Ajinomoto Co., Inc. · TSE:2802
Ajinomoto — Investor Presentation (February 2026)
35 slides from Ajinomoto's investor presentation, February 2026
Slide 1: Ajinomoto Co., Inc. (2802)
AJINOMOTO CO., INC（2802） (As of February 2026) 1 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved
Slide 2: Overview
1. Overview Established year Business operation 1909 Number of factory 121 affiliated companies 117 in31countries and regions Number of employee Number of R&D 34,860 Over 1,700 (As of March 31, 2025) 2 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved
Slide 3: Our Founding Aspiration and Now
2. Our Founding Aspiration and Now Commercialized AJI-NO-MOTO® in 1909 from amino acids (umami ingredients) contained in kelp dashi. Our founding aspiration Contribute to society through food Commitment to improve the nutrition of Japanese people with umami Dr. Kikunae Ikeda, Saburosuke Suzuki II, D
Slide 4: Aspiration (Purpose)
3. Aspiration (Purpose) Contributing to the well-being of all human beings, our society, and our planet with “AminoScience” 4 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved
Slide 5: What is AminoScience?
4. What is “AminoScience”? A collective term for the various materials, functions, technologies, and services derived from research and implementation processes with a rigorous focus on the function of amino acids. It also refers to the Ajinomoto Group’s unique scientific approach to connect these t
Slide 6: Using Amino Acids as a Source for Range of Business
5． Using Amino Acids as a Source for Range of Business Ajinomoto Build-up Film® (ABF) 6 Copyright © 2025 Ajinomoto Co., Inc. All rights reserved
Slide 7: Sales and Business Profit History
6． Sales and Business Profit 6-1. Sales and Business Profit History Sales Business Profit 260 15% (%) Business Profit Margin (RHS) 160 240 220 140 200 10% 180 120 160 140 5% 100 120 100 80 80 0% • Sales / Business Profit (LHS）: % with FY11 as 100 • IFRS from FY15 Business profit FY11-FY14 show opera
Slide 8: FY2024 Sales and Business Profit by Segments
6． Sales and Business Profit 6-2. FY2024 Sales and Business Profit by Segments ＜Sales＞ Other 1% EMEA FY24 ¥1,530.5 billion Healthcare ＆ 10% Japan Others 21% 34% Americas Frozen Foods Seasonings & Foods 27% 59% Asia 19% 29% ＜Business Profit＞ Other 3% EMEA FY24 Americas ¥159.3 billion Healthcare & Oth
Slide 9: Seasonings & Foods
7. Core Business Strategies Sales of Seasonings & Foods ： 7-1. Seasonings & Foods ¥896.0 B yen（FY24） ●Japan ¥291.8 B yen（FY24） ●Overseas ¥604.1 B yen（FY24） Sales ratio of area ＜Home use：Japan＞ 7％ ・Seasonings ・Over 130 country & AJI-NO-MOTO®,Hondashi®, region 23％ （Thai,Indonesia, Vietnam, Consomme, C
Slide 10: Seasonings & Foods
7. Core Business Strategies 7-1. Seasonings & Foods Toward regrowth Expansion of Slowing growth in through high emerging markets emerging markets value-added (%) Sales 210 180 EMEA 3% 150 Americas 12% 120 Japan 90 29% (%) 270 Business Profit Asia 210 56% 150 Sauce & Seasonings and Quick Nourishment
Slide 11: Seasonings & Foods: Product range spread
7. Core Business Strategies 7-1. Seasonings & Foods FY25 Forecast organic growth rate: 4.5％ Reduced-salt products and Product range spread Increasing added value health value-added (unit price growth) products Menu-specific seasonings Flavor seasonings Umami seasonings Other Japan Thailand Indonesia
Slide 12: Frozen Foods
7. Core Business Strategies Frozen Foods Sales： 7-2. Frozen Foods 289.3 B yen（FY24） ●Japan 86.7 B yen（FY24） ●Overseas 202.6 B yen（FY24） Percentage of Overseas Sales 3％ for Geographical Areas ＜Home-use：Japan＞ ・Mainly in 10％ Gyoza North America, 「ザ★®(THE)」bland Europe, Thailand, Yawaraka Wakadori Kara
Slide 13: Frozen Foods
7. Core Business Strategies 7-2. Frozen Foods M&A Sales mainly in in North America From Structural Japan Japan Reform to Growth and Europe (%) 270 Sales 210 North 150 America 90 (%) Business Profit 230 180 Europe 130 80 30 * % with FY11 as 100 * Business profit does not take into account common expe
Slide 14: Frozen Foods: Growth in the Asian Category
7. Core Business Strategies 7-2. Frozen Foods : Growth in the Asian Category Focus on core categories (especially the Asian category) Expansion of the Asian category is expected to continue. Share of market for Asian category Local currency basis CAGR Asian Launch of Japanese-style gyoza (Hane Gyoza
Slide 15: Frozen Foods: Initiatives for a Robust Earnings Structure
7. Core Business Strategies 7-2. Frozen Foods : Initiatives for a Robust Earnings Structure In Frozen Foods, we are reducing assets: 19⇒14 factories overseas, 7⇒6 factories in Japan. We aim to reduce non-current assets by approximately ¥3.5 billion and achieve an ROIC of 5% in 2025. China Europe 3⇒1
Slide 16: Healthcare and Others
7. Core Business Strategies Sales of Healthcare and Others : 7-3. Healthcare and Others ￥328.3 B yen （FY24） ●Electronic materials ●Amino acids for pharmaceuticals and foods and others 76.5 B yen（FY24） Approx.58.5 B yen（FY24） Ajinomoto Build-Up Film® (ABF) is a film-type insulating material that is u
Slide 17: Healthcare and Others
7. Core Business Strategies 7-3. Healthcare and Others Restructuring commoditized Animal Nutrition and ・The structural reform businesses and Domestic Pharmaceutical was completed concentrate on highly Businesses Commoditized ・Highly profitable profitable businesses (%) 180 Sales Functional Materials
Slide 18: What is Ajinomoto Build-up Film (ABF)?
7. Core Business Strategies 7-3. Healthcare and Others : What is Ajinomoto Build-up Film® (ABF)? IC chip Film-type insulation material protecting the core components in personal computers Motherboard Semiconductor packaging substrate Cross-section of packaging substrate Semiconductor IC chip packagi
Slide 19: Development of ABF and Growth of ICT
7. Core Business Strategies 7-3. Healthcare and Others : Development of ABF and Growth of ICT ✓ ABF is essential for semiconductor package substrates and is the de facto standard ✓ ABF usage grows due to shift to HPC* applications Toward ultra-high speed and ✓ ABF also contributes to the evolution o
Slide 20: Bio-Pharma Services business (CDMO)
7. Core Business Strategies 7-3. Healthcare and Others : Bio-Pharma Services business (CDMO) Grow the Bio-Pharma business through Ajinomoto Group’s proprietary manufacturing technology and solution development capabilities that address the API demand, performance, quality, and development speed nece
Slide 21: Features of Ajinomoto's Oligonucleotide Contract Business
7. Core Business Strategies 7-3. Healthcare and Others : Features of Ajinomoto’s Oligonucleotide Contract Business Only CDMO using AJIPHASE®, a proprietary liquid-phase manufacturing technology, in addition to solid-phase manufacturing technology Solid-phase synthesis (Osaka) AJIPHASE® Fast Synthesi
Slide 22: Issues in ADC Design and the Value of Our Unique Technology
7. Core Business Strategies 7-3. Healthcare and Others : Issues in ADC Design and the Value of Our Unique Technology is a breakthrough technology enabling easy creation of site-specific ADCs with high efficacy and low toxicity Conventional ADCs Site-specific ADCs Mixture: anticancer drug bound to di
Slide 23: Shift from structural reform to growth
8.Shift from structural reform to growth We aim to achieve a highly profitable, unique, and robust structure by shifting to growth in the four outcome-driven growth areas through evolution of core businesses and business model transformation (BMX) . Four growth areas Bio & Fine Healthcare ICT CAGR C
Slide 24: ASV Indicators
9. ASV Indicators 9. ASV Indicators We will promote “medium-term ASV initiatives” which improves our execution capabilities and continue to take on the challenge of ambitious “ASV indicators.” Some uncertainties are expected. Nevertheless, we will work in unison as the Group and with excitement to a
Slide 25: ASV Indicators
9. ASV Indicators 9. ASV Indicators We are adjusting existing KPIs for achieving our future vision, combining these with new needed metrics and changing to ASV indicators that will encourage further growth and challenges. Eat Well, Live Well. ASV Indicators Economic value Social value indicators ind
Slide 26: 2030 ASV Indicators
9. ASV Indicators 9. 2030 ASV Indicators Ref.: Aim for FY23 FY24 Q3-FY25 Cumulative actual FY25 Revised forecast FY25 plan* FY30 plan* approx. 3x EPS (vs. FY2022） *At time of the 2030 Roadmap announcement Approx. Approx. ROE 11.0% 9.0% - 17% 18% 20% （11.4%） (Excluding the impact of the Forge acquisi
Slide 27: 2030 ASV indicators: Social value
9. ASV Indicators 2030 ASV indicators | Social value We will contribute to extending the healthy life expectancy for one billion people by promoting initiatives based on the “Nutrition Without Compromise” approach. Initiatives for advancing our approach of nutrition without compromise (Commitment to
Slide 28: 2030 ASV indicators: Social value
9. ASV Indicators 2030 ASV indicators | Social value We are working to reduce our environmental impact by 50% by 2030 and to achieve carbon neutrality by 2050. Issues KPIs Targets FY24 (Results) Scope 1, 2 Total FY30：Reduced by 50％ (vs. FY18) 43％ reduction Greenhouse gas Response to Scope 3 Total FY
Slide 29: Financial strategy: Shareholder Returns and Investment for Growth
10. Financial strategy Shareholder Returns and Investment for Growth (Our Thinking under the Medium-Term ASV Initiative) While generating record-high operating cash flow and making necessary investments for the future, we will aggressively buy back shares as a second tier of investments above WACC.
Slide 30: Shareholder Returns and Investment for Growth
10. Financial strategy Shareholder Returns and Investment for Growth A dividend increase based on a progressive dividend policy is scheduled for FY2025. 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 ◼Divide
Slide 31: Continuous strengthening of shareholder returns
10. Financial strategy Continuous strengthening of shareholder returns We will strengthen shareholder returns by introducing a progressive dividend policy, adopting dividends based on normalized EPS, and continuing dynamic share buybacks. FY20–25 MTP Shareholder Shareholder Return Policy Going Forwa
Slide 32: Forward-looking statements
➢ 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 s
Slide 33: Reference Links
Reference Links Ajinomoto Group IR https://www.ajinomoto.co.jp/company/en/ir/ Ajinomoto Group ASV Report (Integrated Report) 2025 https://www.ajinomoto.co.jp/company/en/ir/library/annual.html Medium-Term ASV Initiatives 2030 Roadmap https://www.ajinomoto.co.jp/company/en/ir/event/medium_term.html Aj
Slide 34: (Reference) What Are Amino Acids?
(Reference) What Are Amino Acids? About 20% Lipids The 20 Types of Amino Acids and Saccharides That Make Up Proteins Approx. 100,000 Isoleucine Glycine About 20% types of proteins Leucine Alanine Proteins Lysine Serine Methionine Aspartate Phenylalanine Asparagine About 60% Water Threonine Glutamate
Slide 35: (Reference) Raw materials and Production Method
(Reference) Raw materials and Production Method Production process of glutamic acid by fermentation ● ● ● Glucose and glutamic acid producing microbe ● ● ● are key substances to produce glutamic acid Glucose by fermentation. Sugar cane Molasses (a kind of sugar) in molasses extracted from sugar cane