strong both in Japan and overseas. The top line grew steadily, showing resistance to the macro environment. Business profit margin absorb ed the cost of raw materials and fuels , which are soaring due to inflation , and in H1-FY2025 exceeded the FY2019 level, which is pre-COVID-19. Sauce and Seasonings business (Japan + overseas) Sales and business profit margin (yen basis) Sales stagnated and profit margin increased primarily due to restricted promotional expenses during the COVID-19 pandemic Profit margin declined due to COVID-19 and rising raw material prices Profit margin exceeded that of FY2019 (pre-COVID-19) Steady sales growth and business profit generation will continue to support stable growth in the Food Products business, which is the Group's foundation. (¥ bil.) 12 H1
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FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 H1 Business profit (H1) Business profit (H2) I-7. Seasonings and Foods: Umami seasonings for processed food manufacturers Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Revenue and profit decreased for both MSG and nucle otides due to major Chinese manufacturers ’ increased production and entry into markets. These are businesses that have overcome cyclical difficulties in the past . We are taking actions to improve. Business profit, umami seasonings for processed food manufacturers We overcame large production increases by Chinese competitors in FY2016 -2017 and the sharp rise in raw materials and fuels costs in FY2021 to steadily achieve business profit growth . Umami seasonings for processed food manufacturers is a key segment that not only supports BtoB revenue and profit but also supports stable growth in the Food Products business as a raw material for BtoC Sauce and Seasonings, a growth driver. Actions (1) April 2025: Established the MSG Business Collaboration Promotion Department, centralize d management of BtoB and BtoC to optimize company-wide operations , and will work to increase the value of our MSG business . (2) Maintain competitive advantage against infringement of our MSG manufacturing patent, an intangible asset of the Group, throug h intellectual property protection measures. (3) Raise cost competitiveness through improved productivity based on our proprietary technologies . Chinese competitors 2016 increased production → increased exports Rise in cost of raw materials and fuels, and shipping 13
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I-8. Frozen Foods: Initiatives in Japan (1) Copyright ©2025 Ajinomoto Co., Inc. All rights reserved The issue in Frozen Foods in Japan is sluggish home -use sales (restaurant - and industrial-use is performing well even after the March 2025 price increases). In particular, market share of gyoza products, the main product , has shifted more to private brands and other manufacturers than to major national brand competitors. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2021 2022 2023 2024 AJINOMOTO Others (PBs, etc.) Company B February 2023 our price increase Market share of gyoza products in Japan March 2025 our price increase 2021-2024 -13% 2021-2024 +10% (Estimates by Ajinomoto Co., Inc..; consumer purchase basis) We revised our price strategy. In September, following the revi sion, sales exceeded the previous-year and we regained the top market share. We will increase the value of the corporate brand through the Frozen Foods business , which has many touchpoints with consumers. 14 Company C
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I-8. Frozen Foods: Initiatives in Japan (2) Copyright ©2025 Ajinomoto Co., Inc. All rights reserved In the medium to long term, we will strengthen customer -oriented management and meet the diversifying needs of consumers. By recovering gyoza market share , we will return the Frozen Foods business in Japan to growth and expand its contribution to improving corporate value. Price strategy revision We changed the price strategy for gyoza. September sales (post-change) exceeded previous-year (September 2024) sales, regaining the top market share. Product revision (next spring) We plan to strengthen our customer orientation and introduce revised gyoza products that combine product power and profitability, utilizing Deliciousness Technology. Pursuit of customer needs For home-use products overall, we will expand the new product lineup (top class, middle class, regular class, etc.) to adapt to diversifying customer needs. Heading toward 2030, we will aim for a sales CAGR of about 3% and a business profit CAGR of about 7% Super- short term Short term Medium to long term 15
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FY21 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 I-8. Frozen Foods: Initiatives in North America Copyright ©2025 Ajinomoto Co., Inc. All rights reserved In H1-FY2025, revenue and profit temporarily decreased due to both U.S. tariffs and the timing of major account sales promotions, but a stable profit structure continued due to structural reform and TDC* margin expansion. In H2, we will work to undo the decreases. North America Frozen Foods Sales (local currency basis) Tariff impacts: Deterioration of profit margin due to the rising cost of imports from China; decrease in volume due to price increases and restricted sales promotion Sales promotion timing: Sales and profit decreased due to large -scale distribution sales promotions being scheduled to later dates (scheduled for H2) *TDC: Total Delivered Cost (= Cost of sales + logistics costs + cost to deliver product to destination) Decrease in sales due to temporary effects 16
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With solid management of the Food Products business , which is the foundation of the Ajinomoto Group, we will steadily achieve the 2030 Roadmap. Properly assess the essence of issues Umami seasonings for processed food manufacturers Frozen Foods in Japan Issue: Temporary decline due to oversupply Issue: Continuous decline in market share due to delay in assessing customer needs To achieve the 2030 Roadmap, we will continue tackling the following challenges: Overseas Food Products business: Realization of steady volume growth Japan Food Products business: Recovery of business profit margin to pre-COVID-19 level Copyright ©2025 Ajinomoto Co., Inc. All rights reserved 17 I-9. Addressing Issues for Stable Growth in the Food Products Business
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I-10. Functional Materials (Electronic Materials and Others) Copyright ©2025 Ajinomoto Co., Inc. All rights reserved In line with the recovery and expansion of the semiconductor market, we continued to significantly increase revenue and profit as we did in Q1-FY2025 (7 consecutive quarters). Sales in H1-FY2025 grew in excess of the forecast of 111% YoY. FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY30FY25 Full-year forecast 87% FY30 Roadmap Sales of Functional Materials 125% %: Vs. previous year Functional Materials H1-FY2025 Sales: 120% YoY Business profit: 120% YoY In addition to strong sales for AI servers, increased sales of ABFTM* for PCs and general-purpose servers contributed. *Ajinomoto Build-up FilmTM. “ABF" is a registered trademark of our company. 111% The segment will drive company-wide performance, so far, with no change seen in the semiconductor market trends in H 2 18
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I-11. Bio -Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) H1-FY2025 review Japan Quarterly performance was volatile due to timing of AJIPHASE® shipping. Revenue and profit decrease d, but they were in line with internal plans. North America (Forge) Revenue increased in Q2 compared to the same period last year, which had large shipments. H1-FY25 revenue increased by about 50%, and the business profit deficit also decrease d. Europe Maintained strong performance centered on mainstay small molecules. Strong inquiries at our base in India also contributed to growth in small molecules. Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Japan North America (Forge) Europe We forecast increased revenue and profit, with contributions from stable expansion in small molecules and increased production of medium molecules using our proprietary technologies. We forecast continued growth of AJIPHASE® and contribution s to revenue and profit from AJICAP®. Despite increased expenses due to actions for commercialization* ahead of schedule, we will aim to achieve profit on an EBITDA basis during the fiscal year. H2-FY2025 forecast The segment performed in line with expectations in H1-2025. We anticipate growth in H2. *Commercialization: Following clinical trials, undergoing screening and approval by national bodies and bringing products to market. 19
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I-11. Bio -Pharma Services & Ingredients: Update on Bio -Pharma Services (CDMO Services) Following Forge Acquisition Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Current state of Forge — Inquiries about our proprietary technologies (in use by 97% of customers) are strong; both sales and customer numbers are increasing steadily. — Projects are progressing steadily, and IND* approved projects have also increased significantly. — Preparation costs are incurred for commercialization when taking care of customers who want early approval on projects. In response to customer requests, prepare for commercialization ahead of schedule and accelerate growth. FY23 FY24 FY25 Forge sales Sales: FY2025 forecast Approx. 4x FY2023 sales Forge number of customers FY23 FY24 H1-FY25 Number of customers: H1-FY2025 results Approx. 1.5x FY2023 number *IND: Investigational New Drug Application (U.S.) Forge approved IND applications Approved IND applications: H1-FY2025 results Nearly 10x FY2023 number FY23 FY24 H1-FY25 20
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I-11. Bio-Pharma Services & Ingredients: Bio-Pharma Services (CDMO Services) AJICAP ® Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Steady expansion of customers October 2025: Signed license agreement with overseas company (undisclosed) October 2025: Signed license agreement with Astellas Pharma Inc. (disclosed ADC* licensee is the third company to have done so) AJICAP® technology can be applied to antibody modifications in general. ⇒Expansion of applications beyond currently existing ADCs to the next -generation antibody modification field Capture of next-generation needs License contracts are steadily increasing, so sales for FY2025 should reach the billion -yen level and AJICAP® will become a future growth driver. We will aim to increase licensing agreements for diverse applications, not only ADCs • AJICAP® is our propriety new technology for creating revolutionary ADCs that overcome the challenges of conventional ADCs. ✓ Demonstrates bonding with a variety of molecules, not only anticancer agents Anticancer agents ADC Selective transport to target cancer cells Normal cells Cancer cells Antibody *ADC: antibody-drug conjugate Two new AJICAP® license agreements have been signed. We are expecting AJICAP® to be a future growth driver. 21
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I-12. Assets and Liabilities Copyright © 2025 Ajinomoto Co., Inc. All rights reserved (¥ bil.) 2,000 1,500 1,000 500 + 0 (%) 2.5x 2x 1.5x 1x 0.5x 0 Net D/E ratioTotal asset (¥bil.) Net interest-bearing debt/EBITDA ratio Forecast From FY2025, we have adopted a new financial discipline indicator, "net interest -bearing debt/EBITDA ratio of less than 2x." As we grow EBITDA, we will control the leverage of net interest -bearing debt to 2 or less. We will continue realizing appropriate financial leverage that contributes to organic growth and capital efficiency. * 22 * Net interest-bearing debt: Interest-bearing debt - Cash on hand and in banks x 75% 60 50 40 30 20 10 0
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0 500 1,000 1,500 2,000 2,500 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 I-13. Cash Generation 209.8 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Forecast 220 or more Operating Cash Flow250 200 150 100 50 0 (¥ bil.) We forecast operating cash flow of ¥220 billion or more in FY2025. At the half -year point, operating cash flow was ¥93.2 billion yen, about ¥11.5 billion higher than in H1 of the previous year. We will further increase our capability to generate cash. 23
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40% 60% 0 500 1,000 1,500 2,000 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 In FY2025, we are planning capital investments of over ¥110 billion and will also proactively invest in intangible assets. We expect the percentage of investment in intangible assets to remain in the low -40% range. I-14. Strategic Investments Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Percentage of investment in intangible assets (¥ bil.) 200 150 100 50 0 (%) FY25 Forecast Agilely invest in core businesses for growth 60% 40% 24 Investment in tangible assets Investment in intangible assets
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3.3 10.3 11.6 12.9 11.0 9.0 11.1 11.4 11.3 2.0 6.0 10.0 14.0 18.0 FY19 FY20 FY21 FY22 FY23 FY24 ROE ROA (BP basis, %) 7.2 8.1 8.4 9.1 9.0 9.1 7.0 8.0 9.0 10.0 11.0 FY19 FY20 FY21 FY22 FY23 FY24 17.2 54.2 69.7 88.0 83.7 69.8 123.5 92.4 103.6 115.5 135.3 0.0 40.0 80.0 120.0 160.0 FY19 FY20 FY21 FY22 FY23 FY24 3.0 6.9 7.9 9.9 8.7 6.7 8.7 9.4 7.8 2.0 4.0 6.0 8.0 10.0 12.0 FY19 FY20 FY21 FY22 FY23 FY24 ROIC I-15. Important Management Indicators Improvements is expected in FY2025. 19 12 16 10 11 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved EPS and Normalized EPS* (¥) FY25 forecast FY25 forecast FY25 forecast FY25 forecast EPS Normalized EPS Excluding the profit from sales of non- current assets and impairment losses Excluding the profit from sales of non- current assets and impairment losses Excluding the impact of the Forge acquisition Excluding the impact of the Forge acquisition Approx. Approx. Approx. Approx. Approx. (%) (%) *(Business profit x (1 − Ajinomoto Group standard tax rate: 27%)) / Outstanding shares 25
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I-16. Shareholder Returns and Investment for Growth (Our Thinking under the Medium -Term ASV Initiatives) We will strengthen our ability to create cash flow on the base of sustainable business growth, and will enhance shareholder returns through flexible share repurchases. Copyright © 2025 Ajinomoto Co., Inc. All rights reserved WACC Investment in organic growth FY2025 forecast Capital Investment: ¥114.9 billion M&A, etc. Operating cash flow FY2025 forecast approximately ¥220 billion Resource allocation Return Share repurchases Announced May 8, 2025: ¥100 billion Announced November 6, 2025: ¥80 billion Debt repayment Cash and deposits on hand Allocation guideline for the 2030 Roadmap Capital investment is expected to be about ¥750 billion in FY2023-2030 Earmarked around ¥300 billion for M&A, etc. in FY2023-2030 Will shrink to ¥90 billion in FY2025 High Low 26
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15 16 16 16 21 26 34 37 40 48 0 20 40 60 80 0 20 40 60 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 I-16. Shareholder Returns and Investments for Growth In addition to the share buyback of up to 100 billion yen announced on May 8, announced a new share buyback of up to 80 billion yen. FY2025 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Dividend Share repurchases May 8, 2025 Vs. FY202 4: +¥8 ¥48/year (planned increased d ividend) Announced a buy back of up to 50 million shares, ¥100 billion 5.03% Percentage of outstanding shares (excluding treasury stock) ◼Dividend (FY2016-2025 forecast) ◼Shareholder returns (our thinking under the medium-term ASV initiatives) Payout ratio Dividend per share Payout ratio (excluding impairment loss) Dividend payout ratio (normalized) from FY2023 Introduction of a progressive dividend policy. Dividends based on normalized EPS.* Three-year total return: target of 50% or more. (yen) Payout ratio (%) *(Business profit x (1 − Ajinomoto Group standard tax rate: 27%)) / Outstanding shares x Return coefficient: 35%FY25 Forecast Dividend per share November 6, 2025 Newly announced a buy back of up to 30 million shares, ¥80 billion (Repurchase period: From Dec. 1, 2025 to Nov. 30, 2026) 3.09% Percentage of outstanding shares (excluding treasury stock) 27
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I. Summary Results for the First Half Ended September 30, 2025 and the FY2025 Forecast II. Initiatives for Enhancing Corporate Value
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II-1. New Management under CEO Nakamura Progress of Initiatives Aimed at the Evolution of ASV Initiatives Copyright ©2025 Ajinomoto Co., Inc. All rights reserved The Ajinomoto Group is advancing initiatives aimed at its further growth and the evolution of ASV initiatives. From February 3, 2025 Cross-SWOT analysis From April 3, 2025 60-Day Plan July to September 2025 AGES* (executive training) Identification of issues: Few concrete strategies for the medium and long term Review management issues to be addressed and set out a direction for actions Work out concrete strategies and actions Achievement of the 2030 Roadmap ⇒ Sustained growth in the Food Products business + dramatic growth in the Healthcare and Others business Post 2030 Plan ⇒ Become a company that creates innovation and continues creating new businesses Toward further growth, and the evolution of ASV initiatives *AGES: Ajinomoto Group Executive Seminar targeted at Executive Officers, Corporate Executives, and Corporate Fellows ⇒ Next slide 29
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Through an integrated, cross-departmental team, with participation by overseas affiliates as well, we discussed concrete strategies and actions originating in four key growth areas (Healthcare, Food & Wellness, ICT, and Green). Copyright ©2025 Ajinomoto Co., Inc. All rights reserved II-2. AGES2025 Topics (1) Tackling new businesses is the most important issue in achieving sustainable growth. By anticipating customer needs and strengthening intra-Group collaboration, we will enhance the speed and the chances of success of product development and market launches. Healthcare Food & Wellness ICT Green Looking ahead, we will further deepen the discussion, taking what we call our 3Cs as our starting point: Continuity: Maintain and develop existing capabilities, businesses, and measures. Change: Adapt to environmental changes. Transform the business model, etc. (Take on) Challenges: Work toward achievement, starting from the gap between reality and our vision. Future In AGES2025, we worked out specific strategies and actions originating in four key growth areas. AGES 30
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We further discussed the strengthening of our corporate brand, global management structure, and data-driven management with the aim of maximizing management resources. Strengthening of our corporate brand Strengthening of our global management structure Strengthening of data- driven management Based on conditions in countries, regions, and business areas, consider how to strengthen and utilize brand assets, and expand and create business. ⇒ Discuss division of roles in branding for all stakeholders, increasing brand value through business, measures to strengthen business through brands, etc. Evolve global management, and consider structural, functional, and operational aspects to improve the effectiveness of the Group's management strategy. ⇒ Discuss global and local scopes of responsibilities/authority, strategies for global human capital management, etc. Consider improving the environment for permeation of data/information-based management, and the further use of AI and knowledge sharing for global synergy and Speed Up. ⇒ Discuss the action framework for advancing data-driven management, AI-driven streamlining/advancement of information for management, action plans for the use of AI, etc. Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Advance concrete strategy and action initiatives while checking progress in the Executive Committee and other venues 31 II-2. AGES2025 Topics (2)
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II-3. Post 2030 Plan Copyright ©2025 Ajinomoto Co., Inc. All rights reserved The Board of Directors is scheduled to begin discussions of our long -term vision this fiscal year, based on the output of AGES and other sources. We will continue to evolve medium -term ASV initiatives by connecting and refining the 2030 Roadmap and Post 2030. FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 and on 60-Day Plan AGES Identification of management issues Improvement actions 2030 Roadmap Continue to evolve medium -term ASV initiatives while making course corrections Demonstrate leadership to become a company that continues to create innovation Steady achievement of the 2030 Roadmap Post 2030 Continue to evolve medium -term ASV initiatives while making course corrections Discussion of our long-term vision by the Board of Directors Identification of management issues Improvement actions Reflect in medium- and long- term plans and company-wide strategies Also contribute to the achievement of short-term actions and the 2030 Roadmap 32
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Human resources are the driving force behind value creation and innovation. While fostering the human resources who will drive global business growth, we will integrate globally and evolve into a truly global company. II-4. Human Assets Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Career paths that cut across business and functional departments Toward a truly global company Foster human resources that drive global business growth Promote further diversity, beyond gender and region (Overseas assignments, appointments to key positions) Conceptual diagram of our human resources strategy 33
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Copyright ©2025 Ajinomoto Co., Inc. All rights reserved The result area “ASV realization process” (average score from 8 categories) increase d by 2 points from the previous year to 78 with improvements in every category. Scores increased in many categories, including an increase in the result area “Empathy for our Purpose ,” which was achieved with activities promoting empathy with O ur Philosophy. “Enhancement of productivity (Issues in the approval process)” showed a significant improvement of 9 points from the previous year, but the score is still low. We will work toward further improvement. ASV realization process 78 Empathy for our Purpose Customer focus ASV as one’s own initiative Encouragement for new opportunities Co-creation through inclusion Enhancement of productivity (Issues in the approval process) Innovation creation Creation of social & economic value 94 91 77 85 80 28 87 80 +1 +1 Reference: Question regarding enhancement of productivity (issues in the approval process) I think we have to get quite a lot of approvals before decisions are made on things in our day-to-day operations here at this company. +2 +1 +1 +1 +1 +9 0 75 75 76 76 78 74 75 76 77 78 79 80 FY21 FY22 FY23 FY24 FY25速報値 ASV realization process score II-4. Human Asset Initiatives (Engagement Survey, Preliminary Results) FY2025 preliminary results Dif. with prev. year FY25 Preliminary results 34
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Message from the CEO ・Even in an uncertain environment, we will properly recognize change, respond quickly, and will aim to achieve our FY2025 forecast. ・We will endeavor to achieve the 2030 Roadmap ahead of schedule through sustained growth in the Food Products business and dramatic growth in the Healthcare and Others business, always maintaining a healthy sense of urgency. ・Aiming for growth beyond the 2030 Roadmap, we will further enhance corporate value by creating concrete strategies for realizing our vision and by sustainably innovati ng. Copyright ©2025 Ajinomoto Co., Inc. All rights reserved 35
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➢ Forward-looking statements, such as business performance forecasts, made in these materials are based on management's estimates, assumptions and projections at the time of publication. A number of factors could cause actual results to differ materially from expectations. ➢ This material includes summary figures that have not been audited so the numbers may change. ➢ Amounts presented in these materials are rounded down. ➢ “AminoScience” is a registered trademark of Ajinomoto Co., Inc.
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Changes in Business Profit (FY2025 Forecast by P&L Factor) 159.3 180.0 39.5 24.0 - 43.5 0.5 120 160 200 240 FY24 Actual Change in GP due to change in GP margin Change in GP due to change in sales Change in SGA expenses Share of profit of associates and joint ventures FY25 Forecast Increased international consumer product unit prices: Approx. +¥18.0 bil. Investment in intangible assets to bring growth Investment in marketing: Approx. -¥13.0 bil. Investment in R&D: Approx. -¥2.5 bil. Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Increased GP from increased sales and an improved profit structure (¥ bil.) 37
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Factors behind Changes in Business Profit (FY2025 Forecast by Segment) Copyright ©2025 Ajinomoto Co., Inc. All rights reserved 38 159.3 180.0 5.0 1.9 17.0 0.0 3.3 100 120 140 160 180 200 FY24 Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses Actual FY25 Forecast FY2025 Forecast vs FY2024 Actual Shared companywide expenses not attributable to specific reportable segments were previously allocated to each reportable segment based on reasonable criteria. However, the Company changed to a method that does not allocate shared companywide expenses to each reportable segment from FY2025 in order to evaluate the performance of each reportable segment more appropriately. Shared companywide expenses mainly relate to the parent company’s administrative divisions. (¥ bil.)
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28.5 -14.0 -11.5 FY24 actual Change in GP due to change in sales Change in costs of raw materials and manufacturing Change in SGA expenses, etc. vs. FY2024 +3.0 Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales, and Factors behind Changes in Business Profit Factors behind changes in business profit (Japan) Factors behind changes in business profit (overseas, local currency basis) 16.0 -9.5 -5.5 FY24 actual Change in GP due to change in sales Change in costs of raw materials and manufacturing Change in SGA expenses, etc. vs. FY2024 +1.0 Japan sales: 107% Volume 98% Unit prices 109% Overseas sales: 109% (local currency basis) Volume 106% 103% FY25 Forecast FY25 Forecast Breakdown of the FY2025 sales forecast and factors behind changes in the business profit forecast, in Japan and overseas (vs. the previous year). Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Unit prices (¥ bil.) (¥ bil.) 39
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Summary of the Second Quarter (July -September) vs Q2-FY24 Details of impacts in Q2-FY2025 Sales -3.8 Change in GP due to change in sales -1.5 Decrease in GP due to decreased revenue in umami seasonings for processed food manufacturers and Frozen Foods, in addition to the sale of Althea. Change in GP due to change in GP margin 3.8 A higher GP margin in Bio-Pharma Services and Sauce and Seasonings overseas contributed to increased GP. Change in SGA expenses -6.4 Increase in SGA expenses due to the enhancement of human resource investment and to strategic expenses. Share of profit of associates and joint ventures -0.2 Business profit -4.3 Change in other operating income/expenses -3.2 Change in financial income/expenses 1.2 Profit attributable to owners of the parent company -7.2 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Business profit: Decreased Profit attributable to owners of the parent company: Decreased Sales: Level with the previous year 99.0% of FY2024 ¥374.8 billion Excluding currency translation: 98.4% down ¥3.8 billion 90.2% of FY2024 down ¥4.3 billion ¥39.5 billion Excluding currency translation: 89.0% 72.5 % of FY2024 down ¥19.0 billion YoY Change Details – Summary (¥ bil.) 40
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FY25-H1 （A） FY24-H1 （B） Difference (A) –(B) Vs. prev. year (A) / (B) Excluding currency translation Vs. prev. year (A) / (B) FY25 forecast (C) Vs. forecast （A) / (C) Sales 738.8 744.2 -5.3 99% 100% 1,618.0 45% Business profit 86.7 86.9 -0.1 99% 100% 180.0 48% Other operating income & expenses -4.9 -6.0 1.1 - - - - Operating profit 81.8 80.8 0.9 101% - 180.7 45% Financial income & expenses -1.7 -2.6 0.9 - - - - Profit before income taxes 80.0 78.1 1.9 102% - 178.4 44% Income taxes -23.3 -22.3 -1.0 - - - - Profit 56.7 55.8 0.8 101% - 130.8 43% Profit attributable to owners of the parent company 51.2 50.2 1.0 102% - 120.0 42% Profit attributable to non- controlling interests 5.4 5.6 -0.1 97% - 10.8 50% (¥ bil.) Consolidated Statements of Income 41Copyright ©2025 Ajinomoto Co., Inc. All rights reserved
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FY25 actual FY25 forecast 1Q 2Q USD 144.59 147.46 145.00 EUR 163.81 172.30 157.50 THB 4.37 4.56 4.55 BRL 25.53 27.07 25.00 42Copyright ©2025 Ajinomoto Co., Inc. All rights reserved Assumed Exchange Rates and Exchange Rate Sensitivity Assumed exchange rates (vs. JPY) Exchange Rate Sensitivity Foreign exchange rates (vs. JPY) FY25 forecast Sensitivity of translation effects on full year business profit USD 145.00 1 JPY depreciation → approx. ＋¥130 million JPY EUR 157.50 1 JPY depreciation → approx. ＋¥80 million JPY THB 4.55 0.01 JPY depreciation → approx. ＋¥110 million JPY BRL 25.00 1 JPY depreciation → approx. ＋¥480 million JPY
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Sales Revenue increased in Sauce and Seasonings and Quick Nourishment (excluding coffee), mainly due to the effect of increased unit prices. Coffee revenue grew due to unit price growth under price increases. Overall, revenue increased. Business profit Profit large increased in coffee, for which we carried out price increases in response to increasing costs of raw materials. Profit decreased in Sauce and Seasonings and BtoB due to increased production costs, etc. Overall, profit decreased. Sales Revenue increased in the BtoC business, especially Sauce and Seasonings, mainly due to the effect of increased unit prices. Although revenue decreased in umami seasonings for processed food manufacturers mainly due to decreased volume, overall revenue increased. Business profit Business profit margin increased in solid-performing Sauce and Seasonings. This absorbed the decrease in profit in umami seasonings for processed food manufacturers. Overall, profit increased. Sales Revenue decreased, affected by a decrease in volume following price increases in March 2025. Business profit Profit decreased due to decreased revenue, increased production costs, etc. Sales Despite a decrease in revenue in North America primarily due to the sale of the Italian category business, revenue grew in Europe, ASEAN, and Latin America. Overall, revenue increased slightly. Business profit Overall, profit decreased due to temprary decreased revenue in North America and strategic expenses for the entry into new countries. Frozen Foods Japan Overseas (excluding currency translation) Segment and Area Business Overview, H1-FY2025 Seasonings and Foods Japan Overseas (excluding currency translation) 43 (vs. H1-FY2024) Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Key Financial Results by Segment (1) Despite revenue grew in ASEAN and Latin America, revenue decreased in North America due to the impact of tariffs and the timing of promotions for key accounts (temporary factors). Overall, revenue was level with the previous year. Coffee revenue grew significantly due to unit price growth under price increase. Overall, revenue increased. Overall, profit decreased significantly due to temporary decreased revenue in North America and strategic expenses for the entry into new countries.
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Business Overview, H1-FY2025 Sales Revenue increased significantly in electronic materials due to strong demand for AI servers. Continued growth in PCs and general servers also contributed to increased sales of ABF™. Business profit Profit increased significantly due to the significant increase in revenue. Sales Overall revenue increased. Growth in amino acids for biopharmaceuticals and amino acids used in culture media drove overall revenue growth. Business profit Profit increased due to increased revenue. Sales Despite strong performance in small molecules and gene therapy, overall revenue decreased due to a decrease in medium molecules, following concentrated shipments in the previous H1 and the sale of Althea. Business profit Profit increased in small molecules and gene therapy which, despite decreased profit in medium molecules, combined with the effects of restructuring following the sale of Althea, resulted in an increase in profit. Sales Business profit Segment and Area Total (excluding currency translation) Healthcare and Others Functional Materials (electronic materials and others) Amino Acids for Pharmaceuticals and Foods Bio-Pharma Services (CDMO services) 44Copyright © 2025 Ajinomoto Co., Inc. All rights reserved Key Financial Results by Segment (2) (vs. H1-FY2024)