FY2021 Revised Forecast by Segments

FY21 Revised Forecast by Segment

FY21	FY21		FY20	Y on Y
Revised	Initial	Differrence
Results	Change
Forecast	Forecast

Sales	1,148.0	1,113.0	35.0	1,071.4		76.5
	Seasonings and Foods	665.1	654.7	10.3	620.5		44.6
		Sauce	& Seasonings	317.4	308.8	8.6	288.9		28.4
		Quick Nourishment	196.8	197.5	-0.6	186.3		10.5
		Solution & Ingredients (S&I)	150.7	148.4	2.3	145.1		5.5
	Frozen Foods	217.0	208.2	8.7	198.2		18.7
		Frozen Foods	217.0	208.2	8.7	198.2		18.7
	Healthcare and Others	247.7	231.3	16.3	239.5		8.1
		Bio-Pharma Services & Ingredients	106.3	101.0	5.2	91.4		14.8
			Amino acids for pharmaceuticals				42.5
			and foods 2
			Bio-Pharma Services 3				49.0
		Functional Materials	56.7	48.9	7.8	45.1		11.6
		Others	84.5	81.4	3.1	102.8		-18.2
	Others	18.1	18.6	-0.4	13.1		4.9
Business Profit1	120.0	115.0	5.0	113.1		6.8
	Seasonings and Foods	80.7	85.8	-5.1	86.7		-6.0
		Sauce	& Seasonings	63.6	65.9	-2.2	64.0		-0.3
		Quick Nourishment	20.4	20.6	-0.1	20.9		-0.4
		Solution & Ingredients (S&I)	17.5	19.6	-2.1	21.0		-3.5
		Shared companywide expenses	-20.9	-20.3	-0.5	-19.2		-1.6
	Frozen Foods	2.3	2.4	-0.1	2.3		0.0
		Frozen Foods	8.6	8.6	0.0	8.2		0.3
		Shared companywide expenses	-6.3	-6.1	-0.1	-5.8		-0.4
	Healthcare and Others	39.6	29.2	10.3	26.2		13.3
		Bio-Pharma Services & Ingredients	15.7	13.8	1.9	11.9		3.8
		Functional Materials	25.6	20.4	5.2	18.9		6.7
		Others	5.6	2.3	3.2	2.8		2.7
		Shared companywide expenses	-7.4	-7.2	-0.2	-7.4		-0.0
	Others	-2.6	-2.6	-0.0	-2.2		-0.4
		Shared companywide expenses	-1.7	-1.6	-0.0	-1.5		-0.2

November 4, 2021

(Billion yen)

FY21/1H	FY20/1H	Y on Y	FY21/2H	FY20/2H	Y on Y	Reasons for Forecast Revision
Results	Results	Change	Forecast	Results	Change
550.2	511.3	38.8	597.7	560.0	37.6	Seasonings and Foods
						Sauce & Seasonings: Upward revision of revenue based on strong
316.0	295.3	20.6	349.1	325.1	23.9	sales, and the impact of rising unit prices, both overseas, the impact of
						currency translation, etc.
151.6	140.3	11.3	165.7	148.6	17.1	Quick Nourishment: No significant revisions.
88.7	83.5	5.1	108.1	102.7	5.3	Solution & Ingredients: Upward revision of revenue overall based
						primarily on strong sales and rising unit prices of umami seasonings
75.6	71.4	4.1	75.1	73.7	1.4
for processed food mfrs. and the impact of currency translation,
						despite downward revision of revenue based on the most recent state
106.3	98.8	7.5	110.6	99.4	11.2	of sales of foodservice-use products in Japan.
						Frozen Foods
106.3	98.8	7.5	110.6	99.4	11.2
						Upward revision of revenue based primarily on the impact of rising unit
121.9	110.6	11.3	125.7	128.8	-3.1	prices in North America and the impact of currency translation.
						Healthcare and Others
49.5	41.6	7.9	56.7	49.8	6.9
Bio-Pharma Services & Ingredients: Upward revision of revenue based
						primarily on strong sales of amino acids for pharmaceuticals and foods
24.0	21.5	2.7		21.0
		and the impact of currency translation.
						Functional Materials: Upward revision of revenue based primarily on
25.0	20.0	5.1		29.0
						strong sales of electronic materials.
28.5	21.6	6.9	28.2	23.5	4.7
Others: Upward revision of revenue based primarily on strong sales of
43.8	47.3	-3.4	40.7	55.5	-14.7	personal care ingredients and the impact of currency translation.
5.9	6.5	-0.6	12.2	6.6	5.6
69.3	61.9	7.3	50.6	51.1	-0.5	Seasonings and Foods
Sauce & Seasonings: Downward revision of profit primarily based on
						the impact of rising raw material prices in the first half of the year
45.0	47.0	-2.0	35.6	39.7	-4.0
despite upward revision of revenue.
33.9	35.7	-1.7	29.7	28.3	1.4	Quick Nourishment: No significant revisions.
						Solution & Ingredients: Downward revision of profit based primarily on
10.6	9.7	0.9	9.8	11.2	-1.3
						the impact of rising raw material prices for foodservice-use products in
9.4	11.0	-1.6	8.0	9.9	-1.8	Japan, despite upward revision of revenue.
						Frozen Foods
-8.9	-9.1	0.1	-12.0	-10.1	-1.8
Profit remains unchanged based primarily on the impact of rising raw
						material prices and logistics costs in North America being countered by
1.0	2.6	-1.6	1.2	-0.3	1.6
rising unit prices.
						Healthcare and Others
3.8	5.5	-1.6	4.7	2.7	2.0
						Bio-Pharma Services & Ingredients: Upward revision of profit
-2.8	-2.8	0.0	-3.5	-3.0	-0.4	accompanying upward revision of revenue.
						Functional Materials: Upward revision of profit accompanying upward
22.8	11.9	10.9	16.7	14.3	2.4
						revision of revenue.
9.9	5.0	4.9	5.8	6.9	-1.0	Others: Upward revision of profit based primarily on the impact of
						upward revision of revenue and decreased expenses due to the
13.3	9.3	3.9	12.3	9.6	2.7
structural reform of animal nutrition.
3.0	1.0	2.0	2.5	1.8	0.7
-3.4	-3.3	-0.0	-4.0	-4.0	0.0
0.3	0.2	0.0	-3.0	-2.4	-0.5
-0.7	-0.7	-0.0	-1.0	-0.8	-0.1

1. A profit indicator defined by Ajinomoto for administrative purposes:
   Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures
2. From FY2021, the medical food business, which was included in amino acids for pharmaceuticals and foods, is included in the Others section of Healthcare and Others
3. From FY2021, the crop services business, which was included in Bio-Pharma Services, is included in the Others section of Healthcare and Others

Notes:			Nondisclosure
		(Italic)	Approximation
	(Reference) Sales Forecast by Business & Geographical Area						(Billion yen)
	Sales		Japan		Asia		Americas	EMEA		Total
			Seasonings and Foods	277.8	(-2.3)	272.8	(4.3)	78.5	(4.7)	35.8	(3.5)	665.1	(10.3)
					280.1		268.5		73.7		32.2		654.7
			Frozen Foods	89.4	(0.0)	4.3	(0.7)	111.4	(7.3)	11.8	(0.6)	217.0	(8.7)
					89.3		3.5		104.1		11.1		208.2
			Healthcare and Others	108.7	(7.2)	9.3	(1.9)	66.9	(2.0)	62.7	(5.0)	247.7	(16.3)
					101.4		7.3		64.9		57.6		231.3
			Others	17.5	(-0.4)	0.4	(0.0)	-	-	0.0	(0.0)	18.1	(-0.4)
					17.9		0.4		-		0.0		18.6
			Total	493.7	(4.5)	287.0	(7.0)	256.8	(14.0)	110.3	(9.3)	1,148.0	(35.0)
					489.1		279.9		242.8		101.0		1,113.0
	Upper row: FY21 Revised forecast, lower row: FY21 Initial forecast. Figures in parentheses represent difference.

・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 and do not represent a commitment from Ajinomoto Co., Inc. that they will be achieved. A number of factors could cause actual results to differ materially from expectations.

・Unaudited figures are included in these materials for reference. ・Amounts presented in these materials are rounded down.