Ajinomoto : Presentation materials with script（Updated on Nov.22, 2022）

Ajinomoto Co., Inc. (2802)

Forecast for FY2022 (Ending March 31, 2023) and Initiatives for Enhancing Corporate Value

Taro Fujie

Member of the Board, Representative Executive Officer

President & Chief Executive Officer

November 7, 2022

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1. Summary Results for the First Half Ended September 30, 2022 and FY2022 Forecast

1. The Corporate Value Enhancement Cycle and Engagement

1. Medium-TermASV Initiative for the 2030 Roadmap

Reference Materials

Appendixes: Consolidated Results First Half Ended September 30, 2022 FY2022 Revised Forecast by Segment

Note: Business profit (consolidated) in this material:

Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures

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Today's Message

• In the first-half, we achieved revenue and profit(Business Profit) growth. Sales and business profit on a half-year basis were the highest since the introduction of IFRS in FY2016.
• In Seasonings and Foods and in Frozen Foods, even though we raised unit prices, we were unable to offset the impacts of cost increases, resulting in a slight decrease in profit. Conversely, growth continued in Healthcare and Others, driving performance across the Group. Profit also increased due to depreciation of the yen.
• In the full-year forecast for FY2022, we have upwardly revised both sales and profit. We decided to increase the dividend and repurchase shares as a measure to strengthen shareholder returns in anticipation of enhancing our sustainable cash generating ability.
• We are working on further clarification of issues and speeding up the implementation of measures, and continually realize the enhancement of corporate value.
  (Issues: continual growth of foods in Japan, the profit margin of Seasonings and Foods, and the profit structure of Frozen Foods)
• We will formulate the 2030 Roadmap for our Medium-Term ASV* Initiative to reflect our dialogue with stakeholders and our vision for 2030.

*The Ajinomoto Group Creating Shared Value: Initiatives to create both social and economic value through its business, which the Group has been consistently engaging in since its foundation

Copyright © 2022 Ajinomoto Co., Inc. All rights reserved

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1. Summary Results for the First Half Ended September 30, 2022 and FY2022 Forecast

1. The Corporate Value Enhancement Cycle and Engagement

1. Medium-TermASV Initiative for the 2030 Roadmap

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I-1.First-Half Results Digest

Sales: Increased

¥659.8 billion

119.9% of FY2021 results

Excluding currency translation: 109.5%

up ¥109.6 billion

Revenue increased significantly overall due to higher revenue in all major segments.

Business profit: Increased

¥74.3 billion

107.2% of FY2021 results

Excluding currency translation: 97.1%

up ¥5.0 billion

With currency translation effects excluded, profit decreased.

In Seasonings and Foods and Frozen Foods, while revenue increased, profit fell due to soaring raw materials, logistics, and personnel costs.

In Healthcare and Others, profit increased due to strong performance in the Functional Materials business and Bio-Pharma Services & Ingredients business.

Profit attributable to owners

of the parent company

¥47.0 billion

86.8% of FY2021 results

Decreased year-on-year due to the recording of profit on the sale of fixed assets (idle assets) within operating income for the same period of the previous fiscal year

Excluding profit on the

sale of fixed assets

111.4% of FY2021 results

YoY Business Profit Details - Summary

(¥ Billion)	vs Q1-FY21	vs Q2-FY21	vs H1-FY21	Details of impacts in H1
Change in GP due to	17.8	24.2	42.1	Effect of increased revenue in Seasonings and Foods overseas, Functional Materials,
change in sales		Frozen Foods overseas, Bio-Pharma Services, etc.
Change in GP due to change in	-9.1	-10.9	-20.1	GP margin of Seasonings & Foods, Frozen Foods, Healthcare and Others decreased
GP margin		due to the impact of substantial price increases for raw materials and fuel.
Change in SGA expenses		-7.4	-9.9	-17.3	SGA expenses increased due to currency translation effects and substantial logistics
cost increases.
Share of profit of associates	0.2	0.0	0.2
and joint ventures
Total	1.5	3.4	5.0
		Copyright © 2022 Ajinomoto Co., Inc. All rights reserved	5

Sales increased in all major segments, driven primarily by sales growth, with price revisions included, in the Sauce and Seasonings, and Frozen Foods segments, and solid sales growth in Functional Materials and Bio-Pharma Services & Ingredients, in addition to currency translation effects.

Business profit reached a record high of 74.3 billion yen on a half-year basis. Excluding currency translation effects, sales were 97.1% vs. the previous fiscal year, an improvement from the 96.2% recorded in the first quarter. Seasonings and Foods and Frozen Foods were affected by factors including substantial raw material, fuel, and logistics cost increases, but profit increased significantly in Functional Materials and in Bio-Pharma Services & Ingredients.

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