Ajinomoto (2802) Q3 2025 earnings summary

Executive summary

• Achieved record revenue, business profit, and profit attributable to owners for the first three quarters of FY2024, driven by strong overseas growth and robust performance in Bio & Fine Chemicals and Healthcare segments.

• Excluding the Forge Biologics acquisition, business profit increased 16% year-over-year, reflecting progress toward the 2030 roadmap.

• Domestic food and coffee businesses faced margin pressure from rising raw material and personnel costs, partially offset by price hikes.

• Product innovation and market expansion, including premium launches and ASEAN/South America growth, supported future outlook.

• Bio-Pharma Services saw sales growth but profit was negatively impacted by the Forge acquisition.

Financial highlights

• Cumulative Q3 FY2024 sales reached ¥1,151.0 billion, up 7.8% year-over-year; business profit was ¥138.2 billion, up 11%; profit attributable to owners was ¥82.4 billion, up 6%.

• Q3 FY2024 sales were ¥406.7 billion, up 7% year-over-year; business profit was ¥51.2 billion, up 7%.

• Currency translation contributed ¥26.4 billion to sales and ¥4.5 billion to business profit for the nine months.

• EPS increased nearly 10% year-over-year.

• JPY 13.7 billion year-over-year improvement in business profit, driven by overseas consumer and healthcare business growth and price hikes.

Outlook and guidance

• On track to achieve full-year FY2024 forecast, FY2025 ASV indicators, and FY2030 roadmap targets, with 75% of sales and 86% of business profit forecasts achieved by Q3.

• Ongoing focus on sustainable growth in Food Products and dramatic expansion in Bio & Fine Chemicals.

• Overseas food business expected to remain firm, with efforts to return to growth in Japan.