Ajinomoto Co., Inc.

Record performance in 1st–3rd quarters; 3Q momentum strong across segments - For FY25 3Q cumulative (ended Dec 2025): Sales JPY 1,164.1bn (+1% YoY; 101% of FY24; 101% excluding FX) and Business profit JPY 145.9bn (105% of FY24; 105% excluding FX); Profit attributable to owners also hit new highs. - 3Q alone (Oct–Dec): all businesses grew sales and profit, including Seasonings & Foods, Frozen Foods, Healthcare; Business profit +115% YoY (major acceleration versus the first half when growth had been flat).

FY25 guidance revised upward (profit); sales slightly down—driven by Healthcare strength + one-off - Full-year FY25 forecast: Business profit and profit attributable to owners revised upward. - Sales revised slightly downward overall, but management expects food profit (Seasonings & Foods + Frozen Foods) to steady at the initial plan, while Healthcare & Others revised up, mainly due to Functional Materials strength. - Surprising / positive factor: additional upward revision partly because a separately disclosed gain from partial sale of fixed assets is expected to exceed the initially assumed amount.

Segment highlights: strong upside in Healthcare/Functional Materials; Food mixed (best momentum in Japan coffee & seasonings) - Functional Materials (Bio & Fine Chemicals): very strong 3Q with large sales/profit acceleration; management cited high-end demand (AI server/network-related ABF furnish) and favorably shifting product mix as key reasons. - Bio-Pharma CDMO / Services: 3Q performance broadly on plan; Forge growth strong (sales/profits), but near-term profitability pressured by accelerated commercialization costs (major “consulting/ upfront” costs). Company guided that FY25 EBITDA profitability timing is slightly pressured (management prioritized growth). - Seasonings & Foods (Japan): coffee-related price/mix tailwinds continued; Japan sales for 3Q cumulative +10% YoY with unit price strong and volume slightly down—management emphasizes that new menu-specific/core seasonings and coffee initiatives drove profit. - Frozen Foods: 3Q return to growth in Japan after earlier softness; US performance had issues in the month affected by U.S. government shutdown / subsidy interruptions (November). Management expects stronger 4Q profits even if 3Q top line wasn’t growing.