Ajinomoto (2802) Q3 2026 earnings summary

Executive summary

• Sales, business profit, and profit attributable to owners reached new record highs for the first three quarters of FY2025, with strong acceleration in Q3 and robust performance in both domestic and overseas markets.

• Upward revisions were made to full-year forecasts for business profit and profit attributable to owners, driven by strong segment performance and expected gains from asset sales.

• Strategic focus for FY2026 includes accelerating growth in Bio & Fine Chemicals and achieving 2030 Roadmap targets ahead of schedule.

Financial highlights

• Cumulative Q3 FY2025 sales reached ¥1,164.1 billion (101% YoY), business profit ¥145.9 billion (105% YoY), and profit attributable to owners ¥89.7 billion (108% YoY).

• Q3 FY2025 alone saw sales of ¥425.2 billion (104% YoY), business profit ¥59.2 billion (115% YoY), and profit attributable to owners ¥38.5 billion (119% YoY).

• FY2025 revised full-year forecast: sales ¥1,600 billion (104% YoY), business profit ¥181 billion (113% YoY), profit attributable to owners ¥130 billion (184% YoY).

• Gross profit for the nine months was ¥445.4 billion, up from ¥422.0 billion year-over-year.

Outlook and guidance

• FY2025 business profit and profit attributable to owners revised upward; sales forecast slightly reduced due to currency effects and lower expectations in some segments.

• Healthcare, Functional Materials, and Bio & Fine Chemicals segments expected to outperform initial plans, with strong demand for ABF and Bio-Pharma services.

• ROE expected to reach approximately 17–18% (excluding special items), organic growth at 5%, and EBITDA margin at 17–18.1%.

• Management aims to achieve the 2030 roadmap targets ahead of schedule, including tripling EPS versus FY2022.