Ajinomoto (2802) Q4 2025 earnings summary

Executive summary

• FY2024 sales and business profit reached record highs since IFRS adoption, with double-digit business profit growth excluding the Forge Biologics acquisition impact.

• Profit attributable to owners declined to ¥70.2 billion due to impairment losses from the sale of Ajinomoto Althea Inc. and structural reform expenses, but business portfolio transformation is accelerating.

• FY2025 is forecasted to deliver further record revenue and profit, with a focus on achieving 2030 roadmap milestones and enhancing shareholder returns through increased dividends and share repurchases.

• A 2-for-1 stock split was executed on April 1, 2025, and a major share repurchase program was announced.

Financial highlights

• FY2024 sales reached ¥1,530.6 billion, up 6.3% year-on-year; business profit was ¥159.3 billion, up 7.9%.

• Profit attributable to owners dropped 19.3% to ¥70.3 billion due to structural reform and impairment losses.

• EBITDA margin remained strong at 16.1%.

• Annual dividend per share: ¥80 (pre-split); FY2025 forecast: ¥48 (post-split).

• Cash and cash equivalents at year-end: ¥164.8 billion; operating cash flow exceeded ¥209.9 billion.

Outlook and guidance

• FY2025 sales forecast: ¥1,618.0 billion (+5.7% year-on-year), business profit ¥180.0 billion (+13.0%), profit attributable to owners ¥120.0 billion (+70.7%).

• ASV indicators for FY2025: ROE 16%, ROIC 11%, EBITDA margin 17%, organic sales growth 5%.

• Dividend per share to increase to ¥48; share buyback of up to ¥100 billion announced.

• Minimal direct impact from U.S. tariff policy, but macroeconomic effects will be monitored.