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Eat Well , Live Well . Aj AJINOMOTO . Ajinomoto Co. , Inc. ( 2802 ) Forecast for FY2026 ( Ending March 31 , 2027 ) and Initiatives for Enhancing Corporate Value Masataka Kaji Executive Officer , General Manager , IR Office August 6 , 2026
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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. ⚫“AminoScience” is a registered trademark of Ajinomoto Co., Inc.
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3Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Today’s Message • Revenue increased and profit significantly increased in Q1-FY2026. Sales, business profit, and profit attributable to owners of the parent company all set new records for Q1. Business profit was 127% of the previous year. • In the Food products business, the Seasonings and Foods business overall saw increased revenue and profit both in Japan and overseas. • Healthcare and Others saw a significant increase in both revenue and profit. Functional Materials (electronic materials and others) continued to perform well. Bio-Pharma Services & Ingredients overall also saw increased revenue and significantly increased profit. • To reflect the strong sales in the Functional Materials business, sales, business profit, and profit attributable to owners of the parent company have all been revised upward in the FY2026 full-year forecast. We will respond agilely to the impact of cost increases due to the situation in the Middle East, and aim to steadily achieve our revised plan. • We will further enhance the human resource and organizational capabilities of the Group as a whole, evolve ASV initiatives, and continue our endeavors to achieve the 2030 Roadmap ahead of schedule.
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I-1. Digest of the First Quarter (April - June) 4Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Business profit: Significantly Increased (New record) Profit attributable to owners of the parent company: Increased (New record) 113% of FY2025 127% of FY2025 up ¥12.8 billion 113 % of FY2025 ¥412.1 billion Excluding currency translation: 105% ¥60.1 billion ¥36.4 billion Excluding currency translation: 119% vs Q1-FY25 Details of impacts in Q1-FY2026 Sales 48.0 Change in GP due to change in sales 18.4 Increase mainly due to Seasonings & Foods, Functional Materials and Amino acid for Pharmaceuticals and Foods Change in GP due to change in GP margin 7.2 Increase mainly due to Overseas Sauce & Seasonings, Coffee in Japan, Functional Materials and Amino acid for Pharmaceuticals and Foods Change in SGA expenses -12.3 Increase in SGA expenses mainly due to enhancement of human resource investment and to marketing investment Share of profit of associates and joint ventures -0.4 Business profit 12.8 Change in operating income/expenses -6.3 Increase in the previous year was mainly due to an improvement in foreign exchange gains/losses Change in financial income/expenses 0.4 Profit attributable to owners of the parent company 4.2 YoY Change Details – Summary Sales: Increased (New record) up ¥48 billion (¥ Billion) up ¥4.2 billion
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I-2. Changes in Business Profit (Q1 Results by P&L Factor) Ref.: Impact of currency translation: approximately ¥ 3.7 billion 5Copyright © 2026 Ajinomoto Co., Inc. All rights reserved 47.2 60.1 18.4 7.2 -12.3 -0.4 30 50 70 Q1-FY25 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 Q1-FY26 Actual (¥ bil.) Investment in Personnel: Approx. -¥2.6bil. Marketing: Approx. -¥1.5bil. Investment in R&D: Approx. -¥0.6bil. Currency translation: Approx. -¥6.8bil. Increased GP from an improved profit structure Increased international consumer product unit prices: Approx. +¥ 2.4 bil. Investment in intangible assets to bring growth
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6Copyright © 2026 Ajinomoto Co., Inc. All rights reserved I-2. Changes in Business Profit (Q1 Results by Disclosed Segment) (Ref.) FY2026 Initial Full-Year Forecast vs. FY2025 Full-Year Actual 181.1 198 197.0 13.7 -0.9 -3.6 100 120 140 160 180 200 220 FY25 Actual Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses (¥bil) 47.2 60.1 4.7 -0.6 9.7 -0.2 -0.6 30 50 70 Q1-FY25 Actual Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses Q1-FY26 Actual 2.8 3.7 (¥bil) Q1-FY2 6 Actual vs. Q1-FY2 5 Actual FY26 Initial Forecast
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I-3. Key Financial Results by Segment (1) 7Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Vs. Q1-FY2025 Business Overview, Q1-FY2026 Food Products business overall Sales Overall, revenue increased when both the Seasonings and Foods business and Frozen Foods businesses are combined. Business profit Overall, business profit increased when both the Seasonings and Foods business and Frozen Foods businesses are combined. Seasonings and Foods Japan Sales Sauce and Seasonings was at the level of the previous year, the increased revenue of coffee and strong soup sales pulled revenue to an increase. Revenue also increased in S&I, and overall, revenue increased. Business profit Sauce and Seasonings profit increased and profit increased significantly in coffee due to price increases implemented to address higher raw material costs. Overall, profit increased significantly. Overseas Sales Sauce and Seasonings, Quick Nourishment, and S&I all saw increased revenue, and overall, revenue increased significantly. Business profit Profit increased in the Sauce and Seasonings along with the increase in revenue. This absorbed the decrease in profit in Quick Nourishment and S&I, and overall, profit increased. Frozen Foods Japan Sales Overall, revenue increased due to strong sales of gyoza, a mainstay product. Overall, profit decreased significantly due to the impact of higher raw material and logistics costs.Business profit Overseas Sales Overall, revenue increased with currency translation effects, primarily in North America. Overall, profit decreased significantly due to a delayed recovery to the impact of product recalls, as well as the impact of higher raw material and logistics costs. Business profit (Sauce and Seasonings, Quick Nourishment, Solution & Ingredients)
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I-3. Key Financial Results by Segment (2) 8Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Vs. Q1-FY2025 Business Overview, Q1-FY2026 Bio & Fine Chemicals business overall Sales Overall, revenue increased significantly. Functional Materials, Amino Acids for Pharmaceuticals and Foods, and Bio-Pharma Services (CDMO) all saw increased revenue. Business profit Overall, profit increased significantly. Functional Materials, Amino Acids for Pharmaceuticals and Foods, and Bio-Pharma Services (CDMO) all saw increased profit. Healthcare and Others Functional Materials (electronic materials and others) Sales Revenue increased significantly in electronic materials. Sales of ABFTM were strong for high-performance boards used in AI, servers, networks, etc. Business profit Profit increased significantly due to revenue increasing significantly. Amino Acids for Pharmaceuticals and Foods Sales Overall, revenue increased. Sales grew for high-added-value amino acids for biopharmaceuticals and culture media, etc. Business profit Profit increased due to increased revenue. Bio-Pharma Services (CDMO services) Sales Overall, revenue and profit increased, led by small molecules and gene therapy. Although revenue and profit decreased for AJIPHASEⓇ due to the timing of shipments, results were in line with the Company’s plan.Business profit
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Ⅰ-4. Revised Forecast for FY2026 ①FY26 Revised forecast ②FY26 Initial forecast ③（=①-②） FY26 Revised forecast vs. Initial forecast ④ FY25 Actual ⑤（=①/④） FY26 Revised forecast vs. FY25 Actual Sales 1,732.0 1,723.0 9.0 1,583.7 109％ Seasonings and Foods 998.6 998.6 - 936.9 106％ Frozen Foods 310.6 310.6 - 290.3 107％ Healthcare and Others 406.8 397.8 9.0 341.5 119％ Other 15.8 15.8 - 14.9 105％ Business Profit 202.0 197.0 5.0 181.1 111％ Seasonings and Foods 145.9 145.9 - 143.0 102％ Frozen Foods 12.1 12.1 - 8.4 144％ Healthcare and Others 85.0 80.0 5.0 66.2 128％ Other 5.1 5.1 - 6.0 84％ Shared companywide expenses -46.2 -46.2 - -42.5 108％ Operating profit 184.2 179.2 5.0 199.4 92％ Profit before Income taxes 180.2 175.2 5.0 196.1 91％ Profit attributable to owners of the parent company 123.5 120.0 3.5 134.6 91％ Revised upward forecasts for Sales, Business Profit and Profit attributable to owners of the parent company, reflecting strong performance in the Functional Materials business. Impact from Middle East tensions, which was not factored into the initial forecast, has also been incorporated. Copyright © 2026 Ajinomoto Co., Inc. All rights reserved 9 Sales: Upward revision ¥1,732.0 billion Business Profit: Upward revision ¥202.0 billion (¥bil) Profit attributable to owners of the parent company: Upward revision ¥123.5 billion Amount of revision：+3.5 billion 109％ of FY2025 111％ of FY2025 Excluding currency translation：109% 91％ of FY2025 Assumed exchange rate: ¥150/USD Amount of revision：+5.0 billionAmount of revision：+9.0 billion Excluding currency translation：111%
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10 Although increased costs due to the situation in the Middle East may have a -¥25.0 billion potential impact (reflecting Q1 results) for the full year, we will respond agilely to absorb this impact during FY2026. Copyright © 2026 Ajinomoto Co., Inc. All rights reserved I-5. Impact of the Situation in the Middle East and Our Response Policy Impact of the situation in the Middle East and our response policy(reflecting up to Q1 results) Potential impact on the FY2026 revised forecast: about -¥25.0 billion (business profit) Assumptions: Crude oil: Dubai crude oil $110/BBL Exchange rate: ¥158 /USD (Assumes continuation from July to the end of the fiscal year) Cost-related risk Rising costs may impact fermentation raw materials (main and sub materials), food raw materials, packaging materials, energy (electricity and gas), and logistics. ⇒ We will minimize the impact through wide-ranging and solid cost reduction initiatives, while also implementing agile pricing measures in line with market conditions.
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▲ 200 ▲ 150 ▲ 100 ▲ 50 0 50 100 150 200 1Q-FY26 2Q-FY26 2H-FY26 11Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Q1 (actual) Q2 (forecast) H2 (forecast) FY2026: Impact of the situation in the Middle East and our response in the Food Products business* I-5. Impact of the Situation in the Middle East and Our Response Policy (Food Products Business*) Impact of increased costs Effect of increased revenue, cost reductions, etc. The impact of increased costs due to the situation in the Middle East, such as for raw materials and logistics, is expected to become fully apparent from Q2 onward.We will respond agilely to absorb this impact during FY2026 and aim to achieve our planned profit growth in the Food Products business. (*Total of Seasonings and Foods and Frozen Foods) (*Total of Seasonings and Foods and Frozen Foods) Impact of increased costs Effect of increased revenue, cost reductions, etc. Impact of increased costs Effect of increased revenue, cost reductions, etc.
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Copyright © 2026 Ajinomoto Co., Inc. All rights reserved 12 181.1 202.0 18.7 -0.9 -3.6 100 150 200 250 FY25 Actual Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses FY26 業績予想 2.8 3.7 FY2026 Revised Forecast vs. FY2025 Actual(¥ bil.) I-6. Changes in Business Profit (FY2026 Forecast) Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses FY25 Actual FY26 Revised Forecast (Ref.) FY2026 Initial Full-Year Forecast vs. FY2025 Full-Year Actual 181.1 198 197.0 13.7 -0.9 -3.6 100 120 140 160 180 200 220 FY25 Actual Seasonings and Foods Frozen Foods Healthcare and Others Other Shared companywide expenses (¥bil) 2.8 3.7 FY26 Initial Forecast Frozen Foods FY25 Actual Seasonings and Foods Healthcare and Others Other Shared companywide expenses
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Breakdown of sales of Sauce and Seasonings and Quick Nourishment (Japan and overseas ) 13Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Japan: Revenue increased in coffee, driven by price revision to address rising raw material costs, as well as in soups and other products. Overseas: Alongwith steady growth in umami seasonings and flavor seasonings, revenue increased in cooking sauces and menu -specific seasonings mainly in the five major countries. Japan Sales 105% 95% 110% Overseas Sales: 103% （local currency basis） Volume Unit prices102% 101% Q1-FY26 Actual OverseasJapan（including coffee） Q1-FY26 Actual I-7. Sauce and Seasonings, and Quick Nourishment: Breakdown of Sales Volume Unit prices Q1-FY26 Progress
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FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30FY2030 Roadmap Sales FY2026 initial forecast FY2026 revised forecast I-8. Healthcare and Others (Functional Materials) 14Copyright © 2026 Ajinomoto Co., Inc. All rights reserved 125% 110% 120% (The numbers with % are vs. the previous year) 131% ~~ Functional Materials Q1-FY2026 compared with the same period of the previous year: Sales: 154% Business profit: 177% *Ajinomoto Build-up Film. “ABF” is a registered trademark of our company. Reflecting Q1 results, the FY2026 forecast was revised upward (sales: +¥9.0 billion, business profit: +¥5.0 billion). Sales of ABFTM* for high-performance boards used in AI, servers, networks, etc. continue to be strong, and our product mix is also improving. Sales of Functional Materials FY2018 FY2019 FY2020 FY2024 FY2025FY2021 FY2022 FY2023
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I-9. Healthcare and Others (Functional Materials) 15Copyright © 2026 Ajinomoto Co., Inc. All rights reserved We will begin preparations to merge Ajinomoto Fine-Techno Co., Inc., which serves as the core of the functional materials business, into Ajinomoto Co., Inc. through an absorption-type merger, with an effective date of April 1, 2027. Ajinomoto Fine-Techno Co., Inc. Established September 1942 Capital ¥315 million Business Development, manufacture, and sale of electronic materials and functional materials Employees 487 (as of April 1, 2026) Location Kawasaki City, Kanagawa Prefecture Sales ¥98,383 million (FY2025) Operating profit ¥53,012 million (FY2025) This move will further enhance competitiveness of the Functional Materials business, solidify growth in the ICT area, and strengthen the Group’s efforts to achieve the 2030 Roadmap ahead of schedule. For details, please refer to the press release of August 6, 2026: “Notice Regarding the Basic Policy for the Absorption-Type Merger of Ajinomoto Fine-Techno Co., Inc. by Ajinomoto Co. Inc.” This absorption-type merger may result in a positive tax effect. We will continue to examine the details and will promptly disclose items we should disclosure. Effective date of the merger Date of conclusion of the merger agreement Date of Board of Directors’ vote on the merger Merger schedule April 1, 2027 (planned) November 26, 2026 (planned) November 26, 2026 (planned)
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I-10. Healthcare and Others (Bio-Pharma Services (CDMO Services)) In Q1-FY2026, both revenue and profit increased overall. Revenue and profit increased for small molecules and gene therapy (Forge). Although revenue and profit decreased for AJIPHASEⓇ due to the timing of shipments, results were in line with the Company’s plan. 16Copyright © 2026 Ajinomoto Co., Inc. All rights reserved Q1-FY2026 review Japan Although revenue and profit decreased for AJIPHASEⓇ due to the timing of shipments, results were in line with the Company’s plan. North America (Forge) The business profit loss narrowed along with increased revenue. Europe Continued strong performance centered on mainstay small molecules. Japan North America (Forge) Europe We expect increased revenue and profit for the full year due to strong performance in small molecules, and also a contribution from medium molecules, a proprietary technology of ours. We expect increased revenue for AJIPHASEⓇ in Q3. We expect contributions to revenue and profit from AJICAPⓇ. We expect increased revenue and profit for the full year. We will aim for becoming profitable on an EBITDA basis this fiscal year. We expect increased revenue and profit for the full year. FY2026 full-year forecast
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Seasonings and Foods Frozen Foods Sauce & Seasonings Quick Nourishment Solution & Ingredients Frozen Foods Total Healthcare and Others Bio-Pharma Services & Ingredients Functional Materials (electronic materials and others) Others Reference: Growth Paths by Segment EBITDA marginSegment ROICOrganic growth Business profit (Vs. prev. year) (Vs. prev. year) Copyright © 2026 Ajinomoto Co., Inc. All rights reserved FY25 actual Q1-FY26 actual FY26 Revised forecast 6.6% 13.0% 2.0% FY25 actual FY26 Revised forecast 20.8％ 19% FY25 actual Q1-FY26 actual FY26 Revised forecast 19.8％ 21.9％ 19% FY25 actual Q1-FY26 actual FY26 Revised forecast 3.4% 4.1% 7% 0.4% -1.6% 7% ¥8.4 Bil. ¥2.1 Bil. 12.1 Bil. 5% 7.9％ 8.3％ 8% 3.7% 5.7% 10% 13.7 % 27.3 % 11.5 % 11.8％ 11% 17.1％ 20.3％ 17% 45.1% 63.3% 28.4% 26.5％ 32.6％ 27%12.0％ 15% WACC 8% WACC 5% WACC 8% WACC 7% 8.3% 15.7% 19％ (BP) 0.1% 5.3% Excluding temporary factors Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. 17
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Message from the CEO 18Copyright © 2026 Ajinomoto Co., Inc. All rights reserved We will think well, do well, and will aim to steadily achieve our FY2026 forecast, and achieve the goals of our 2030 Roadmap ahead of schedule. • Q1-FY2026 got off to a strong start, with business profit reaching a record high for a single quarter. • In addition to steady growth in the Food Products business, the Healthcare and Others business, particularly Functional Materials, led our financial results. Initiatives in each business unit, based on our high-speed development system, are beginning to yield results. • Based on our results in the first quarter, we have revised our full-year forecast upward. Our first priority is to steadily work on achieving this target, while also building on our current initiatives to generate further results. • Although there are some uncertainties in the external environment, we will steadily advance our efforts to achieve the 2030 Roadmap and continue aiming for sustainable growth and enhancing our corporate value. We ask for the continued support of all our stakeholders, starting with our shareholders and investors. Shigeo Nakamura Director, Representative Executive Officer, President & Chief Executive Officer
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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. ➢ “AminoScience” is a registered trademark of Ajinomoto Co., Inc.
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Q1-FY26 (A) Q1-FY25 (B) Difference (A) – (B) Vs. prev. year (A) / (B) Excluding currency translation Vs. prev. year (A) / (B) FY26 full- year forecast (C) YTD progress (A) / (C) Sales 412.1 364.0 48.0 113％ 105% 1,732.0 23% Business profit 60.1 47.2 12.8 127％ 119% 202.0 29% Other operating income & expenses -4.2 2.1 -6.3 - - Operating profit 55.8 49.3 6.5 113％ - 184.2 30% Financial income & expenses -0.9 -1.3 0.4 - - Profit before income taxes 54.9 48.0 6.9 114％ - 180.2 30% Income taxes -15.6 -13.1 -2.5 - - Profit 39.3 34.9 4.3 112% - 133.5 29% Profit attributable to owners of the parent company 36.4 32.2 4.2 113% - 123.5 29% Profit attributable to non-controlling interests 2.8 2.7 0.1 105% - 10.0 28% Consolidated Statements of Income 20Copyright © 2026 Ajinomoto Co., Inc. All rights reserved (¥ Bil)