Ajinomoto Group
ASV Report 2025
Integrated Report
GROWTH
Speed-Up with CHANTO
TASTY
SPEED
ACCESSIBILITY
BEAUTY
STAMINA
TECHNOLOGY NEW FUNCTION
We will achieve "Eat Well, Live Well."
by going beyond resolving food and health issues, and contributing to the well-being of all human beings,
our society and our planet with "AminoScience."
Corporate Slogan
Purpose
Purpose
Contributing to the well-being of all human beings, our society and our planet with "AminoScience"
ASV
Ajinomoto Group Creating Shared Value
ASV Initiatives
Co-creation of social and economic value through our business
AGW
Ajinomoto Group Way
Values
Create new value, Pioneer spirit, Social contribution, Value people
Editorial policy
Please see Our Philosophy website for detail. https://www.ajinomoto.com/aboutus/group
Organizational scope
In this "ASV Report," we have placed emphasis on clearly reaffirming the "Vision for 2030" outlined in the Medium-Term ASV Management Roadmap 2030, and on conveying our commitment to steadily advancing toward its realization under the leadership of the new CEO. We hope that this report will encourage dialogue and help our shareholders, investors and all other stakeholders to better understand and have empathy for our Purpose.
This report covers the activities of the Group, comprising, unless otherwise noted, Ajinomoto Co., Inc. (the Company) and its consolidated subsidiaries and equity-method affiliates (as of March 31, 2025). When comprehensive Group information is not available, the data parameters are explicitly defined.
Period covered by this report
Fiscal 2024 (April 1, 2024 to March 31, 2025) Past circumstances, data, and recent cases outside of this time period are presented when appropriate.
Precautions related to forward-looking statements
Business performance forecasts and other forward-looking statements presented in this report are based on management estimates, assumptions, and projections at the time of publication. The Company does not guarantee that the forward-looking statements will be fulfilled. Various factors could cause actual results to differ materially from expectations.
Integrated Report
CONTENTS
Ajinomoto Group ASV Report 2025
Speed-Up with CHANTO
CHAPTER 1
CHAPTER 7
Message from
the President and CEO
Think Well, Do Well. A scenario to accelerate the realization of our Vision for 2030.
CHAPTER 2
Introduction
004
Intangible assets
Strongly linking four intangible assets to co-create innovation and realize ASV management Organization assets
Human assets Technology assets Customer assets
048
050
054
060
062
What is "AminoScience" ? The Founders' Aspirations | 016 018 | Sustainability | |
All about the Ajinomoto Group | 020 | Ajinomoto Group Sustainability | |
What ASV means to us | 022 | Creating a positive impact on society | 064 |
The Purpose of the Ajinomoto Group 014
CHAPTER 8
CHAPTER 3
Materiality
Important issues (Materiality) for the Ajinomoto Group
CHAPTER 4
History
The growth trajectory of the Ajinomoto Group
CHAPTER 5
The current status of the Ajinomoto Group
The current status of the Ajinomoto Group businesses The future of the Food Products Division,
a path carved by "orchestration"
Progress update of the Bio & Fine Chemicals Division: Opportunities and Challenges
CHAPTER 6
"AminoScience" in action
Co-creating value in four focused growth areas with "AminoScience"
Advancing from gene therapy to cell therapy
024
026
028
030
034
038
CHAPTER 9
FINANCIAL AND CAPITAL STRATEGY
Aiming to maximize equity value by "deepening global financial strategy" and "reducing cost of capital"
CHAPTER 10
Corporate governance
Interview with the Chairperson of the Board Auditing systems
Directors Compensation
Sustainability and risk management Directors and executive officers
CHAPTER 11
Performance and corporate information
Ten-year summary of financial data Performance data
Glossary
Corporate data / stock information / stock performance
External evaluations / key communication materials
072
076
080
081
086
088
090
092
094
096
098
099
in global bio-pharma CDMO businesses 040
Food & Wellness
Evolving value and promoting the Fan-Based Model
Growth strategy to evolve ABF
Leveraging "AminoScience" to build
042
044
COVER STORY
Ajinomoto Group
ASV Report 2025
Integrated Report
Speed-Up with CHANTO
TASTY
GROWTH
SPEED
BEAUTY
ACCESSIBILITY
STAMINA
TECHNOLOGY NEW FUNCTION
The cover illustration expresses a well-being-oriented world inspired by the Ajinomoto Group's Purpose contributing to the
well-being of all human beings, our society and our planet with "AminoScience,"
agrifood systems 046
rendered in a colorful and wholesome style.
Unauthorized copying or reproduction of this document is prohibited. ©Ajinomoto Co., Inc. 2025
ASV REPORT 2025 003
CHAPTER 1
CEO Message
Think Well, Do Well.
A scenario to accelerate the realization of our Vision for 2030.
Shigeo Nakamura
Director, Representative Executive Officer,
President & CEO
CEO MESSAGE
What I want to communicate
We will advance ASV Management and accelerate
the realization of our Vision for 2030 through strengthening our ability to planning and execute.
We will accelerate both Speed Up × Scale Up
Through OE/DX and enhanced data-driven
management, along with internal knowledge sharing, we will evolve into a genuine global management.
We will cultivate a corporate culture
through our initiative: "High-Speed with CHANTO".
We aim to foster human resources that
drive global business growth and promote genuine diversity management.
By being conscious of the formula for
that encourages challenges and fosters innovation.
By breaking down silos, we will grow both our Food
Products business and Bio & Fine Chemicals business, while also creating new areas of integration.
In addressing sustainability issues, we will not only
calculating corporate value, we will refine both our growth potential and earning power.
reduce negative impacts but also strive to create positive impacts for society at large.
004 ASV REPORT 2025
"I want to develop something new and contribute to people."
Let me introduce myself. I was born in Hyogo Prefecture, Japan in 1967.
When I was in elementary school, I joined the baseball team because my name was "Shigeo," the same as the legendary famous Japanese baseball player. However, I had reservations about following everything the coach said, and I liked to think freely and draw manga and make things.
I liked math in middle school and high school, and I enrolled in Tokyo Institute of Technology, which had distinctive math questions on its entrance exams.
At university, I researched "fermentation synthesis of biodegradable plastics" under Professor Doi (Professor Emeritus at Institute of Science Tokyo). With advice from my professor, I was able to conduct experiments relatively freely, and I am grateful that I was able to develop the habits of researching, thinking, and carrying out my own ideas.
As a result, I was fortunate enough to discover a new type of biodegradable plastic. During my research, I also collaborated with the University of Bologna in Italy, the world's oldest university. From this experience, I felt the thrill of competing with researchers from around the world, and I began wanting to study abroad someday.
I was interested in fermentation by research on biodegradable plastics, and I decided to join Ajinomoto Co., Inc., known for fermentation technologies, in 1992 with the purpose to develop something new and contribute to people.
Since then, I have been engaged in research and development of functional materials based on amino acids at the research laboratory. In 1996, we started
development of Ajinomoto Build-up Film® (ABF). Along the way, we faced many crises of survival, as it was not a core business, but I devoted myself to research and development due to the tenacity of my superiors and a pride-based sense of urgency making me unwilling to let the research end so unceremoniously.
We were fortunate enough to see the semiconductor packaging substrate change from ceramic to plastic, and in 1999, our product was adopted by a major semiconductor manufacturer where mass production began. After that I fulfilled my dream of studying abroad by attending UCSB (University of California Santa Barbara), and after returning to Japan, I became the manager of the Laboratory, the president of Ajinomoto Fine-Techno Co., Inc. obtained an MBA, then after serving as the head of the Specialty Chemicals Dept. at the headquarters, I was appointed General Manager of the Latin America Division and president of Ajinomoto do Brasil Indústria e Comércio de Alimentos Ltda. (ABR) in April 2022. On February 3rd of 2025, I was appointed Representative Executive Officer and President.
My research exchange times, a dream since my student days.
The broadened view I gained in Brazil
My experience as General Manager of Latin America Division and President of ABR greatly broadened my perspective, which had been focused solely on electronic materials.
The first thing I felt was that the Ajinomoto Group were companies where you can do what you want if you have the purpose and desire to grow.
Although I initially wanted to create food products that could be served on the dinner table, I was assigned to the development of electronic materials.
From there, I worked hard to become an innovative world-class researcher creating new materials, and have obtained 512 patents (No. 1 in our company's history: based on invention contribution rate as of the end of fiscal 2024.)
As I introduced the materials I developed to global customers and the business grew, my desire shifted to wanting to become a business professional working on global scale, and as I met with the top executives of our customers, I decided that I would then become a leader
ASV REPORT 2025 005
capable of driving sustainable growth for companies, and that is where I am today.
In other words, in the Ajinomoto Group, if you have purpose and a desire to grow, you can do the thing you want to do! I have embodied this, and I owe it to the support of everyone.
I was also moved to learn that AJI-NO-MOTO® is sold in the Amazon region of South America and is making people's meals more delicious, and it filled me with a sense of respect for predecessors' pioneering spirit and contribution to society. I also felt that I had a mission to contribute to the sustainable growth of the Ajinomoto Group.
Moreover now, I have inherited the ASV management and
Purpose, and I am determined to work with everyone in the Group to further Speed Up × Scale Up the Ajinomoto Group's continued growth.
Local street vendors in Manaus, Amazon area
Think Well, Do Well, ("CHANTO")
The Ajinomoto Group is committed to "contributing to the well-being of all human beings, our society and our planet with 'AminoScience'," and is promoting ASV (Ajinomoto Group Creating Shared Value), an initiative to co-create social and economic value through our business.
Furthermore, we have established our principles of conduct and values as AGW (Ajinomoto Group Way), which includes "create new value," "pioneer spirit," "social contribution," and "value people." This system of principles constitute Our Philosophy.
As Professor Takashi Nawa, known for his book, "Purpose Management," says, "Purpose alone is just empty idealism; practice and principles are needed afterwards." I want to evolve the company by "strengthening our ability to planning and execute." Simply put, it means thinking for yourself and executing for yourself.
In order to realize "our Vision for 2030" anchored by our Purpose, ahead of schedule, we will proceed with a scenario for evolving ASV management.
In line with this scenario, we will first carry out activities to
encourage each employee to discover overlaps between the Ajinomoto Group's Purpose and his or her own purpose and to find his or her own motivation for work. We will then refine our company-wide strategy, as well as our business and functional strategies based on ASV and the AGW, taking into account external influencing factors (megatrends, technological innovation, the macro economy, etc.)
Furthermore, we will improve our execution capabilities by having each organization and employee translate the strategy into specific goals that they adopt personally and work to achieve them with passion.
Going forward, we will move to the stage of strengthening our planning and execution capabilities, thinking carefully (thinking "CHANTO") about our Purpose and executing it properly (executing it "CHANTO" ) while carefully evolving the "human resource, organization, and corporate culture" that support all of this.
"CHANTO" is a Japanese word that means "properly doing what needs to be done, thoroughly, precise."
The high-speed development system that accelerates evolution
To accelerate the evolution of ASV management, I will incorporate the concept of "CHANTO" into our "high-speed development system" that anticipates customer and market needs, which is my own experience and strength, to further Speed Up × Scale Up.
The essence of the "high-speed development system" is
to consider management resources to be "time" in addition to people, things, money, and information, and to think of the time axis as a differentiating factor.
This is a methodology suited to making agile responses to today's rapidly changing market and customer environment and is an essential approach to the success
006 ASV REPORT 2025
of ABF, but it can also be applied to and evolved for other businesses and functions.
The first step is to anticipate customer needs and develop the necessary materials and technologies to a certain extent.
For example, high-performance semiconductors usually undergo performance improvements every two years, so there is a competitive situation in which competitions are held every two years for the materials used in them, maintaining a healthy sense of urgency.
This sense of urgency is due to pressure from customers and competitors, but also a sense of urgency that arises from within us, based on the challenge of and pride in knowing "I joined this company to accomplish something." Then, when a customer's needs actually arise, we can quickly complete the process and propose multiple materials. Proposals are made as total solutions that include the customer's process. This is where our highly competitive R&D team comes into play.
In addition, Ajinomoto Co.'s Research Institute for Bioscience Products & Fine Chemicals, which conducts R&D, and Ajinomoto Fine-Techno Co., which manufactures, located close to each other, together making it possible to carry out high-speed development that is synonymous with our company, covering everything from R&D to prototyping, manufacturing, and quality assurance.
Furthermore, we anticipate feedback from customers, prepare and propose materials for improvements, and repeat this process at high speed until the product is adopted. Although it is called a "system," it is people who sell the products, so it is important to build strong relationships of trust by continually responding to customer demands in this way.
In other words, the "high-speed development system" is based on a "healthy sense of urgency" and is built on three KSFs (Key Success Factors): (1) "anticipate customer needs," (2) "rapidly develop multiple solutions,"
and (3) "continuously improve solutions based on feedback."
It is also important to have a culture that values "flexible course correction" based on the market and customers. A "high-speed development system" can be expressed in simple terms as "the accumulation of doing what you can do today without putting it off until tomorrow."
ABR, where I was assigned since April 2022, operates the Food Products business centered on seasonings and the Bio & Fine Chemicals business centered on amino acids and cosmetic ingredients and is a production base for various amino acids, including exporting AJI-NO-MOTO® globally.
I have applied and deployed the "high-speed development system" at ABR. First, I explained the concept of the "high-speed development system" to the members at every opportunity, such as budget presentations and "meet the president" (a forum for dialogue between employees and the president). I also adopted "fail fast, learn faster" as the corporate culture slogan and promoted high-speed challenges without fear of failure.
It is said that Brazilians tend to avoid failure, so taking on challenges did not progress smoothly at first, but when the top management thought about it themselves, conveyed a healthy sense of urgency, encouraged risk-taking, and
Left: Members stamped their commitment to take on the gyoza business challenge.
Right: At a bar in Brazil that serves our Gyoza
The high-speed development system
1 Anticipate needs and
"move preemptively"
2
Run multiple plans in parallel
3
Improve based on feedback
ASV REPORT 2025 007
praised the employees, the "high-speed development system" was applied and deployed not only in both the Food Products Division and Bio & Fine Chemicals Division, but also in various departments including manufacturing and indirect procurement, and the number of new products launched actually increased, fostering a culture with high competitive power.
A "highly competitive culture" is the ability to think for yourself and act quickly even when something unexpected happens.
In particular, frozen gyoza, which was launched in Brazil
last year, reached test marketing just six months after consideration began.
Anticipating the growth of frozen foods in Brazil and the need for fried foods as appetizers in local restaurants, the business division, manufacturing division, quality assurance division, and logistics division all came together to form one team, and the company rapidly developed the product in a collaborative, supportive manner. Going forward, we will continue to take on new business expansion challenges, including Asian frozen foods, in Latin America.
Speed Up × Scale Up through "high-speed with CHANTO"
Failure is inevitable when taking on a challenge. However, failures need to be divided into "preventable failures" due to simple negligence, "unavoidable failures" caused by disasters, and "intellectual failures" in cutting-edge fields; learning from "intellectual failures" is said to be the closest thing to innovation.
We will not only focus on "speedily," but also on incorporating the concept of "CHANTO."
By "CHANTO" communicating with customers and stakeholders and "CHANTO" understanding future customer issues and market needs, as well as external influences and competitive trends, we will "CHANTO" create the future assertively and proactively.
Through these efforts, we "CHANTO" hone our own capabilities and our company's capabilities, while "CHANTO" gaining the trust of our customers and the market. We want to think on the level of essence, conduct business with sincere objectives, earn income honestly, and grow in the right way.
The formula for calculating our corporate value is as follows. We will carefully consider what we will work on for
each item within the 2030 Roadmap and execute it properly.
To generate steady cash flow for the company, we will refine both our growth and profitability through organic growth, improved EBITDA margins, promotion of ROIC-focused management, streamlining of various costs such as raw materials and manufacturing costs, appropriate inventory management by strengthening inventory understanding, and strengthening supply chain management (SCM).
To reduce capital costs, we will utilize sustainable finance through promotion of sustainability, strengthen risk management, reduce borrowing costs, and utilize appropriate financial leverage, thereby evolving Speed Up
× Scale Up.
At present, there are still issues that need to be improved, but we would like to create a virtuous cycle of increasing corporate value by being aware of the formula for calculating corporate value and combining the ingenuity, efforts, and challenges in each organization.
Examples of factors that contribute to the formula for calculating corporate value
Standard calculation of corporate value
Increasing sales, reducing raw material and manufacturing costs, strengthening SCM and promoting ROIC-focused management, etc.
Deploying a "high-speed
Steadily generate cash flow
Growth rate
Cost of capital (WACC)
＝
Corporate value
-
with
Speed Up Scale Up
development system," internal collaboration, external collaboration, and essential productivity improvement through employee engagement improvement, etc.
Reducing borrowing costs through the use of sustainability finance, strengthening shareholder return measures, etc.
Focusing on four focused growth areas, evolving the portfolio, gaining customer loyalty, improving brand power, etc.
008 ASV REPORT 2025
How can we accelerate the realization of our Vision?
The Ajinomoto Group is currently growing steadily. However, new businesses and new products are essential for further growth. We recognize that we still lack these. Due to the siloization that is common in large companies, even if good themes are created, they are not integrated easily . This is because mid- to long-term plans are weak, and there are no common strategic goals.
For example, when I was at ABR, there were not many opportunities to introduce the achievements of Japan's R&D. Our Group possesses a wealth of excellent technologies, so if we could utilize it more widely, I think it would be possible to further expand our business globally and create new businesses.
We are now in the third year of the 2030 Roadmap. Former CEO Fujie described us as being at about the third station of Mt. Everest, but I believe that the groundwork has been laid for the challenge of reaching the heights of the roadmap. Therefore, we extracted current issues through a cross-SWOT analysis and formulated a 60-day plan shown on the right. We have identified the underlying essence of these three themes and defined concrete
mid- to long-term strategies. We plan to share further details at an appropriate time.
The efforts to strengthen data management and data-driven management in DX are Group-wide issues, and DX is an important activity that will accelerate our company's Purpose and the 2030 Roadmap, as well as corporate
transformation.
We will thoroughly refine our operations, strengthen the use of digital/AI, and effectively utilize the Group's common data platform "ADAMS*" (sharing and inheriting information related to all assets as data assets throughout the Group, creating value with insights gained from data while speeding up operations and business decisions), strengthen knowledge management, strengthen intelligence as information analysis, and use data as the starting point to evolve our Japan-oriented management style into a genuine global management style.
*Ajinomoto Data Management System
1.
2.
3.
Outline of the 60-day plan
Updating the Picture of the Future ( PoF ) and establishing an environment that enables genuine innovation for exponential growth
Strengthening the corporate brand to enhance corporate value
Clarifying the approach to business portfolio management and improving the efficiency of management resources through DX, as part of foundational reinforcement
An organization that embraces challenges and embodies true diversity
In order to apply and deploy the "high-speed development system" throughout the Group, it is important to encourage taking on challenges. By encouraging people to take on challenges without fear of failure and improving the quality of those challenges, we will evolve into a culture where "employees and organizations can fully utilize their innate capabilities, work independently and creatively, and take on challenges and grow proactively," and work toward becoming "No.1 organization of high employee engagement."
While many people tend to take on challenges that match their current capabilities, it is also important to stretch beyond one's limits and pursue challenges that exceed
their present abilities.
If there is a theme you want to try, try it out. Of course, withdrawal is also necessary. The problem is how to manage new themes. We will manage them separately into themes that should be managed at the stage gate and themes that should be done with a certain degree of freedom.
I view all daily activities as challenges, not just those that involve creating innovation and new businesses, but those that aim for continuous growth and strive to move in a slightly better direction than that of yesterday. In order to support facing these challenges in a concrete way, we will consider reviewing the personnel evaluation system and
ASV REPORT 2025 009
its operation, a support system for challenges, accompanying external professionals, and the CEO's strategic budget.
For example, the Marketing Design Center of Ajinomoto Co. presents the "Swing the Bat" award to employees who take on new challenges with a full swing, fostering a culture of risk-taking and continuing to take on new challenges. Interesting products such as "Kiwami Premium" from "Cook Do®" are beginning to appear.
Integrate siloed organizations
It is important for both businesses, the Food Products business and the Bio & Fine Chemicals business, to grow separately, but I think there are our unique chances in areas where they can be integrated. For example, nutritional supplements and medical foods are in the Bio & Fine Chemicals business field, but by incorporating the knowledge of the Food Products business and developing them, we can utilize our strengths.
We will not divide the fields too much, and will integrate where possible. We will create better products by exchanging opinions without departmental boundaries or ties. The Ajinomoto Group's greatest strength is its capability to create integrated fields.
Human resources are the lifeblood of a company
To evolve human resources, organization and corporate culture, "human resources are the lifeblood of a company!" In particular, committed to cultivating human resources who can drive global business growth. To achieve this, we promote overseas work for employees including female and non-Japanese employees, and promote them to key positions. We also foster human resources with diverse experience through career paths that cross business divisions and functional divisions. Our goal is to realize true diversity management that goes beyond gender and nationality.
What defines the best environment for innovation?
The 2030 Roadmap sets ambitious goals that we all strive to achieve. In order to continue growing in the future, we need to constantly launch new products, services, and businesses. While steadily growing our existing businesses, we will create new products and services through the "create new value", develop new markets with a "pioneer spirit," and aim to create innovation in accordance with "social contribution " and "value people" of the Ajinomoto Group Way to achieve sustainable growth.
Generally, the royal road is to create continuous innovation from existing areas, which is advantageous for large companies, but the market tends to become a red ocean. On the other hand, transformational innovation that encourages changes in consumer behavior can also be disruptive innovation, and if it is created new by anticipating future customer and market needs, it can become a blue ocean, but there are pitfalls for large companies.
Below is the formula for the best innovation environment,
Speed Up Scale Up
Draw your own "path" that is challenging and exciting
Pursue the essence of strategic stories and hypotheses.
Start-up environment ( will + speed )
The scale Pitfalls of large of large
companies companies
Overwhelming personalization Intangible Demons of each organization assets
Mindset • Organizational assets • A half-hearted attempt
Responsibility and authority • Human assets • Siloization
Management commitment • Customer assets • Bureaucratization and favoritism
Technology assets • Internal conflicts of interest
Late response to change
Capital circulation
The best environment for innovation
010 ASV REPORT 2025
Amazon Mechanism: The Equation for Mass-Production of Innovation by Toshiyuki Tani
introduced by Amazon.com Inc as their equation for mass-producing innovation, which I find very helpful.
The best environment for innovation is "the environment for start-up companies" × "the scale of a large company" minus "the pitfalls of a large company." As the saying goes, "the enemy of new business is within the company," we would like to eliminate the demons of the large company disease in the Ajinomoto Group, such as siloization, create the best environment for innovation, and circulate the capital gained to new challenges.
In addition, in order to increase the success rate of new businesses, we will first think "CHANTO."
Starting from our Purpose, we aim to be in the four focused areas of healthcare, food & wellness, ICT, and green, which we have set as four focused growth areas that can utilize the strengths of the Ajinomoto Group, toward 2030, and to whom, what challenges, what value, when, and how will we provide?
For example, in the food & wellness area, we are currently collaborating with TechMagic, which develops cooking robots and business automation AI robots, and we will specifically anticipate and envision future customer needs by combining such food tech cooking equipment with our "Deliciousness Technology " and health value improvement
technology. In the healthcare area, technological innovation and regulatory progress are necessary, from nucleic acid medicine to gene therapy and cell therapy, and in the green area, how to create a positive impact that can obtain carbon or other credit certifications, and in the ICT area, material development for photonics and electronics convergence technology to achieve high performance and low power consumption are some examples.
In fact, ABF spread along with a new lamination machine called a vacuum laminator, which was not available when it was first developed. I think that the probability of innovation increases by combining new technologies.
Of course, we will think not only about Japan but also globally and position ourselves in growing markets. In particular, in the domestic Food Products business, we must first clarify our vision in light of the declining population and then work with retailers and distributors to grow while continuously innovating.
Meanwhile, outside Japan, there are visions for each region, such as Southeast Asia and South America, but there is a weakness in global strategies. We will create a strategy as a global headquarters, while giving each region the discretion to think carefully and execute.
Challenging creation of positive impact
As part of our Vision for 2030, we are committed to reducing environmental impact by 50% and extending healthy life expectancy for one billion people. Furthermore, a "sustainable agri-food systems" are extremely important to the Ajinomoto Group, whose main businesses are the Food Products business and the Bio & Fine Chemicals business.
Looking at the agrifood systems in terms of the value chain, we can see that the upstream, that is, the production of agricultural and livestock products, places a huge environmental burden. For example, it is said that about 1/4 of the world's GHG emissions, about 70% of freshwater use, and about 50% of flat land use are attributable to the production of agricultural and livestock products.
Despite this, approximately one-third of food is wasted throughout the entire value chain, including production and downstream consumption, and this cannot be ignored as a cause of a variety of problems, in areas such as climate change, biodiversity, water resources, and deforestation.
At COP29 held in Azerbaijan last November.
The focus of climate change issues around the world has been, and still is, primarily on moving away from fossil fuels, but interest in the agrifood sector has gradually increased, and the Emirates Declaration at COP28 two years ago adopted the creation of sustainable agrifood systems as an important theme for the first time.
And at COP30, which is scheduled to be held in Brazil this year, progress is expected in the agrifood sector toward strengthening the international framework and forming
ASV REPORT 2025 011
rules on climate change.
Last year, I attended COP29 in Azerbaijan and spoke at the Japan Pavilion event, where I introduced three sustainability activities at ABR.
A biocycle that utilizes agricultural materials formulated with the fermentation broth of amino acids produced through the fermentation of sugarcane and other sources, used as fertilizer in sugarcane fields and similar environments to promote plant growth.
An activity with other companies to support small
A dialogue with new employees
farmers in the region by investing in a traditional seasoning company in the Amazon region.
The lysine preparation "AjiPro®-L" for cattle feed, that improves the amino acid balance thereby reducing the GHG emission and reducing CO2 emissions associated with the less procurement of soybean meal in the feed. Currently, in Brazil, a major agricultural country, we are working with the Japanese government's project to participate in the "Recovery of Degraded Pasture Verification Study" project regarding (1) above*1.
Furthermore, regarding (3), GHG emissions from cow waste and burps are said to account for approximately 10% of GHG emissions worldwide, making this an area with great potential for reduction, and field tests are currently being conducted on dairy and beef cows in Brazil, which has the largest number of cattle in the world. We will also participate in COP30, and hope to accelerate our Group's efforts toward global sustainability.
In this way, we will not only reduce the negative impact that our business has on society in response to social issues, but also take on the challenge of creating a positive impact on society at large.
*1 https://www.ajinomoto.com/cms_wp_ajnmt_global/wp-content/uploads/pdf/2025_03_27E.pdf
I will accelerate the realization of our Vision for 2030
I want to instill a healthy sense of urgency within the company. Why do we want to grow? Why do we need to speed up? I joined the company with the desire to develop something new and help people, so continuing research is not for fun, but because I wanted to achieve the goals I envisioned. The feeling that I must surpass myself is a healthy sense of urgency, and I want everyone to feel the same in sales division and production division.
New buds are beginning to sprout thanks to the "high-speed development system." It is important to start small and grow big, as was the case with ABF. And as we continue to take on challenges, we will increase the probability of success in a world with high uncertainty.
In addition, we will increase our corporate brand value by providing products with high social value that contribute to sustainability.
What I value is a "sense of the site." While respecting the field, I would like to actively convey my own thoughts and opinions. As CEO, I would like to take various opportunities to visit the site, not only within the Group, but also including customers and markets, to have
dialogues and convey my thoughts, so that we can spread a challenging attitude within the company and grow together.
In addition, we will aim to evolve our corporate culture by implementing the PDCA cycle while holding various dialogues with people at each organization and position, such as the "meet the president" held at ABR.
The source of a company's competitiveness is the "people" who work there, and the development of the company is the sum of the growth of each employee. We want employees to be interested in and proud of their work in their respective roles and duties, hone and demonstrate their strengths, respect each other's strengths, and aim for greater heights as one unified, professional team.
With these considerations in mind, I will proceed with the scenario for the evolution of ASV management that the new Nakamura administration is aiming for.
Based on our Purpose and the Ajinomoto Group Way, we will evolve our business portfolio by steadily promoting the creation of new businesses and organic growth through business model transformation in four focused growth
012 ASV REPORT 2025
*Ajinomoto Group to Participate in the "Recoveryof Degraded Pasture Verification Study"Project in Cooperationwith Japanese Government Assistance Program for Brazil
areas, both by forecasting from existing businesses and backcasting from our Vision, with the "high-speed development system" as the axis for Speed Up × Scale Up. In order to fully meet the expectations of the stakeholders, we will work to sustainably improve our corporate value.
And we aim to achieve the 2030 Roadmap ahead of schedule.
I would like to demonstrate leadership by continuing to work hard, taking on challenges, and growing while always keeping in mind to be a "positive energizer."
We aim to achieve the ASV indicators of the 2030 Roadmap ahead of schedule.
2030
ASV indicators
backcast
Achieve ahead
of schedule
forecast
FY23 FY25 FY30
BIOGRAPHY
Shigeo Nakamura
1967
1992
1996
Born in Himeji, Hyogo, Japan
Graduated Department of Environmental Science and Technology, Interdisciplinary
Graduate School of Science and Engineering, Tokyo Institute of Technology with M.S. Joined Ajinomoto Co., Inc. worked on R&D of electronic materials at Central Research Laboratory
Started R&D for Ajinomoto Build-up Film® (ABF)
2004-2006 Realized to study abroad, a school-day dream R&D leader of ABF
2011 Received 'Chemical Technology Award' from the Chemical Society of Japan for ABF achievements
2012 Received the Porter Prize of Hitotsubashi University
2016 Manager of Research Institute for Bioscience Products & Fine Chemicals, Development Laboratories
2019.6 Corporate Executive Officer
President, Ajinomoto Fine-Techno Co., Inc.
2020 MBA, Bond University, Australia
2021.6 Corporate Executive
General Manager, Specialty Chemicals Dept., AminoScience Div.
2022.4 Executive Officer & Vice President General Manager, Latin America Division
President, AJINOMOTO DO BRASIL INDÚSTRIA E COMÉRCIO DE ALIMENTOS LTDA.
2025.2 Representative Executive Officer, President & Chief Executive Officer
2026.6 Director
CEO message video
ASV REPORT 2025 013
CHAPTER 2
Introduction
The Purpose of the Ajinomoto Group: Creating Well-being
Contributing to the well-being of all human beings, our society, and our planet with "AminoScience"Two years have passed since the evolution into this Purpose, and it has been fully absorbed by all employees of the Ajinomoto Group, and we are now at the stage of increasing its effectiveness.
Under the leadership of new CEO Shigeo Nakamura, the Ajinomoto Group is working to further accelerate its efforts to achieve two outcomes linked to the agrifood system: "reducing environmental impact by 50%" and "extending the healthy life expectancy of 1 billion people."
AJINOMOTO GROUP PURPOSE
Well-being for a more prosperous future
Fulfilling the Ajinomoto Group's Purpose, "contributing to the well-being of all human beings, our society, and our planet with 'AminoScience,'" requires
that we co-create social value and economic value through our business. Our belief is that we can contribute to a richer future for all human beings, our society, and our planet by repeating the cycle of honing our ability to empathize, accomplishing "well-being" from the consumer's perspective, and giving back to society the values we co-create through our business.
To achieve these goals, it is important that each and every employee personally take our Purpose as their own, and it's essential that we have a corporate culture that is driven by empathy with our stakeholders and is continually striving to realize our vision. The Ajinomoto Group will strive to further accelerate and scale up the co-creation of social and economic value, going beyond solving food and health issues to contribute to the well-being of all human beings, our society and our planet with "AminoScience."
014 ASV REPORT 2025
50%
Reduce our
environmental impact
billion people
1
Help extend the healthy life expectancy
Resilient and Sustainable Agrifood Systems
ASV REPORT 2025 015
CHAPTER 2
Introduction
What is "AminoScience?""AminoScience" is a collective term for the various materials, functions, technologies, and services derived from the research and implementation processes that rigorously focus on unlocking the power of amino acids. Furthermore, it also denotes the Ajinomoto Group's unique scientific approach to connect these functions to the resolving social issues and contributing to wellbeing.
"AminoScience" is one of the sources of the Ajinomoto Group's competitive advantage not easily imitated by other companies.
AMINOSCIENCE
Improvement of ingredient properties
Deliciousness design
Evaluation of
Health function assessment
(Cancer, metabolic syndrome,
brain function)
Functional materials and formulations
Sensitive rapid analysis
Support physical health
(Physiological function)
Assemble
Nutritional ingredients and formulations
Nutrition function assessment
(Humans, animals, and plants)
Deliver nutrition
(Nutrition function)
Create new
Polymerization and
filming
Evaluation of physical properties and functionality
taste and palatability
deliciousness
(Taste, texture, flavor)
Amino acids
functions
(Reactivity)
Hybrid Manufacturing process
From Food to Electronic Materials,
The Infinite Potential Hidden in Amino Acids
Protein is the most important nutrient in forming the bodies of not just humans but all living organisms, and amino acids are the smallest components in protein. The Ajinomoto Group has been rigorously researching amino acids since its founding with a focus on four functions of amino acids: 1) the flavoring function making foods delicious, 2) the nutrition function delivering nutrition to the body, 3) the physiological function promoting a healthy physical condition, and 4) the reactivity which leads to creating new functions. These functions have made them
valuable in a range of products and services such as food, medicine, and electronic materials. Recent research and development has revealed that the capabilities of amino acids extend to a wide range of genres beyond what we had imagined, especially in the medical and electronic industries. The Ajinomoto Group's strength is its ability to harness these functions, and we are committed to "AminoScience" and pursuing the expanding potential of amino acids.
016 ASV REPORT 2025
Aroma
Taste
Texture
Experience/ Information
External environment
Providing a healthy diet
Treatment of heart failure, etc.
Treatment for bone marrow damage, etc.
Used in regenerative medicine
A source of energy
Providing nutritional balance and contributing to reducing GHG emissions
Used as an insulating material essential for high-performance semiconductors
Agricultural materials that contribute to improving productivity
Business development based on "AminoScience"
Functions of amino acids
Flavoring function
Create delicious meals
Nutrition function
Deliver nutrition
Physiological function
Support physical health
Reactivity
Create new functions
Value Creation
Ajinomoto Group's business activities
Food products business
Businesses that apply "AminoScience" to Seasonings and Foods and Frozen Foods.
Bio & Fine Chemicals business
Businesses that apply "AminoScience" to Healthcare and Others
Innovation through "AminoScience"
"AminoScience" animation movie
ASV REPORT 2025 017
CHAPTER 2
Introduction
The Founders' Aspirations
Eat Well, Live Well."Umami" is now recognized worldwide as the fifth fundamental taste. Umami was the result of the efforts of one scientist who aspired to improve the nutrition of Japanese people and one businessman who bet on that aspiration.
FOUNDING STORY
018 ASV REPORT 2025
I want to help alleviate malnutrition among Japanese people and contribute to improving our physical fitness.
Discoverer of the Umami Taste
Dr. Kikunae Ikeda
I want to share excellent scientific discoveries in a way that is beneficial to society.
Saburosuke Suzuki II
In 1908, Dr. Kikunae Ikeda discovered that glutamic acid is the component that gives the savory flavor (umami) to Japanese kombu dashi broth made from kelp. However, Dr. Ikeda's original subject of research was not food. He specialized in catalyst research, and when visiting Germany to study, he was surprised by the strong physical qualities and good nutrition of the German people. This inspired him to find a way to improve the nutrition of the Japanese people.
After returning to Japan, Dr. Ikeda devoted himself to research as a professor at the Tokyo Imperial University. One day in 1907, the particular accent in the flavor of boiled tofu seasoned with kelp stock caught his attention, and he recognized the potential for researching the components of the umami flavor. Through trial and error Dr. Ikeda successfully crystallized the amino acids that create the umami flavor in kombu dashi in February of the following year. His initial efforts only resulted in about 30 grams of the amino acid from 12 kilograms of kelp.
Having ascertained that the amino acid was glutamic acid, Dr. Ikeda developed a manufacturing method using it as a raw material to create umami seasoning, which he patented in July. He had learned the importance of putting inventions into practical use from his teacher, Dr. Ostwald, who was his mentor while he was studying in Germany.
Meanwhile, Saburosuke Suzuki II, who would later establish the Ajinomoto Group, was working at the iodine business his mother had founded. He had fallen into debt when his own business failed to make money in the rice market, but the business of extracting iodine from the kajime seaweed grew rapidly. After recovering from his financial troubles, he began exploring ways to expand the business and had become acquainted with Dr. Ikeda and his developing research. He likely had a particular affinity for Dr. Ikeda's research because kajime and kombu are both made from the same seaweed.
Suzuki understood and shared Dr. Ikeda's desire to use umami seasoning to increase the deliciousness of basic meals and improve the nutrition of the Japanese people, and in 1909, he commercialized the world's first umami seasoning, AJI-NO-MOTO®. The history of the Ajinomoto Group began as a collaboration of industry and academia, and the Ajinomoto Group considers its founding date to be May 20, 1909, the day AJI-NO-MOTO® was first presented to the world. For over a century, we have followed our founding purpose to "Eat Well, Live Well." by pursuing greater balance between deliciousness and health, using the functions of amino acids to achieve goals such as salt reduction without compromising flavor.
ASV REPORT 2025 019
CHAPTER 2
Introduction
All About the Ajinomoto Group[ Year of establishment ]
Brand power built by history
1909
The Ajinomoto Group was established 116 years ago with the discovery of the umami taste. The founder's aspirations of a "pioneering spirit" and to "create new value" have been passed down to this day.
[ Number of employees ]
Diversity in the Ajinomoto Group
34,860Employees
Diverse employees are developing our business rooted in the local cultures of 31 countries and regions around the world. By region: 8,274 in Japan, 13,925 in Asia,3,180 in Europe, Middle East, Africa (EMEA), and 9,481 in North and South America.
[ Number of production plants ]
Global Production System
117Plants
North and
[ R&D personnel ]
Ajinomoto Group's unmatched advanced technological capabilities Approx.1,700
The Ajinomoto Group launched its research and development activities in 1956 with 100 researchers, and the operation has rapidly expanded to encompass approximately 1,700 around the world. Our highly specialized human resources are engaged in fields
Europe and Africa
12Plants
Latin America
28Plants
spanning food, fermentation, biotechnology, biology, chemistry, and engineering. More than 500 of our researchers hold doctoral degrees.
* as of March, 2025
We currently have plants in 24 countries and regions delivering safe and reliable products to customers worldwide.
The Ajinomoto Group today in numbers
In the 2024 fiscal year, the Ajinomoto Group recorded sales of more than 1,530.5 billion yen, 6% year-on-year growth. In order to achieve the Medium-Term ASV Initiatives 2030 Roadmap, we developed several successful initiatives including Speed up×Scale up, encouraging quick responses to change, and fostering a challenging spirit in our company culture. Let's take
a look at the various figures for fiscal 2024 as the Ajinomoto Group continues to chart a growth curve. Firstly, there are now 34,860 employees in our group as a whole. These employees from 31 countries and regions around the world are working hard daily to develop our business while closely accommodating each local food culture. This was only achievable
020 ASV REPORT 2025
Asia
77Plants
Founded on our amino acid research with "AminoScience" at our core, the Ajinomoto Group as expanded beyond Japan to 31 countries and regions around the world, promoting worldwide well-being of human beings, our society and our planet through the products range from food to electronic materials.
[ Sales ]
Other
16.7
Billion Yen
Healthcare and Others
328.3
Billion Yen
Frozen Foods
289.3
Billion Yen
Seasonings & Foods
896
Billion Yen
A wide range of businesses
Billion Yen
1,530.5
We operate businesses globally spanning food, healthcare, and electronic materials that contribute to the well-being of all human beings, our society and our planet with "AminoScience."
[ Vision for 2030 (ASV Indicators) ]
Economic value indicators
* FY2024 results
ROE
ROIC
Organic growth rate
EBITDA margin
Approx.20% Approx1. 7%
CAGR5%+
19%
We have set a target of approximately 20% for ROE and around 17% for ROIC, aiming to improve profitability and efficiency.
We aim for over 5% organic growth annually, focusing on the four focused growth areas.
We aim to enhance business efficiency and achieve an EBITDA margin of 19% by 2030.
Social value indicators Strengthening intangible assets
1
billion people
%+
CAGR
%+
Help extend the healthy life expectancy
%
50
Employee engagement score
85
Corporate brand value Baseline
7
Reduce our environmental impact
We will foster empathy toward our Purpose, and cultivate a culture that encourages challenge.
We will connect our technology assets and customer assets through talented people to
co-create innovation.
thanks to our 116-year-old brand philosophy and to the individuals who share our aspiration to face amino acid research head on. Our production has expanded to 117 factories in 24 countries and regions around the world, with approximately 1,700 researchers, earning us trust as a "technologically led food and amino acid company."
Ajinomoto Group will continue to grow by utilizing "AminoScience," combining the efforts of our food business and fine chemicals businesses. Furthermore, we will continue to make steady progress on our 2030 Roadmap toward our ambitious vision laid out in our ASV indicators.
NUMBERS
ASV REPORT 2025 021
CHAPTER 2
Introduction
The main job at Ajinomoto Mirai, where I work, is cleaning. I work hard every day to ensure that everyone in the Ajinomoto Group can use our conference rooms comfortably and leave with a smile on their faces.
Tatsuya Akiba
Ajinomoto Mirai Co., Ltd.
Improving quality of life and development while fulfilling corporate responsibility and creating social and economic value. Every action in our noodle production, no matter how small, impacts a family, a customer, and society, creating shared value.
Alexander Cirilo
AJINOMOTO DEL PERÚ S.A.
Production
To minimize our environmental impact through proper management of our water and gas treatment installations while producing life-saving active pharmaceutical ingredients.
Frederik Verbeke
S.A. Ajinomoto OmniChem N.V. Environmental Officer
The Spreading of "creating smiles with our passion".
Yuki Shimada
AJINOMOTO FROZEN FOODS Co.,Inc.
Key Account Dept
To continue providing delicious coffee for the next 100 years, to create a society filled with comfort and to contribute to building a sustainable cycle that brings "smiles" to the faces of all people and the planet.
Toshiya Tsuruoka
Ajinomoto AGF, Inc. ※部署名は要確認
What ASV Means to UsBuilding a brighter future where people can live healthy, vibrant lives.
Mana Ikeda
Ajinomoto Digital Business Partners Co., Inc.
Business Support Tower
"Making THINGS that contribute to the Well-being of human beings, society, and the planet! That's what ASV is!"
Shigeo Nakamura
Ajinomoto Co., Inc. CEO
To contribute to the treatment and prevention of diseases and create a healthy and prosperous future for people by providing safe, high-quality oligonucleotides and supporting the development of nucleic acid drug.
Emi Saito
GeneDesign, Inc. Oligonucleotide Manufacturing
To ensure the highest quality standards that will bring satisfaction and joy to the Filipino people.
Madeleine Nicole Bo
Ajinomoto Philippines QA
WHAT ASV MEANS TO US
022 ASV REPORT 2025
Driven by our commitment to society well-being, we engage with Brazilian nutritionists to promote values of products and health. As respected voices, these professionals help amplify our message to consumers, strengthening trust, enhancing our brand reputation, and contributing to sustainable business growth.
Priscila Andrade
AJINOMOTO DO BRASIL INDÚSTRIA E COMÉRCIO DE ALIMENTOS LTDA.
Nutrition and Consumer Relationship Department
At the Ajinomoto Group, every choice supports a healthier planet and improves life and well-being.
Paulo Luiz Ayala
Ajinomoto Foods North America, Inc. Procurement Team
Harnessing our strengths and advantages to confront the devastating impact of rare disease by enabling gene therapies to advance a healthier, more equitable world.
Jennifer Kelly
Forge Biologics, Inc. Finance
By fostering an inclusive environment where diverse individuality can shine, we will expand the scope of solutions to social issues and create food value that contributes to the world.
Kaede Aramaki
Ajinomoto Food Manufacturing Co., Ltd. Human Resources Group
ASV (Ajinomoto Group Creating Shared Value) is about co-creating social and economic value through business. It is the Ajinomoto Group's basic philosophy for realizing our "vision for the future" and Purpose. How do Ajinomoto Group members around the world understand and work towards ASV?
Providing smart food solutions that embody our "Live healthier and better through food" philosophy.
Fulya Meriç içen
Ajinomoto Istanbul Food Industry and
Trade Limited Company International Sales and Business Development Manager
By contributing to the health of cows, we can contribute to the Well-being of the planet. We want to achieve both reducing the burden on the global environment and creating economic value.
Mao Kambara
Research Institute for Bioscience Products & Fine Chemicals
We contribute to the Well-being of people, society, and the planet through environmentally friendly packaging design that aims for zero plastic waste.
Hirotaka Kawahara
Institute of Food Sciences and Technologies
Through green procurement of raw materials, we aim to provide convenient products and services to the world, thereby contributing to the realization of better lives for people and sustainability for the planet.
Yan Dai
Ajinomoto Fine-Techno Co., Inc. Procurement Group
Health plays an important role in the workplace. The challenge in the implementation of health programs is behavior change, so we provide an interactive, agile, and accessible health program that can change employee behavior.
Dimas Widodo
PT AJINOMOTO INDONESIA HR
ASV REPORT 2025 023
CHAPTER
Materiality
Important issues (Materiality)VALUE CREATION FRAMEWORK
We will hone our co-creation capabilities, taking the seikatsusha* perspective, while achieving well-being, and through our business activities return co-created shared value.
Important issues (Materiality) for the Ajinomoto Group are essential to the Group's ability to continue co-creating social value and economic value over the long term.
The Group identifies important issues (Materiality) through a process that reflects the thoughts and ideas of management and employees and the expectations from external stakeholders.
The important issues (Materiality) are deeply embedded in our business strategies, our on-site operations, and our Purpose.
4
SCIENTIFIC POSSIBILITIES
Scientific Possibilities
2
STORY OF WELLBEING
Story of Wellbeing
1
3
Shared value (ASV) Seikatsusha perspective
Important issues for the Ajinomoto Group (materiality)
Co-creation
Wellbeing
STEP 4
STEP 3
STEP 2
Formulation process
* "Seikatsusha" is a unique Japanese concept that, unlike the partial concept of "consumer" used in business and "citizen" used in political science, seeks to define people holistically.
STEP 1
Identifying issues and opportunities
Classifying issues and opportunities
Organizing connections
Organizing into Material Themes
2
4
8
C
B
A
7
6
5
3
1
A
B
C
1
2
3
4
4
2
1
3
1
2
3
4
5
6
Based on the value creation framework established through repeated dialogues with various stakeholders and based on a report from the Sustainability Advisory Council, which is primarily comprised of external experts, the Ajinomoto Group
has organized six "Material Themes" that it is currently working on from the perspective of what multiple stakeholders expect of the Group and the value it provides to society.
024 ASV REPORT 2025
for the Ajinomoto Group6 Material Themes
Mitigation and adaptation
1
Achievement of a sustainable
global environment
Biodiversity conservation
Prevention of deforestation
Conservation of water resources
Sustainable procurement
Zero-waste emissions Plastic waste reduction
Food loss and waste reduction
2
Achievement of
well-being through food
Health and nutrition
Solving health and nutrition challenges through food
Circular economy
Natural capital
Climate change
Initiatives
Focus Areas
THEMES
3
Contribution to advanced
medicine and prevention
Health and nutrition
Evolution of treatment and prevention
4
Contribution to the evolution of a Smart Society
Advanced semiconductor package
Advancement of semiconductors through materials provision and ecosystem creation
5
Respect for diverse values
and human rights
Human rights
Responsible employment
6
Reinforcement of
our management foundation
Human capital
Human resource investment
Changes in the business environment
Strengthening resilience
The Ajinomoto Group has set goals and KPIs for the six material themes that the Ajinomoto Group is currently working on, including not only reducing negative impacts such as environmental impact but also initiatives to create a positive impact on society at large by leveraging "AminoScience," which is one of our strengths. The progress of major initiatives that apply to the entire Group and their results are reviewed at the Executive Committee.
Below are the main initiatives, goals, and KPIs linked to the six Material Themes.
For details about opportunities and risks related to important issues (Materiality) for the Ajinomoto Group, and the Group's initiatives and their KPIs for addressing each Material Theme are disclosed in the Sustainability Report 2025. https://www.ajinomoto.com/sustainability/pdf/2025/SR2025en_social.pdf#page=20
ASV REPORT 2025 025
CHAPTER 4
The growth trajectory of the Ajinomoto Group
HISTORY
The growth trajectory
of the Ajinomoto Group
Since its founding in 1909, the Ajinomoto Group has overcome many obstacles and grown through a pioneer spirit, co-creation with partners, customer value-driven innovation, governance and quality assurance (safety and security) initiatives, and structural reforms.
1908
Discovered glutamic acid The following year, launched
AJI-NO-MOTO®
Innovation Co-creation
1910s
Global expansion (expanding sales channels to Taiwan, Korea,
and China)
1964
Launched Knorr® soup in Japan in partnership with US based CPC international Inc.
Co-creation
1969
The safety of MSG was questioned in the U.S.
⇒Our company focused on scientifically verifying its safety. And its safety was reaffirmed in 1980.
Quality
Pioneer spirit Co-creation
1956
A competitor announced
a new method for manufacturing glutamic acid
⇒Our company also established a new central research laboratory and succeeded in industrializing
the our fermentation method,
launched amino acids for infusion solution
Co-creation Innovation
1950〜60s
1972
Full-scale launch of frozen food business
Pioneer spirit Innovation
1973
Launched instant coffee in partnership with US based General Foods
Co-creation
Increased overseas headquarters (Thailand, Brazil, USA, etc.)
Pioneer spirit
1909 1950 1960 1970 1980
026 ASV REPORT 2025
Pioneer spirit
*
the pioneer spirit that continues to take on new challenges
Innovation
Customer value-driven Innovation
Co-creation
Co-creation with partners
Governance
Strengthening governance
Quality
Quality assurance ( safety and security)
Structural reform
Structural reform for sustainable growth
1989
Acquired S.A. OmniChem N.V. and fully entered the CDMO business
1999
FY 2019〜2022
Innovation
Co-creation
Launched Ajinomoto Build-up Film® (ABF), an insulation material used between buildup layers for semiconductor substrates
Reduced assets by a total approx. 300B JPY
Structural reform
Innovation Co-creation
1997
Violated the Commercial Code (giving benefits to corporate racketeers)
⇒Strengthened governance to become a global company originating from Japan
Governance
2001
Halal issues arose in Indonesia
2014
Acquired Windsor Quality Holdings, Inc., a U.S. frozen food company
Pioneer spirit Co-creation
2023
Acquired Forge Biologics Holdings, LLC, a U.S. gene therapy CDMO
Innovation Co-creation
⇒Further strengthened quality assurance efforts
Quality
2009
Due to the impact of the Lehman Shock, revenue and profits declined, a deficit of over 10 billion yen
⇒Structural reform, shifts from
a focus on bulk to value added product
Structural reform
NET SALES
1,530.5
billion yen
1990 2000 2010 2020 2024
ASV REPORT 2025 027
CHAPTER
The current status of Ajinomoto Group
Seasonings & Foods
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to increased sales and the impact of exchange rates. Business profit increased compared to the previous fiscal year due primarily to the effect of increased sales.
Major businesses included in this segment
Sauce & Seasonings • Quick Nourishment
Solution & Ingredients (S&I)
[ Sales composition of Seasonings & Foods ]
EMEA*1
5%
S&I
22%
Americas
16%
By
Sauce & Seasonings
business 51%
By
region
Japan
32%
Quick Nourishment
27%
Asia
47%
[ Sales and business profit ]
Sales
(Billions of yen)
1,000
846.9
Business profit
(Billions of yen)
896.0
959.2
200
800 775.0
664.2
134.1
139.1
150
600
127.4
400
100.8
101.9
100
200
50
0
FY21 FY22 FY23 FY24
FY25 Forecast
0
[ ROIC*2 ]
(%) 20
20.9 approx.20.0%
18.9
17.3
10
7
7
7
6
6
WACC 7%
0
FY21
FY22
FY23
FY24 FY25 Forecast
[ Organic sales growth ]
(%)
10
8.4
6.7
5.5
5
4.9
4.1
0
FY21
FY22
FY23
FY24 FY25 Forecast
The current status of the Ajinomoto Group Businesses
Review of financial results by segment
The Ajinomoto Group aims to achieve sustainable growth by operating a wide range of businesses in countries and regions across the world, including seasonings and foods, frozen foods, and healthcare and others.
Fiscal 2024 sales and business profit
Other
¥16.7
billion
Sales
¥1530.5
billion
Healthcare and Others
¥328.3
billion
Frozen Foods
¥289.3
billion
Seasonings & Foods
¥896.0
billion
Other
¥5.4
billion
Business profit
¥159.3
billion
Healthcare and Others
¥31.7
billion
Frozen Foods
¥8.0
billion
Seasonings & Foods
¥113.9
billion
Fact Book
028 ASV REPORT 2025
Frozen Foods
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to factors such as the impact of exchange rates. Business profit decreased compared to the previous fiscal year due to factors such as increased cost of raw materials despite impact of increased sales, etc.
[ Sales composition of Frozen Foods ]
EMEA*1
7%
Japan
30%
By
region
Americas
61%
Asia
2%
[ Sales and business profit ]
Sales
(Billions of yen)
Business profit
(Billions of yen)
300
289.3
304.0
267.2
281.8
40
200
221.7
30
20
15
100
13.9
13
5.9
7.0
10
0
FY21
FY22
FY23
FY24
0
FY25 Forecast
[ ROIC*2 ]
(%) 15
10
6.2
5
5
approx.6
WACC
5 5 5
5
5%
4.7
0
▲1.1
-5
FY21
FY22
FY23
FY24
FY25 Forecast
[ Organic sales growth ]
(%) 10
9.8%
7.8%
5
6.3%
0.6%
0
▲0.9%
-5
FY21
FY22
FY23
FY24
FY25 Forecast
*1 Europe, the Middle East, and Africa *2 Shared companywide expenses not attributable to specific reportable segments were previously allocated to each reportable segment based on reasonable criteria. However, the Company will change 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. Past figures have been retroactively adjusted and presented up to FY22.
ASV REPORT 2025 029
Healthcare and others
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to the impact of increased sales of electronic materials and Bio-Pharma Services & Ingredients. Business profit increased compared to the previous fiscal year due to the effect of increased sales of electronic materials and other factors.
Major businesses included in this segment
Bio-Pharma Services & Ingredients
Functional Materials (Electronic Materials, etc.)
[ Sales composition of Healthcare and Others ]
EMEA*1
Bio-Pharma Services & Ingredients
27%
Others
32%
45%
By
business
By
region
Japan
40%
Functional Materials
23%
[ Sales and business profit ]
Sales
(Billions of yen)
Americas
29%
Asia
4%
Business profit
(Billions of yen)
328.3
339.0
300
299.6
294.5
120
251.2
200
80
50.7
60.1
62.6
45.6
100
36.4
40
0
FY21
FY22
FY23
0
FY24 FY25 Forecast
[ ROIC*2 ]
(%) 20
15.7
approx.12
10
8
8
7
7
8 WACC
8%
6.8
0
2.0
FY21
FY22
FY23
FY24
FY25 Forecast
[ Organic sales growth ]
(%) 14
12.4%
11.2%
10.8%
7
6.8%
0
-7
FY21
▲6.8%
FY22 FY23
FY24
FY25 Forecast
CHAPTER 5
The current status of the Ajinomoto Group
The future of the Food Products Division, a path carved by "Orchestration"
The "Orchestration" concept, which started in 2024
Yoshiteru Masai
Executive Officer & Senior Vice President,
General Manager, Food Products Division
in the Food Products Division (FPD), is off to a good start. This year, I would like to focus on the progress of this initiative and introduce the details.
030 ASV REPORT 2025
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Ajinomoto Co. Inc. published this content on August 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 29, 2025 at 04:11 UTC.
