Ajinomoto (2802) Q2 2026 earnings summary

Executive summary

• H1 FY2025 sales were ¥738.8 billion, nearly flat year-over-year, with business profit at ¥86.7 billion and profit attributable to owners up 2% to ¥51.2 billion, aided by exchange differences from the sale of Ajinomoto Althea, Inc.

• Progress toward the full-year plan is slightly behind, but management is implementing corrective actions in key segments to achieve FY2025 targets.

• Strategic focus remains on evolving ASV initiatives, innovation, and achieving the 2030 roadmap.

• No revision to the previously announced financial forecast.

Financial highlights

• H1 FY2025 sales: ¥738.8 billion (99.3% of FY2024); business profit: ¥86.7 billion (99.8% of FY2024); profit attributable to owners: ¥51.2 billion (102% of FY2024).

• Gross profit increased by ¥10 billion due to improved margins, despite a ¥2 billion decrease from lower sales.

• EBITDA margin rose to 17.5%; organic growth rate at 1.9%.

• Net cash provided by operating activities rose to ¥93.2 billion from ¥81.8 billion year-over-year.

• Basic and diluted EPS were ¥52.18, up from ¥49.47 year-over-year.

Outlook and guidance

• Full-year forecast remains unchanged: sales ¥1,618.0 billion (up 5.7% YoY), business profit ¥180.0 billion (up 13.0% YoY), profit attributable to owners ¥120.0 billion (up 70.7% YoY).

• Management expects to achieve FY2025 guidance, with significant profit recovery expected in the second half, especially in CDMO, seasonings, and frozen foods.

• Annual dividend forecast is ¥48.00 per share post-stock split.

• 2030 ASV indicators target ROE of 20%, ROIC of 17%, and EBITDA margin of 19% or more.