Ajinomoto Group ASV Report 2025
Ajinomoto Group
ASV Report 2025
Integrated Report
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©Ajinomoto Co., Inc. 2025
AMINO ACIDS
AjiPanda® is the global ambassador
for the Ajinomoto Group
Ajinomoto Group
ASV Report 2025
Integrated Report
Speed-Up with CHANTO
POWER
COMMUNITY GROWTH
RECOVERY
TASTY
SUSTAINABILITY
SPEED
ACCESSIBILITY
BEAUTY
RESEARCH
STAMINA
HEALTH CARE
TECHNOLOGY NEW FUNCTION
We will achieve "Eat Well, Live Well."
by going beyond resolving food and health issues, and contributing to the well-being of all human beings,
our society and our planet with "AminoScience."
CONTENTS
CHAPTER 1
Message from
the President and CEO
Ajinomoto Group ASV Report 2025
Integrated Report
Speed-Up with CHANTO
CHAPTER 7
Intangible assets
Strongly linking four intangible assets to co-create
Corporate Slogan
Think Well, Do Well. A scenario to accelerate the realization of our Vision for 2030.
CHAPTER 2
Introduction
004
innovation and realize ASV management Organization assets
Human assets Technology assets Customer assets
048
050
054
060
062
Purpose
Purpose
Contributing to the well-being of all human beings, our society and our planet with "AminoScience"
ASV
Ajinomoto Group Creating Shared Value
ASV Initiatives
Co-creation of social and economic value through our business
AGW
Ajinomoto Group Way
Values
Create new value, Pioneer spirit, Social contribution, Value people
What is "AminoScience" ? The Founders' Aspirations | 016 018 | Sustainability | |
All about the Ajinomoto Group | 020 | Ajinomoto Group Sustainability | |
What ASV means to us | 022 | Creating a positive impact on society | 064 |
The Purpose of the Ajinomoto Group 014
CHAPTER 8
Please see Our Philosophy website for detail. https://www.ajinomoto.com/aboutus/group
Editorial policy
In this "ASV Report," we have placed emphasis on clearly reaffirming the "Vision for 2030" outlined in the Medium-Term ASV Management Roadmap 2030, and on conveying our commitment to steadily advancing toward its realization under the leadership of the new CEO. We hope that this
Organizational scope
This report covers the activities of the Group, comprising, unless otherwise noted, Ajinomoto Co., Inc. (the Company) and its consolidated subsidiaries and equity-method affiliates (as of March 31, 2025). When comprehensive Group information is not available, the data parameters are explicitly defined.
Period covered by this report
Fiscal 2024 (April 1, 2024 to March 31, 2025) Past circumstances, data, and
CHAPTER 3
Materiality
Important issues (Materiality) for the Ajinomoto Group
CHAPTER 4
History
The growth trajectory of the Ajinomoto Group
CHAPTER 5
The current status of the Ajinomoto Group
The current status of the Ajinomoto Group businesses The future of the Food Products Division,
a path carved by "orchestration"
Progress update of the Bio & Fine Chemicals Division: Opportunities and Challenges
CHAPTER 6
"AminoScience" in action
Co-creating value in four focused growth areas with "AminoScience"
HealthcareAdvancing from gene therapy to cell therapy
024
026
028
030
034
038
CHAPTER 9
FINANCIAL AND CAPITAL STRATEGY
Aiming to maximize equity value by "deepening global financial strategy" and "reducing cost of capital"
CHAPTER 10
Corporate governance
Interview with the Chairperson of the Board Auditing systems
Directors Compensation
Sustainability and risk management Directors and executive officers
CHAPTER 11
Performance and corporate information
Ten-year summary of financial data Performance data
Glossary
Corporate data / stock information / stock performance
External evaluations / key communication materials
072
076
080
081
086
088
090
092
094
096
098
099
report will encourage dialogue and help our shareholders, investors and all other stakeholders to better understand and have empathy for our
recent cases outside of this time period are presented when appropriate.
Precautions related to forward-looking statements
Business performance forecasts and other forward-looking statements
in global bio-pharma CDMO businesses 040
Food & Wellness
Purpose.
presented in this report are based on management estimates, assumptions, and projections at the time of publication. The Company does not guarantee that the forward-looking statements will be fulfilled. Various factors could cause actual results to differ materially from expectations.
Evolving value and promoting the Fan-Based Model
Growth strategy to evolve ABF
Leveraging "AminoScience" to build
042
044
COVER STORY
Ajinomoto Group
ASV Report 2025
Integrated Report
Speed-Up with CHANTO
TASTY
GROWTH
SPEED
BEAUTY
ACCESSIBILITY
STAMINA
TECHNOLOGY NEW FUNCTION
The cover illustration expresses a well-being-oriented world inspired by the Ajinomoto Group's Purpose contributing to the
well-being of all human beings, our society and our planet with "AminoScience,"
agrifood systems 046
rendered in a colorful and wholesome style.
Unauthorized copying or reproduction of this document is prohibited. ©Ajinomoto Co., Inc. 2025
ASV REPORT 2025 003
"I want to develop something new and contribute to people."
Let me introduce myself. I was born in Hyogo Prefecture, Japan in 1967.
When I was in elementary school, I joined the baseball team because my name was "Shigeo," the same as the legendary famous Japanese baseball player. However, I had reservations about following everything the coach said, and I liked to think freely and draw manga and make things.
I liked math in middle school and high school, and I enrolled in Tokyo Institute of Technology, which had distinctive math questions on its entrance exams.
At university, I researched "fermentation synthesis of biodegradable plastics" under Professor Doi (Professor Emeritus at Institute of Science Tokyo). With advice from my professor, I was able to conduct experiments relatively freely, and I am grateful that I was able to develop the habits of researching, thinking, and carrying out my own ideas.
As a result, I was fortunate enough to discover a new type of biodegradable plastic. During my research, I also collaborated with the University of Bologna in Italy, the world's oldest university. From this experience, I felt the thrill of competing with researchers from around the world, and I began wanting to study abroad someday.
I was interested in fermentation by research on biodegradable plastics, and I decided to join Ajinomoto Co., Inc., known for fermentation technologies, in 1992 with the purpose to develop something new and contribute to people.
Since then, I have been engaged in research and development of functional materials based on amino acids at the research laboratory. In 1996, we started
development of Ajinomoto Build-up Film® (ABF). Along the way, we faced many crises of survival, as it was not a core business, but I devoted myself to research and development due to the tenacity of my superiors and a pride-based sense of urgency making me unwilling to let the research end so unceremoniously.
We were fortunate enough to see the semiconductor packaging substrate change from ceramic to plastic, and in 1999, our product was adopted by a major semiconductor manufacturer where mass production began. After that I fulfilled my dream of studying abroad by attending UCSB (University of California Santa Barbara), and after returning to Japan, I became the manager of the Laboratory, the president of Ajinomoto Fine-Techno Co., Inc. obtained an MBA, then after serving as the head of the Specialty Chemicals Dept. at the headquarters, I was appointed General Manager of the Latin America Division and president of Ajinomoto do Brasil Indústria e Comércio de Alimentos Ltda. (ABR) in April 2022. On February 3rd of 2025, I was appointed Representative Executive Officer and President.
My research exchange times, a dream since my student days.
The broadened view I gained in Brazil
My experience as General Manager of Latin America Division and President of ABR greatly broadened my perspective, which had been focused solely on electronic materials.
The first thing I felt was that the Ajinomoto Group were companies where you can do what you want if you have the purpose and desire to grow.
Although I initially wanted to create food products that could be served on the dinner table, I was assigned to the development of electronic materials.
From there, I worked hard to become an innovative world-class researcher creating new materials, and have obtained 512 patents (No. 1 in our company's history: based on invention contribution rate as of the end of fiscal 2024.)
As I introduced the materials I developed to global customers and the business grew, my desire shifted to wanting to become a business professional working on global scale, and as I met with the top executives of our customers, I decided that I would then become a leader
ASV REPORT 2025 005
CHAPTER
1
CEO Message
Think Well, Do Well.
A scenario to accelerate the realization of our Vision for 2030.
CEO MESSAGE
1. the realization of our Vision for 2030 through
What I want to communicate
We will advance ASV Management and accelerate
strengthening our ability to planning and execute.
5. management, along with internal knowledge sharing,
Through OE/DX and enhanced data-driven
2. through our initiative: "High-Speed
We will accelerate both Speed Up × Scale Up
we will evolve into a genuine global management.
We will cultivate a corporate culture
3. drive global business growth and promote
with CHANTO".
We aim to foster human resources that
6. that encourages challenges and fosters
innovation.
By breaking down silos, we will grow both our Food
4. calculating corporate value, we will refine both
genuine diversity management.
By being conscious of the formula for
7. Products business and Bio & Fine Chemicals business,
our growth potential and earning power.
8. reduce negative impacts but also strive to create
while also creating new areas of integration.
In addressing sustainability issues, we will not only
positive impacts for society at large.
004 ASV REPORT 2025
Shigeo Nakamura
Director, Representative Executive Officer,
President & CEO
capable of driving sustainable growth for companies, and that is where I am today.
In other words, in the Ajinomoto Group, if you have purpose and a desire to grow, you can do the thing you want to do! I have embodied this, and I owe it to the support of everyone.
I was also moved to learn that AJI-NO-MOTO® is sold in the Amazon region of South America and is making people's meals more delicious, and it filled me with a sense of respect for predecessors' pioneering spirit and contribution to society. I also felt that I had a mission to contribute to the sustainable growth of the Ajinomoto Group.
Moreover now, I have inherited the ASV management and
Purpose, and I am determined to work with everyone in the Group to further Speed Up × Scale Up the Ajinomoto Group's continued growth.
Local street vendors in Manaus, Amazon area
of ABF, but it can also be applied to and evolved for other businesses and functions.
The first step is to anticipate customer needs and develop the necessary materials and technologies to a certain extent.
For example, high-performance semiconductors usually undergo performance improvements every two years, so there is a competitive situation in which competitions are held every two years for the materials used in them, maintaining a healthy sense of urgency.
This sense of urgency is due to pressure from customers and competitors, but also a sense of urgency that arises from within us, based on the challenge of and pride in knowing "I joined this company to accomplish something." Then, when a customer's needs actually arise, we can
quickly complete the process and propose multiple
and (3) "continuously improve solutions based on feedback."
It is also important to have a culture that values "flexible course correction" based on the market and customers. A "high-speed development system" can be expressed in simple terms as "the accumulation of doing what you can do today without putting it off until tomorrow."
ABR, where I was assigned since April 2022, operates the Food Products business centered on seasonings and the Bio & Fine Chemicals business centered on amino acids and cosmetic ingredients and is a production base for various amino acids, including exporting AJI-NO-MOTO® globally.
I have applied and deployed the "high-speed development system" at ABR. First, I explained the concept of the "high-
speed development system" to the members at every
Think Well, Do Well, ("CHANTO")
materials. Proposals are made as total solutions that include the customer's process. This is where our highly
opportunity, such as budget presentations and "meet the president" (a forum for dialogue between employees and
The Ajinomoto Group is committed to "contributing to the well-being of all human beings, our society and our planet with 'AminoScience'," and is promoting ASV (Ajinomoto Group Creating Shared Value), an initiative to co-create social and economic value through our business.
Furthermore, we have established our principles of conduct and values as AGW (Ajinomoto Group Way), which includes "create new value," "pioneer spirit," "social contribution," and "value people." This system of principles constitute Our Philosophy.
As Professor Takashi Nawa, known for his book, "Purpose Management," says, "Purpose alone is just empty idealism; practice and principles are needed afterwards." I want to evolve the company by "strengthening our ability to planning and execute." Simply put, it means thinking for yourself and executing for yourself.
In order to realize "our Vision for 2030" anchored by our Purpose, ahead of schedule, we will proceed with a scenario for evolving ASV management.
In line with this scenario, we will first carry out activities to
encourage each employee to discover overlaps between the Ajinomoto Group's Purpose and his or her own purpose and to find his or her own motivation for work. We will then refine our company-wide strategy, as well as our business and functional strategies based on ASV and the AGW, taking into account external influencing factors (megatrends, technological innovation, the macro economy, etc.)
Furthermore, we will improve our execution capabilities by having each organization and employee translate the strategy into specific goals that they adopt personally and work to achieve them with passion.
Going forward, we will move to the stage of strengthening our planning and execution capabilities, thinking carefully (thinking "CHANTO") about our Purpose and executing it properly (executing it "CHANTO" ) while carefully evolving the "human resource, organization, and corporate culture" that support all of this.
"CHANTO" is a Japanese word that means "properly doing what needs to be done, thoroughly, precise."
competitive R&D team comes into play.
In addition, Ajinomoto Co.'s Research Institute for Bioscience Products & Fine Chemicals, which conducts R&D, and Ajinomoto Fine-Techno Co., which manufactures, located close to each other, together making it possible to carry out high-speed development that is synonymous with our company, covering everything from R&D to prototyping, manufacturing, and quality assurance.
Furthermore, we anticipate feedback from customers, prepare and propose materials for improvements, and repeat this process at high speed until the product is adopted. Although it is called a "system," it is people who sell the products, so it is important to build strong relationships of trust by continually responding to customer demands in this way.
In other words, the "high-speed development system" is based on a "healthy sense of urgency" and is built on three KSFs (Key Success Factors): (1) "anticipate customer needs," (2) "rapidly develop multiple solutions,"
the president). I also adopted "fail fast, learn faster" as the corporate culture slogan and promoted high-speed challenges without fear of failure.
It is said that Brazilians tend to avoid failure, so taking on challenges did not progress smoothly at first, but when the top management thought about it themselves, conveyed a healthy sense of urgency, encouraged risk-taking, and
Left: Members stamped their commitment to take on the gyoza business challenge.
Right: At a bar in Brazil that serves our Gyoza
The high-speed development system that accelerates evolution
The high-speed development system
To accelerate the evolution of ASV management, I will incorporate the concept of "CHANTO" into our "high-speed development system" that anticipates customer and market needs, which is my own experience and strength, to further Speed Up × Scale Up.
The essence of the "high-speed development system" is
to consider management resources to be "time" in addition to people, things, money, and information, and to think of the time axis as a differentiating factor.
3
Improve based on feedback
2
Run multiple plans in parallel
1 Anticipate needs and
"move preemptively"
This is a methodology suited to making agile responses to today's rapidly changing market and customer environment and is an essential approach to the success
006 ASV REPORT 2025 ASV REPORT 2025 007
praised the employees, the "high-speed development system" was applied and deployed not only in both the Food Products Division and Bio & Fine Chemicals Division, but also in various departments including manufacturing
last year, reached test marketing just six months after consideration began.
Anticipating the growth of frozen foods in Brazil and the need for fried foods as appetizers in local restaurants, the
How can we accelerate the realization of our Vision?
and indirect procurement, and the number of new products launched actually increased, fostering a culture with high competitive power.
A "highly competitive culture" is the ability to think for yourself and act quickly even when something unexpected happens.
In particular, frozen gyoza, which was launched in Brazil
business division, manufacturing division, quality assurance division, and logistics division all came together to form one team, and the company rapidly developed the product in a collaborative, supportive manner. Going forward, we will continue to take on new business expansion challenges, including Asian frozen foods, in Latin America.
The Ajinomoto Group is currently growing steadily. However, new businesses and new products are essential for further growth. We recognize that we still lack these. Due to the siloization that is common in large companies, even if good themes are created, they are not integrated easily . This is because mid- to long-term plans are weak, and there are no common strategic goals.
For example, when I was at ABR, there were not many
opportunities to introduce the achievements of Japan's
transformation.
We will thoroughly refine our operations, strengthen the use of digital/AI, and effectively utilize the Group's common data platform "ADAMS*" (sharing and inheriting information related to all assets as data assets throughout the Group, creating value with insights gained from data while speeding up operations and business decisions), strengthen knowledge management, strengthen intelligence as information analysis, and use data as the
Speed Up × Scale Up through "high-speed with CHANTO"
R&D. Our Group possesses a wealth of excellent technologies, so if we could utilize it more widely, I think it would be possible to further expand our business globally and create new businesses.
starting point to evolve our Japan-oriented management style into a genuine global management style.
*Ajinomoto Data Management System
Failure is inevitable when taking on a challenge. However, failures need to be divided into "preventable failures" due to simple negligence, "unavoidable failures" caused by disasters, and "intellectual failures" in cutting-edge fields; learning from "intellectual failures" is said to be the closest thing to innovation.
We will not only focus on "speedily," but also on incorporating the concept of "CHANTO."
By "CHANTO" communicating with customers and stakeholders and "CHANTO" understanding future customer issues and market needs, as well as external influences and competitive trends, we will "CHANTO" create the future assertively and proactively.
Through these efforts, we "CHANTO" hone our own capabilities and our company's capabilities, while "CHANTO" gaining the trust of our customers and the market. We want to think on the level of essence, conduct business with sincere objectives, earn income honestly, and grow in the right way.
The formula for calculating our corporate value is as
each item within the 2030 Roadmap and execute it properly.
To generate steady cash flow for the company, we will refine both our growth and profitability through organic growth, improved EBITDA margins, promotion of ROIC-focused management, streamlining of various costs such as raw materials and manufacturing costs, appropriate inventory management by strengthening inventory understanding, and strengthening supply chain management (SCM).
To reduce capital costs, we will utilize sustainable finance through promotion of sustainability, strengthen risk management, reduce borrowing costs, and utilize appropriate financial leverage, thereby evolving Speed Up
× Scale Up.
At present, there are still issues that need to be improved, but we would like to create a virtuous cycle of increasing corporate value by being aware of the formula for calculating corporate value and combining the ingenuity, efforts, and challenges in each organization.
We are now in the third year of the 2030 Roadmap. Former CEO Fujie described us as being at about the third station of Mt. Everest, but I believe that the groundwork has been laid for the challenge of reaching the heights of the roadmap. Therefore, we extracted current issues through a cross-SWOT analysis and formulated a 60-day plan shown on the right. We have identified the underlying essence of these three themes and defined concrete
1.
2.
3.
Outline of the 60-day plan
Updating the Picture of the Future ( PoF ) and establishing an environment that enables genuine innovation for exponential growth
Strengthening the corporate brand to enhance corporate value
Clarifying the approach to business portfolio management and improving the efficiency of management resources through DX, as part of foundational reinforcement
mid- to long-term strategies. We plan to share further details at an appropriate time.
The efforts to strengthen data management and data-driven management in DX are Group-wide issues, and DX is an important activity that will accelerate our company's Purpose and the 2030 Roadmap, as well as corporate
An organization that embraces challenges and embodies true diversity
follows. We will carefully consider what we will work on for
to the formula for calculating corporate value
Increasing sales, reducing raw material and manufacturing costs, strengthening SCM and promoting ROIC-focused management, etc.
Standard calculation of corporate value
Steadily generate cash flow
Corporate value
Speed Up
＝
with
-
Scale Up
Deploying a "high-speed development system," internal collaboration, external collaboration, and essential productivity improvement through employee engagement improvement, etc.
Reducing borrowing costs through the use of sustainability finance, strengthening shareholder return measures, etc.
Focusing on four focused growth areas, evolving the portfolio, gaining customer loyalty, improving brand power, etc.
Examples of factors that contribute
Cost of capital (WACC)
Growth rate
In order to apply and deploy the "high-speed development system" throughout the Group, it is important to encourage taking on challenges. By encouraging people to take on challenges without fear of failure and improving the quality of those challenges, we will evolve into a culture where "employees and organizations can fully utilize their innate capabilities, work independently and creatively, and take on challenges and grow proactively," and work toward becoming "No.1 organization of high employee engagement."
While many people tend to take on challenges that match their current capabilities, it is also important to stretch beyond one's limits and pursue challenges that exceed
their present abilities.
If there is a theme you want to try, try it out. Of course, withdrawal is also necessary. The problem is how to manage new themes. We will manage them separately into themes that should be managed at the stage gate and themes that should be done with a certain degree of freedom.
I view all daily activities as challenges, not just those that involve creating innovation and new businesses, but those that aim for continuous growth and strive to move in a slightly better direction than that of yesterday. In order to support facing these challenges in a concrete way, we will consider reviewing the personnel evaluation system and
008 ASV REPORT 2025 ASV REPORT 2025 009
its operation, a support system for challenges, accompanying external professionals, and the CEO's strategic budget.
For example, the Marketing Design Center of Ajinomoto Co. presents the "Swing the Bat" award to employees who take on new challenges with a full swing, fostering a culture of risk-taking and continuing to take on new challenges. Interesting products such as "Kiwami Premium" from "Cook Do®" are beginning to appear.
Integrate siloed organizations
It is important for both businesses, the Food Products business and the Bio & Fine Chemicals business, to grow separately, but I think there are our unique chances in areas where they can be integrated. For example, nutritional supplements and medical foods are in the Bio & Fine Chemicals business field, but by incorporating the knowledge of the Food Products business and developing them, we can utilize our strengths.
We will not divide the fields too much, and will integrate where possible. We will create better products by exchanging opinions without departmental boundaries or ties. The Ajinomoto Group's greatest strength is its capability to create integrated fields.
Human resources are the lifeblood of a company
To evolve human resources, organization and corporate culture, "human resources are the lifeblood of a company!" In particular, committed to cultivating human resources who can drive global business growth. To achieve this, we promote overseas work for employees including female and non-Japanese employees, and promote them to key positions. We also foster human resources with diverse experience through career paths that cross business divisions and functional divisions. Our goal is to realize true diversity management that goes beyond gender and nationality.
introduced by Amazon.com Inc as their equation for mass-producing innovation, which I find very helpful.
The best environment for innovation is "the environment for start-up companies" × "the scale of a large company" minus "the pitfalls of a large company." As the saying goes, "the enemy of new business is within the company," we would like to eliminate the demons of the large company disease in the Ajinomoto Group, such as siloization, create the best environment for innovation, and circulate the capital gained to new challenges.
In addition, in order to increase the success rate of new businesses, we will first think "CHANTO."
Starting from our Purpose, we aim to be in the four focused areas of healthcare, food & wellness, ICT, and green, which we have set as four focused growth areas that can utilize the strengths of the Ajinomoto Group, toward 2030, and to whom, what challenges, what value, when, and how will we provide?
For example, in the food & wellness area, we are currently collaborating with TechMagic, which develops cooking
robots and business automation AI robots, and we will
technology. In the healthcare area, technological innovation and regulatory progress are necessary, from nucleic acid medicine to gene therapy and cell therapy, and in the green area, how to create a positive impact that can obtain carbon or other credit certifications, and in the ICT area, material development for photonics and electronics convergence technology to achieve high performance and low power consumption are some examples.
In fact, ABF spread along with a new lamination machine called a vacuum laminator, which was not available when it was first developed. I think that the probability of innovation increases by combining new technologies.
Of course, we will think not only about Japan but also globally and position ourselves in growing markets. In particular, in the domestic Food Products business, we must first clarify our vision in light of the declining population and then work with retailers and distributors to grow while continuously innovating.
Meanwhile, outside Japan, there are visions for each
region, such as Southeast Asia and South America, but
What defines the best environment for innovation?
specifically anticipate and envision future customer needs by combining such food tech cooking equipment with our "Deliciousness Technology " and health value improvement
there is a weakness in global strategies. We will create a strategy as a global headquarters, while giving each region the discretion to think carefully and execute.
The 2030 Roadmap sets ambitious goals that we all strive to achieve. In order to continue growing in the future, we need to constantly launch new products, services, and businesses. While steadily growing our existing businesses, we will create new products and services through the "create new value", develop new markets with a "pioneer spirit," and aim to create innovation in accordance with "social contribution " and "value people" of the Ajinomoto Group Way to achieve sustainable growth.
Generally, the royal road is to create continuous innovation from existing areas, which is advantageous for large companies, but the market tends to become a red ocean. On the other hand, transformational innovation that encourages changes in consumer behavior can also be disruptive innovation, and if it is created new by anticipating future customer and market needs, it can become a blue ocean, but there are pitfalls for large companies.
Below is the formula for the best innovation environment,
Challenging creation of positive impact
As part of our Vision for 2030, we are committed to reducing environmental impact by 50% and extending healthy life expectancy for one billion people. Furthermore, a "sustainable agri-food systems" are extremely important to the Ajinomoto Group, whose main businesses are the Food Products business and the Bio & Fine Chemicals business.
Speed Up Scale Up
Draw your own "path" that is challenging and exciting
Pursue the essence of strategic stories and hypotheses.
Start-up environment ( will + speed )
The scale Pitfalls of large of large
companies companies
Overwhelming personalization Intangible Demons of each organization assets
Mindset • Organizational assets • A half-hearted attempt
Responsibility and authority • Human assets • Siloization
Management commitment • Customer assets • Bureaucratization and favoritism
Technology assets • Internal conflicts of interest
Late response to change
Capital circulation
The best environment for innovation
Looking at the agrifood systems in terms of the value chain, we can see that the upstream, that is, the
production of agricultural and livestock products, places a huge environmental burden. For example, it is said that about 1/4 of the world's GHG emissions, about 70% of freshwater use, and about 50% of flat land use are attributable to the production of agricultural and livestock products.
Despite this, approximately one-third of food is wasted throughout the entire value chain, including production and downstream consumption, and this cannot be ignored as a cause of a variety of problems, in areas such as climate change, biodiversity, water resources, and deforestation.
At COP29 held in Azerbaijan last November.
The focus of climate change issues around the world has been, and still is, primarily on moving away from fossil fuels, but interest in the agrifood sector has gradually increased, and the Emirates Declaration at COP28 two years ago adopted the creation of sustainable agrifood systems as an important theme for the first time.
And at COP30, which is scheduled to be held in Brazil this year, progress is expected in the agrifood sector toward strengthening the international framework and forming
Amazon Mechanism: The Equation for Mass-Production of Innovation by Toshiyuki Tani
010 ASV REPORT 2025 ASV REPORT 2025 011
rules on climate change.
Last year, I attended COP29 in Azerbaijan and spoke at the Japan Pavilion event, where I introduced three sustainability activities at ABR.
A biocycle that utilizes agricultural materials formulated with the fermentation broth of amino acids produced through the fermentation of sugarcane and other sources, used as fertilizer in sugarcane fields and similar environments to promote plant growth.
An activity with other companies to support small
A dialogue with new employees
farmers in the region by investing in a traditional seasoning company in the Amazon region.
The lysine preparation "AjiPro®-L" for cattle feed, that improves the amino acid balance thereby reducing the GHG emission and reducing CO2 emissions associated with the less procurement of soybean meal in the feed. Currently, in Brazil, a major agricultural country, we are working with the Japanese government's project to participate in the "Recovery of Degraded Pasture Verification Study" project regarding (1) above*1.
Furthermore, regarding (3), GHG emissions from cow waste and burps are said to account for approximately 10% of GHG emissions worldwide, making this an area with great potential for reduction, and field tests are currently being conducted on dairy and beef cows in Brazil, which has the largest number of cattle in the world. We will also participate in COP30, and hope to accelerate our Group's efforts toward global sustainability.
In this way, we will not only reduce the negative impact that our business has on society in response to social issues, but also take on the challenge of creating a positive impact on society at large.
areas, both by forecasting from existing businesses and backcasting from our Vision, with the "high-speed development system" as the axis for Speed Up × Scale Up. In order to fully meet the expectations of the stakeholders, we will work to sustainably improve our corporate value.
And we aim to achieve the 2030 Roadmap ahead of schedule.
I would like to demonstrate leadership by continuing to work hard, taking on challenges, and growing while always keeping in mind to be a "positive energizer."
We aim to achieve the ASV indicators of the 2030 Roadmap ahead of schedule.
2030
ASV indicators
backcast
Achieve ahead
of schedule
forecast
FY23 FY25 FY30
BIOGRAPHY
Shigeo Nakamura
1967
1992
1996
Born in Himeji, Hyogo, Japan
Graduated Department of Environmental Science and Technology, Interdisciplinary
Graduate School of Science and Engineering, Tokyo Institute of Technology with M.S. Joined Ajinomoto Co., Inc. worked on R&D of electronic materials at Central Research Laboratory
Started R&D for Ajinomoto Build-up Film® (ABF)
2004-2006 Realized to study abroad, a school-day dream R&D leader of ABF
2011 Received 'Chemical Technology Award' from the Chemical Society of Japan for ABF achievements
2012 Received the Porter Prize of Hitotsubashi University
2016 Manager of Research Institute for Bioscience Products & Fine Chemicals, Development Laboratories
2019.6 Corporate Executive Officer
President, Ajinomoto Fine-Techno Co., Inc.
2020 MBA, Bond University, Australia
2021.6 Corporate Executive
General Manager, Specialty Chemicals Dept., AminoScience Div.
2022.4 Executive Officer & Vice President General Manager, Latin America Division
President, AJINOMOTO DO BRASIL INDÚSTRIA E COMÉRCIO DE ALIMENTOS LTDA.
2025.2 Representative Executive Officer, President & Chief Executive Officer
2026.6 Director
*1 https://www.ajinomoto.com/cms_wp_ajnmt_global/wp-content/uploads/pdf/2025_03_27E.pdf
I will accelerate the realization of our Vision for 2030
I want to instill a healthy sense of urgency within the company. Why do we want to grow? Why do we need to speed up? I joined the company with the desire to develop something new and help people, so continuing research is not for fun, but because I wanted to achieve the goals I envisioned. The feeling that I must surpass myself is a healthy sense of urgency, and I want everyone to feel the same in sales division and production division.
New buds are beginning to sprout thanks to the "high-speed development system." It is important to start small and grow big, as was the case with ABF. And as we continue to take on challenges, we will increase the probability of success in a world with high uncertainty.
In addition, we will increase our corporate brand value by providing products with high social value that contribute to sustainability.
What I value is a "sense of the site." While respecting the field, I would like to actively convey my own thoughts and opinions. As CEO, I would like to take various opportunities to visit the site, not only within the Group, but also including customers and markets, to have
dialogues and convey my thoughts, so that we can spread a challenging attitude within the company and grow together.
In addition, we will aim to evolve our corporate culture by implementing the PDCA cycle while holding various dialogues with people at each organization and position, such as the "meet the president" held at ABR.
The source of a company's competitiveness is the "people" who work there, and the development of the company is the sum of the growth of each employee. We want employees to be interested in and proud of their work in their respective roles and duties, hone and demonstrate their strengths, respect each other's strengths, and aim for greater heights as one unified, professional team.
With these considerations in mind, I will proceed with the scenario for the evolution of ASV management that the new Nakamura administration is aiming for.
Based on our Purpose and the Ajinomoto Group Way, we will evolve our business portfolio by steadily promoting the creation of new businesses and organic growth through business model transformation in four focused growth
CEO message video
012 ASV REPORT 2025
*Ajinomoto Group to Participate in the "Recoveryof Degraded Pasture Verification Study"Project in Cooperationwith Japanese Government Assistance Program for Brazil
ASV REPORT 2025 013
CHAPTER 2
Introduction
The Purpose of the Ajinomoto Group: Creating Well-being
Contributing to the well-being of all human beings, our society, and our planet with "AminoScience"Two years have passed since the evolution into this Purpose, and it has been fully absorbed by all employees of the Ajinomoto Group, and we are now at the stage of increasing its effectiveness.
Under the leadership of new CEO Shigeo Nakamura, the Ajinomoto Group is working to further accelerate its efforts to achieve two outcomes linked to the agrifood system: "reducing environmental impact by 50%" and "extending the healthy life expectancy of 1 billion people."
AJINOMOTO GROUP PURPOSE
Well-being for a more prosperous future
50%
billion people
Fulfilling the Ajinomoto Group's Purpose, "contributing to the well-being of all human beings, our society, and our planet with 'AminoScience,'" requires
1
that we co-create social value and economic value through our business. Our belief is that we can contribute to a richer future for all human beings, our society, and our planet by repeating the cycle of honing our ability to empathize, accomplishing "well-
To achieve these goals, it is important that each and every employee personally take our Purpose as their own, and it's essential that we have a corporate culture that is driven by empathy with our stakeholders and is continually striving to realize our vision. The Ajinomoto Group will strive to further accelerate and scale up the co-creation of social and economic value, going beyond solving food and
Reduce our environmental impact
Help extend the healthy life expectancy
being" from the consumer's perspective, and giving back to society the values we co-create through our business.
health issues to contribute to the well-being of all human beings, our society and our planet with "AminoScience."
Resilient and Sustainable Agrifood Systems
014 ASV REPORT 2025 ASV REPORT 2025 015
CHAPTER
Introduction
Aroma
Taste
Texture
Experience/ Information
External environment
Providing a healthy diet
Treatment of heart failure, etc.
Treatment for bone marrow damage, etc.
Used in regenerative medicine
What is "AminoScience?"
"AminoScience" is a collective term for the various materials, functions, technologies, and services derived from the research and implementation processes that rigorously focus on unlocking the power of amino acids. Furthermore, it also denotes the Ajinomoto Group's unique scientific approach to connect these functions to the resolving social issues and contributing to wellbeing.
"AminoScience" is one of the sources of the Ajinomoto Group's competitive advantage not easily imitated by other companies.
AMINOSCIENCE
Improvement of ingredient properties
Deliciousness design
Evaluation of
A source of energy
Health function assessment
(Cancer, metabolic syndrome,
brain function)
Functional materials and formulations
Sensitive rapid analysis
Support physical health
(Physiological function)
Assemble
Nutritional ingredients and formulations
Nutrition function assessment
(Humans, animals, and plants)
Deliver nutrition
(Nutrition function)
Create new
Polymerization and
filming
Evaluation of physical properties and functionality
Providing nutritional balance and contributing to reducing GHG emissions
taste and palatability
deliciousness
(Taste, texture, flavor)
Amino acids
functions
(Reactivity)
Hybrid Manufacturing process
Used as an insulating material essential for high-performance semiconductors
Agricultural materials that contribute to improving productivity
From Food to Electronic Materials,
The Infinite Potential Hidden in Amino Acids
Business development based on "AminoScience"
Protein is the most important nutrient in forming the bodies of not just humans but all living organisms, and amino acids are the smallest components in protein. The Ajinomoto Group has been rigorously researching amino acids since its founding with a
valuable in a range of products and services such as food, medicine, and electronic materials. Recent research and development has revealed that the capabilities of amino acids extend to a wide range of genres beyond what we had imagined, especially in
Functions of amino acids
Flavoring function
Create delicious meals
Nutrition function
Deliver nutrition
Physiological function
Support physical health
Reactivity
Create new functions
focus on four functions of amino acids: 1) the flavoring function making foods delicious, 2) the nutrition function delivering nutrition to the body, 3) the physiological function promoting a healthy physical condition, and 4) the reactivity which leads to creating
the medical and electronic industries. The Ajinomoto Group's strength is its ability to harness these functions, and we are committed to "AminoScience" and pursuing the expanding potential of amino acids.
Value Creation
Ajinomoto Group's business activities
Food products business
Businesses that apply "AminoScience" to Seasonings and Foods and Frozen Foods.
Bio & Fine Chemicals business
Businesses that apply "AminoScience" to Healthcare and Others
new functions. These functions have made them
Innovation through "AminoScience"
"AminoScience" animation movie
016 ASV REPORT 2025 ASV REPORT 2025 017
CHAPTER 2
Introduction
I want to help alleviate malnutrition among Japanese people and contribute to improving our physical fitness.
Discoverer of the Umami Taste
Dr. Kikunae Ikeda
I want to share excellent scientific discoveries in a way that is beneficial to society.
Saburosuke Suzuki II
The Founders' Aspirations
Eat Well, Live Well."Umami" is now recognized worldwide as the fifth fundamental taste. Umami was the result of the efforts of one scientist who aspired to improve the nutrition of Japanese people and one businessman who bet on that aspiration.
FOUNDING STORY
In 1908, Dr. Kikunae Ikeda discovered that glutamic acid is the component that gives the savory flavor (umami) to Japanese kombu dashi broth made from kelp. However, Dr. Ikeda's original subject of research was not food. He specialized in catalyst research, and when visiting Germany to study, he was surprised by the strong physical qualities and good nutrition of the German people. This inspired him to find a way to improve the nutrition of the Japanese people.
After returning to Japan, Dr. Ikeda devoted himself to research as a professor at the Tokyo Imperial University. One day in 1907, the particular accent in the flavor of boiled tofu seasoned with kelp stock caught his attention, and he recognized the potential for researching the components of the umami flavor. Through trial and error Dr. Ikeda successfully crystallized the amino acids that create the umami flavor in kombu dashi in February of the following year. His initial efforts only resulted in about 30 grams of the amino acid from 12 kilograms of kelp.
Having ascertained that the amino acid was glutamic acid, Dr. Ikeda developed a manufacturing method using it as a raw material to create umami seasoning, which he patented in July. He had learned the importance of putting inventions into practical use from his teacher, Dr. Ostwald, who was his mentor while he was studying in Germany.
Meanwhile, Saburosuke Suzuki II, who would later establish the Ajinomoto Group, was working at the iodine business his mother had founded. He had fallen into debt when his own business failed to make money in the rice market, but the business of extracting iodine from the kajime seaweed grew rapidly. After recovering from his financial troubles, he began exploring ways to expand the business and had become acquainted with Dr. Ikeda and his developing research. He likely had a particular affinity for Dr. Ikeda's research because kajime and kombu are both made from the same seaweed.
Suzuki understood and shared Dr. Ikeda's desire to use umami seasoning to increase the deliciousness of basic meals and improve the nutrition of the Japanese people, and in 1909, he commercialized the world's first umami seasoning, AJI-NO-MOTO®. The history of the Ajinomoto Group began as a collaboration of industry and academia, and the Ajinomoto Group considers its founding date to be May 20, 1909, the day AJI-NO-MOTO® was first presented to the world. For over a century, we have followed our founding purpose to "Eat Well, Live Well." by pursuing greater balance between deliciousness and health, using the functions of amino acids to achieve goals such as salt reduction without compromising flavor.
018 ASV REPORT 2025 ASV REPORT 2025 019
CHAPTER 2
Introduction
All About the Ajinomoto GroupFounded on our amino acid research with "AminoScience" at our core, the Ajinomoto Group as expanded beyond Japan to 31 countries and regions around the world, promoting worldwide well-being of human beings, our society and our planet through the products range from food to electronic materials.
[ Year of establishment ]
Brand power built by history
1909
[ Number of employees ]
Diversity in the Ajinomoto Group
34,860Employees
[ Sales ]
Other
16.7
Billion Yen
Healthcare and Others
328.3
Billion Yen
Frozen Foods
289.3
Billion Yen
Seasonings & Foods
896
Billion Yen
A wide range of businesses
1,530.5 Billion Yen
The Ajinomoto Group was established 116 years ago with the discovery of the umami taste. The founder's aspirations of a "pioneering spirit" and to "create new value" have been passed down to this day.
[ Number of production plants ]
Global Production System
Diverse employees are developing our business rooted in the local cultures of 31 countries and regions around the world. By region: 8,274 in Japan, 13,925 in Asia,3,180 in Europe, Middle East, Africa (EMEA), and 9,481 in North and South America.
[ R&D personnel ]
Ajinomoto Group's unmatched advanced
We operate businesses globally spanning food, healthcare, and electronic materials that contribute to the well-being of all human beings, our society and our planet with "AminoScience."
[ Vision for 2030 (ASV Indicators) ]
Economic value indicators
* FY2024 results
technological capabilities
ROE
ROIC
Organic growth rate
EBITDA margin
117Plants
Approx.1,700
Approx.20% Approx1. 7%
CAGR5%+
19%
The Ajinomoto Group launched its research and development activities in 1956 with 100 researchers, and the operation has rapidly expanded to encompass approximately 1,700 around the world. Our highly
We have set a target of approximately 20% for ROE and around 17% for ROIC, aiming to improve profitability and efficiency.
We aim for over 5% organic growth annually, focusing on the four focused growth areas.
We aim to enhance business efficiency and achieve an EBITDA margin of 19% by 2030.
Europe and
North and Latin America
specialized human resources are engaged in fields spanning food, fermentation, biotechnology, biology,
Social value indicators Strengthening intangible assets
1
Africa
12Plants
28Plants
* as of March, 2025
chemistry, and engineering. More than 500 of our researchers hold doctoral degrees.
billion people
%+
CAGR
%+
Help extend the healthy life expectancy
%
50
Employee engagement score
85
Corporate brand value Baseline
7
We currently have plants in 24 countries and regions delivering safe and reliable products to customers worldwide.
The Ajinomoto Group today in numbers
Reduce our environmental impact
We will foster empathy toward our Purpose, and cultivate a culture that encourages challenge.
We will connect our technology assets and customer assets through talented people to
co-create innovation.
In the 2024 fiscal year, the Ajinomoto Group recorded sales of more than 1,530.5 billion yen, 6% year-on-year growth. In order to achieve the Medium-Term ASV Initiatives 2030 Roadmap, we developed several successful initiatives including Speed up×Scale up, encouraging quick responses to change, and fostering a challenging spirit in our company culture. Let's take
a look at the various figures for fiscal 2024 as the Ajinomoto Group continues to chart a growth curve. Firstly, there are now 34,860 employees in our group as a whole. These employees from 31 countries and regions around the world are working hard daily to develop our business while closely accommodating each local food culture. This was only achievable
thanks to our 116-year-old brand philosophy and to the individuals who share our aspiration to face amino acid research head on. Our production has expanded to 117 factories in 24 countries and regions around the world, with approximately 1,700 researchers, earning us trust as a "technologically led food and amino acid company."
Ajinomoto Group will continue to grow by utilizing "AminoScience," combining the efforts of our food business and fine chemicals businesses. Furthermore, we will continue to make steady progress on our 2030 Roadmap toward our ambitious vision laid out in our ASV indicators.
NUMBERS
020 ASV REPORT 2025 ASV REPORT 2025 021
Asia
77Plants
CHAPTER 2
Introduction
The main job at Ajinomoto Mirai, where I work, is cleaning. I work hard every day to ensure that everyone in the Ajinomoto Group can use our conference rooms comfortably and leave with a smile on their faces.
Tatsuya Akiba
Ajinomoto Mirai Co., Ltd.
Improving quality of life and development while fulfilling corporate responsibility and creating social and economic value. Every action in our noodle production, no matter how small, impacts a family, a customer, and society, creating shared value.
Alexander Cirilo
AJINOMOTO DEL PERÚ S.A.
Production
To minimize our environmental impact through proper management of our water and gas treatment installations while producing life-saving active pharmaceutical ingredients.
Frederik Verbeke
S.A. Ajinomoto OmniChem N.V. Environmental Officer
The Spreading of "creating smiles with our passion".
Yuki Shimada
AJINOMOTO FROZEN FOODS Co.,Inc.
Key Account Dept
To continue providing delicious coffee for the next 100 years, to create a society filled with comfort and to contribute to building a sustainable cycle that brings "smiles" to the faces of all people and the planet.
Toshiya Tsuruoka
Ajinomoto AGF, Inc. ※部署名は要確認
Driven by our commitment to society well-being, we engage with Brazilian nutritionists to promote values of products and health. As respected voices, these professionals help amplify our message to consumers, strengthening trust, enhancing our brand reputation, and contributing to sustainable business growth.
Priscila Andrade
AJINOMOTO DO BRASIL INDÚSTRIA E COMÉRCIO DE ALIMENTOS LTDA.
Nutrition and Consumer Relationship Department
At the Ajinomoto Group, every choice supports a healthier planet and improves life and well-being.
Paulo Luiz Ayala
Ajinomoto Foods North America, Inc. Procurement Team
ASV (Ajinomoto Group Creating Shared Value) is about co-creating social and
Harnessing our strengths and advantages to confront the devastating impact of rare disease by enabling gene therapies to advance a healthier, more equitable world.
Jennifer Kelly
Forge Biologics, Inc. Finance
By fostering an inclusive environment where diverse individuality can shine, we will expand the scope of solutions to social issues and create food value that contributes to the world.
Kaede Aramaki
Ajinomoto Food Manufacturing Co., Ltd. Human Resources Group
What ASV Means to Useconomic value through business. It is the Ajinomoto Group's basic philosophy for realizing our "vision for the future" and Purpose. How do Ajinomoto Group members around the world understand and work towards ASV?
Building a brighter future where people can live healthy, vibrant lives.
Mana Ikeda
Ajinomoto Digital Business Partners Co., Inc.
Business Support Tower
"Making THINGS that contribute to the Well-being of human beings, society, and the planet! That's what ASV is!"
Shigeo Nakamura
Ajinomoto Co., Inc. CEO
WHAT ASV MEANS TO US
To contribute to the treatment and prevention of diseases and create a healthy and prosperous future for people by providing safe, high-quality oligonucleotides and supporting the development of nucleic acid drug.
Emi Saito
GeneDesign, Inc. Oligonucleotide Manufacturing
To ensure the highest quality standards that will bring satisfaction and joy to the Filipino people.
Madeleine Nicole Bo
Ajinomoto Philippines QA
Providing smart food solutions that embody our "Live healthier and better through food" philosophy.
Fulya Meriç içen
Ajinomoto Istanbul Food Industry and
Trade Limited Company International Sales and Business Development Manager
By contributing to the health of cows, we can contribute to the Well-being of the planet. We want to achieve both reducing the burden on the global environment and creating economic value.
Mao Kambara
Research Institute for Bioscience Products & Fine Chemicals
We contribute to the Well-being of people, society, and the planet through environmentally friendly packaging design that aims for zero plastic waste.
Hirotaka Kawahara
Institute of Food Sciences and Technologies
Through green procurement of raw materials, we aim to provide convenient products and services to the world, thereby contributing to the realization of better lives for people and sustainability for the planet.
Yan Dai
Ajinomoto Fine-Techno Co., Inc. Procurement Group
Health plays an important role in the workplace. The challenge in the implementation of health programs is behavior change, so we provide an interactive, agile, and accessible health program that can change employee behavior.
Dimas Widodo
PT AJINOMOTO INDONESIA HR
022 ASV REPORT 2025 ASV REPORT 2025 023
CHAPTER
Materiality
6 Material Themes
Mitigation and adaptation
1
Achievement of a sustainable
global environment
Biodiversity conservation
Prevention of deforestation
Conservation of water resources
Sustainable procurement
Circular economy
Zero-waste emissions Plastic waste reduction
Food loss and waste reduction
2
Achievement of
well-being through food
Health and nutrition
Solving health and nutrition challenges through food
Natural capital
Climate change
Initiatives
Focus Areas
Important issues (Materiality) for the Ajinomoto Group
VALUE CREATION FRAMEWORK
We will hone our co-creation capabilities, taking the seikatsusha* perspective, while achieving well-being, and through our business activities return co-created shared value.
Important issues (Materiality) for the Ajinomoto Group are essential to the Group's ability to continue co-creating social value and economic value over the long term.
The Group identifies important issues (Materiality) through a process that reflects the thoughts and ideas of management and employees and the expectations from external stakeholders.
The important issues (Materiality) are deeply embedded in our business strategies, our on-site operations, and our Purpose.
THEMES
4
SCIENTIFIC POSSIBILITIES
Scientific Possibilities
2
STORY OF WELLBEING
Story of Wellbeing
1
3
Shared value (ASV) Seikatsusha perspective
3
Contribution to advanced
medicine and prevention
Health and nutrition
Evolution of treatment and prevention
Important issues for the Ajinomoto Group (materiality)
4
Contribution to the evolution of a Smart Society
Advanced semiconductor package
Advancement of semiconductors through materials provision and ecosystem creation
6
Reinforcement of
our management foundation
Human capital
Human resource investment
Changes in the business environment
Strengthening resilience
Co-creation
5
Respect for diverse values
and human rights
Human rights
Responsible employment
Wellbeing
STEP 4
STEP 3
STEP 2
Formulation process
* "Seikatsusha" is a unique Japanese concept that, unlike the partial concept of "consumer" used in business and "citizen" used in political science, seeks to define people holistically.
2
4
8
C
B
A
7
6
5
3
1
A
B
C
1
2
3
4
4
2
1
3
1
2
3
4
5
6
STEP 1
Identifying issues and opportunities
Classifying issues and opportunities
Organizing connections
Organizing into Material Themes
Based on the value creation framework established through repeated dialogues with various stakeholders and based on a report from the Sustainability Advisory Council, which is primarily comprised of external experts, the Ajinomoto Group
has organized six "Material Themes" that it is currently working on from the perspective of what multiple stakeholders expect of the Group and the value it provides to society.
The Ajinomoto Group has set goals and KPIs for the six material themes that the Ajinomoto Group is currently working on, including not only reducing negative impacts such as environmental impact but also initiatives to create a positive impact on society at large by leveraging "AminoScience," which is one of our strengths. The progress of major initiatives that apply to the entire Group and their results are reviewed at the Executive Committee.
Below are the main initiatives, goals, and KPIs linked to the six Material Themes.
For details about opportunities and risks related to important issues (Materiality) for the Ajinomoto Group, and the Group's initiatives and their KPIs for addressing each Material Theme are disclosed in the Sustainability Report 2025. https://www.ajinomoto.com/sustainability/pdf/2025/SR2025en_social.pdf#page=20
024 ASV REPORT 2025 ASV REPORT 2025 025
CHAPTER 4
The growth trajectory of the Ajinomoto Group
HISTORY
Pioneer spirit
*
the pioneer spirit that continues to take on new challenges
The growth trajectory
of the Ajinomoto Group
Since its founding in 1909, the Ajinomoto Group has overcome many obstacles and grown through a pioneer spirit, co-creation with partners, customer value-driven innovation, governance and quality assurance (safety and security) initiatives, and structural reforms.
Customer value-driven Innovation
Co-creation
Innovation
Co-creation with partners
Governance
Strengthening governance
Quality
Quality assurance ( safety and security)
Structural reform
Structural reform for sustainable growth
1908
Discovered glutamic acid The following year, launched
AJI-NO-MOTO®
1964
Launched Knorr® soup in Japan in partnership with US based CPC international Inc.
Co-creation
1989
Acquired S.A. OmniChem N.V. and fully entered the CDMO business
1999
FY 2019〜2022
Innovation Co-creation
1910s
Global expansion
1969
The safety of MSG was questioned in the U.S.
Innovation
Co-creation
Launched Ajinomoto Build-up Film® (ABF), an insulation material used between buildup layers for semiconductor substrates
Reduced assets by a total approx. 300B JPY
Structural reform
(expanding sales channels to Taiwan, Korea,
and China)
⇒Our company focused on scientifically verifying its safety. And its safety was reaffirmed in 1980.
Quality
1997
Innovation
Co-creation
2014
2023
Pioneer spirit Co-creation
1956
A competitor announced
a new method for manufacturing glutamic acid
⇒Our company also established a new central research laboratory and succeeded in industrializing
the our fermentation method,
launched amino acids for infusion solution
1972
Full-scale launch of frozen food business
Pioneer spirit Innovation
1973
Launched instant coffee in partnership with US based
Violated the Commercial Code (giving benefits to corporate racketeers)
⇒Strengthened governance to become a global company originating from Japan
Governance
2001
Halal issues arose in Indonesia
Acquired Windsor Quality Holdings, Inc., a U.S. frozen food company
Pioneer spirit Co-creation
Acquired Forge Biologics Holdings, LLC, a U.S. gene therapy CDMO
Innovation Co-creation
Co-creation Innovation
1950〜60s
Increased overseas headquarters (Thailand, Brazil, USA, etc.)
Pioneer spirit
General Foods
Co-creation
⇒Further strengthened quality assurance efforts
Quality
2009
Due to the impact of the Lehman Shock, revenue and profits declined, a deficit of over 10 billion yen
⇒Structural reform, shifts from
a focus on bulk to value added product
Structural reform
NET SALES
1,530.5
billion yen
1909 1950 1960 1970 1980 1990 2000 2010 2020 2024
026 ASV REPORT 2025 ASV REPORT 2025 027
CHAPTER
The current status of Ajinomoto Group
Seasonings & Foods
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to increased sales and the impact of exchange rates. Business profit increased compared to the previous fiscal year due primarily to the effect of increased sales.
Major businesses included in this segment
Sauce & Seasonings • Quick Nourishment
Solution & Ingredients (S&I)
[ Sales composition of Seasonings & Foods ]
EMEA*1
5%
S&I
22%
Americas
16%
By
Sauce & Seasonings
business 51%
By
region
Japan
32%
Quick Nourishment
27%
Asia
47%
[ Sales and business profit ]
Sales
(Billions of yen)
1,000
846.9
Business profit
(Billions of yen)
896.0
959.2
200
800 775.0
664.2
134.1
139.1
150
600
127.4
400
100.8
101.9
100
200
50
0
FY21 FY22 FY23 FY24
FY25 Forecast
0
[ ROIC*2 ]
(%) 20
20.9 approx.20.0%
18.9
17.3
10
7
7
7
6
6
WACC 7%
0
FY21
FY22
FY23
FY24 FY25 Forecast
[ Organic sales growth ]
(%)
10
8.4
6.7
5.5
5
4.9
4.1
0
FY21
FY22
FY23
FY24 FY25 Forecast
Frozen Foods
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to factors such as the impact of exchange rates. Business profit decreased compared to the previous fiscal year due to factors such as increased cost of raw materials despite impact of increased sales, etc.
[ Sales composition of Frozen Foods ]
EMEA*1
7%
Japan
30%
By
region
Americas
61%
Asia
2%
[ Sales and business profit ]
Sales
(Billions of yen)
Business profit
(Billions of yen)
304.0
300 281.8 289.3 40
267.2
200
221.7
30
20
15
100
13.9
13
5.9
7.0
10
0
FY21
0
FY22 FY23 FY24 FY25 Forecast
[ ROIC*2 ]
(%) 15
10
6.2
5
5
approx.6
WACC
5
5
5
5
5%
4.7
0
▲1.1
-5
FY21
FY22
FY23
FY24 FY25 Forecast
[ Organic sales growth ]
(%) 10
9.8%
7.8%
5
6.3%
0.6%
0
▲0.9%
-5
FY21
FY22
FY23
FY24 FY25 Forecast
Healthcare and others
Fiscal 2024 results
Net sales increased compared to the previous fiscal year due to the impact of increased sales of electronic materials and Bio-Pharma Services & Ingredients. Business profit increased compared to the previous fiscal year due to the effect of increased sales of electronic materials and other factors.
Major businesses included in this segment
Bio-Pharma Services & Ingredients
Functional Materials (Electronic Materials, etc.)
[ Sales composition of Healthcare and Others ]
EMEA*1
Bio-Pharma Services & Ingredients
27%
Others
32%
45%
By
business
By
region
Japan
40%
Functional Materials
23%
[ Sales and business profit ]
Sales
(Billions of yen)
Americas
29%
Asia
4%
Business profit
(Billions of yen)
328.3
339.0
300
299.6 294.5
120
251.2
200
80
50.7
60.1
62.6
45.6
100
36.4
40
0 0
FY21 FY22 FY23 FY24 FY25 Forecast
[ ROIC*2 ]
(%) 20
15.7
approx.12
10
8
8
7
7
8 WACC
8%
6.8
0
2.0
FY21
FY22
FY23
FY24 FY25 Forecast
[ Organic sales growth ]
(%) 14
12.4%
11.2%
10.8%
7
6.8%
0
-7
FY21
▲6.8%
FY22 FY23
FY24 FY25 Forecast
The current status of the Ajinomoto Group Businesses
Review of financial results by segment
The Ajinomoto Group aims to achieve sustainable growth by operating a wide range of businesses in countries and regions across the world, including seasonings and foods, frozen foods, and healthcare and others.
Fiscal 2024 sales and business profit
Other
¥16.7
billion
Sales
¥1530.5
billion
Healthcare and Others
¥328.3
billion
Frozen Foods
¥289.3
billion
Seasonings & Foods
¥896.0
billion
Other
¥5.4
billion
Business profit
¥159.3
billion
Healthcare and Others
¥31.7
billion
Frozen Foods
¥8.0
billion
Seasonings & Foods
¥113.9
billion
Fact Book
028 ASV REPORT 2025
*1 Europe, the Middle East, and Africa *2 Shared companywide expenses not attributable to specific reportable segments were previously allocated to each reportable segment based on reasonable criteria. However, the Company will change to a method that does not allocate shared companywide expenses to each reportable segment from FY2025 in order to evaluate the performance of each reportable segment more appropriately. Past figures have been retroactively adjusted and presented up to FY22.
ASV REPORT 2025 029
CHAPTER 5
The current status of the Ajinomoto Group
ORCHESTRATION
The future of the Food Products Division, a path carved by "Orchestration"
The "Orchestration" concept, which started in 2024
in the Food Products Division (FPD), is off to a good start. This year, I would like to focus on the progress of this initiative and introduce the details.
1
2
3
Food Products Division
& R&B
Department
current current current current
business business business business
18
Food & Wellness
Backcast-type business areas
Orchestration Topics
( within the Food Products Division)
Forecast-type organic growth areas
Promotion Structure of "Orchestration"
Yoshiteru Masai
Executive Officer & Senior Vice President,
General Manager, Food Products Division
Business Model Transformation in the Food Products Businesses
Under the name of the Business Model Transformation (hereafter BMX) concept, the Ajinomoto Group set Food & Wellness (F&W) as one of four focused areas in 2022 and drew up
backcast-type plans from "Vision for 2030". This is being led primarily by the research and development department, with the involvement of some departments of FPD and is being driven by a number of themes.
On the other hand, it is difficult to make a clear distinction between the new area of F&W and the existing business of the FPD, and it is naturally important to take primarily organic growth approaches from the existing business with forecast approaches in addition to backcast approaches.
Therefore, the FPD envisions promoting BMX from both backcast-type business creation and forecast-type organic growth approaches. In doing so, it was important to clarify the distinction was between the growth strategy for existing businesses and the forecast-type BMX.
What is "Orchestration"?
The FPD is a huge organization with around 28,000 Group employees worldwide. While there are
advantages to being large, there are also weaknesses. One of them is the "walls" between organizations that are created because of the size of the organization. There are countless walls between businesses within the division, between affiliates, between countries, between functions, and so on. When I say that, I am not trying to think of major organizational changes at this stage. I raise this point, because I consider each organization, each affiliate, and each group member is excellent enough. The problem is that there is not enough collaboration among these organizations and affiliates. I want to respect the existing business growth strategies that each business or affiliate is trying to promote, on the other hand, I want to create new value and solve problems through collaboration among organizations. I have defined such collaboration as forecast-type BMX and decided to call it "Orchestration".
The new role to promote "Orchestration"
In the FPD there are eight executive officers, including the regional heads, who are in charge of their respective businesses and functions or affiliates. The growth strategies of the individual organizations are directed by each executive officer
030 ASV REPORT 2025 ASV REPORT 2025 031
ORCHESTRATION
in charge, while myself, like a conductor of the orchestra in charge of the entire FPD, intend to concentrate as much as possible on promoting "Orchestration", which is the cooperation between the organizations.
Then, I am conscious of the fact that it is in the smaller organizations that are less in the spotlight, where undiscovered opportunities lie, that I want them also to play a leading role in "Orchestration". Based on this thinking, I have added the new role of business promotion to the traditional role of the Food Business Planning Dept., an organization that directly reports to me, and after repeated studies on what kind of collaboration would be meaningful and generate new growth, 18 collaboration topics (= forecast-type BMX topics = "Orchestration" topics) have been created so far, and some of these have already been launched in fiscal 2024. The results of these topics will blossom and, together with the creation of our backcast-type business, we will evolve our efforts to integrate the existing Food Products Businesses and the F&W area. (The structure is as illustrated in the diagram on the previous page.)
"Orchestration" in action
Next, please let me briefly introduce four of the 18 "Orchestration" topics. Please note that we are unable to introduce all of them, as some of the topics are linked to confidential matters.
"Winds from Amasia":
5
The first topic is internally called "Winds from
Amasia".
Many people from ASEAN countries and South America, where the Ajinomoto brand is quite well known, are working in the Ajinomoto Group in Japan.
Regarding this topic, we are embarking on introducing our products sold in ASEAN countries and South American countries to Japan. Workers from abroad for the Ajinomoto Group in Japan are expected to serve as ambassadors.
Recently, when conducting domestic sales of our flavor seasoning "Sazon®", which has been loved in Brazil for more than 30 years, We began with a
pre-launch in Oizumi Town and Hamamatsu City, and other cities with large populations of Brazilian residents, and it has been very well received. In addition, we have begun manufacturing and selling "Yum Yum®" instant noodles in Japan. These noodles, which have gained popularity in Thailand, are now attracting a lot of attention in Japan.
We will promote this topic as a new ASV initiative, taking the business opportunity of developing our global business in Japan.
Promoting MSG business collaboration:
The second topic is to promote collaboration in the monosodium glutamate ("MSG") business. The Ajinomoto Group uses more than 70% of the MSG we produce for our own products and sells the rest externally. In other words, the former is a B2C business and the latter a B2B business. Both businesses were managed by separate departments, but in April this year, a new
department called the MSG Business Collaboration Promotion Dept. was set up to promote collaboration between both MSG businesses, with the aim of refining the MSG business model to make it more efficient as an ecosystem.
Promoting exports from Japan:
Another topic is to promote exports of Japanese products. With Japanese food products now highly regarded around the world and Japanese foods becoming quite well accepted worldwide, the export of made-in-Japan food products is a major business opportunity. On the other hand, the Ajinomoto Group has food business bases in 25 countries around the world and has an overseas sales ratio of approximately 70%, this global expansion has, in fact, backfired, and there has been little export from Japan, especially for B2C products. To address this situation, we will strengthen exports from Japan by "Orchestration" through our new Export Promotion Dept. to be established in October 2025. (4)Hokkaido Story:
For many years, the Ajinomoto Group has marketed "Knorr®" Soup made with sweet corn grown in cooperation with Hokkaido's agricultural producers. In fiscal2024, in an effort to further develop products utilizing the rich agricultural produce of Hokkaido, we launched "Knorr® Cup Soup" Hokkaido Pure White Corn Potage, which uses fruit-like sweet Hokkaido white corn, at souvenir stores in Hokkaido, and the product has been well received.
We intend to further evolve this initiative.
Unlimited potential
"Orchestration" also includes new topics related to regional strategies.
For example, in a topic focusing on the Middle East, where the Ajinomoto Group's exports from around the world are increasing, we have established a representative office in Dubai with a view to further business expansion in the region. There is also a topic to create new business opportunities through collaboration among various food ingredient plants in North America, and a topic to revitalize business in China, South Korea, and Taiwan countries in the East China Sea Rim.
Topics related to collaboration between organizations include: cooperation between the domestic sales organization of the Ajinomoto Group and its overseas affiliates in order to reinforce services to Japanese client who attempt overseas expansion, and efforts to improve the production
operation rate by strengthening cooperation between the manufacturing and sales in Japan. Crisis management topics have also been incorporated, with plans to examine alternative sources of key raw materials and to promote a BCP for earthquakes in Japan.
"Orchestration" beyond borders has no limits. Going forward, FDP will continue to expand "Orchestration" to promote organic, forecast-type growth in the Food Products Businesses. There is still a great deal of potential there.
1
2
3
4
1. Corn field for soup in Oregon, USA. 2. Sazon®, a seasoning loved in Brazil for over 30 years, and Yum Yum®, a popular instant noodle brand in Thailand, are now available in Japan. 3. At Ajinomoto's Long Thanh Factory in Vietnam. 4. Knorr® Cup Soup Hokkaido Pure White Corn Potage on display at a store. 5. With members of Ajinomoto Peru's Chile branch, which celebrated its 20th anniversary.
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CHAPTER 5
The current status of the Ajinomoto Group
BIO& FINE CHEMICALS
Progress update of the Bio & Fine Chemicals Division: Opportunities and Challenges
It has been three years since I transitioned from the food business to become the head of the Bio & Fine Chemicals Division. The 2030 Roadmap initiative is also entering its third year.
In fiscal 2024, the 2030 Roadmap of the Bio & Fine Chemicals Division ( "BFD" ) has progressed with the themes of ( 1 ) accelerating innovation, ( 2 ) co-creating value with partners,
and ( 3 ) promoting smarter work practices. While we feel the tangible results of our efforts, we are also organizing our understanding of the challenges we face.
Valuing dialogue at the business frontlines. Ajinomoto Health & Nutrition North America, Inc. (USA)
Sumio Maeda
Executive Officer & Senior Vice President
General Manager, Bio & Fine Chemicals Division
Accelerating Innovation
We are focusing on major societal issues, such as diseases that current treatments cannot cure, global health challenges like obesity and weight control, and the unavoidable reduction of GHG emissions for the sustainability of the global environment, and are challenging innovation through "AminoScience".
In gene therapy, Forge, which became a wholly owned subsidiary last year, is expanding its customers at a pace exceeding expectations, and through our pharmaceutical company customers, we have realized panel discussions with patients and their families, feeling great anticipation for this new treatment method. We have been able to scale up production smoothly, and we are already able to promote exchanges among researchers in the Ajinomoto Group frequently. I think we were able to create a very good flow for the first year.
Regarding other major issues like obesity and weight control, anti-obesity drugs as treatments are gaining attention. Our "AminoScience", which includes technologies for producing proteins and special peptides, has multiple themes that are very compatible with this field, and we are actively advancing our efforts.
Additionally, the Medical Food business is taking a different approach to the same issues. Europe's Nualtra has achieved remarkable results and rapid growth with products and programs that improve type 2 diabetes. Regarding obesity, a balanced diet and exercise are fundamental to healthy and appropriate weight management. The Ajinomoto Group is approaching these major issues of weight control, obesity, and diabetes in a multifaceted and comprehensive manner, including food initiatives in the Food Products Division and support for people enjoying sports through "AminoVital®".
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BIO& FINE CHEMICALS
In regenerative medicine, clinical trials to treat intractable diseases such as heart disease, which have been difficult until now, are making great progress, and the support provided by our regenerative medicine media is becoming even more important.
Regarding the acceleration of "AjiPro®-L" in dairy and livestock, we have garnered attention not only with initiatives with major companies like Danone, which were introduced in a press release, but also working together with municipalities and organizations like Kagoshima Prefecture, co-creating a new system. As a result, the number of companies participating in our "AminoScience" GHG reduction trials in dairy and livestock is rapidly increasing worldwide. In agriculture, our biostimulants are spreading in Spain and other European countries. In the near future, the BFD hopes to grow the agriculture business, which includes dairy and livestock farming, as well as the healthcare and computer technology businesses, as the third pillar of the business.
Co-creating Value with Partners
5
The evolution of electronic materials, including AI, is remarkable. Along with this, the challenges of data processing volume and power consumption are growing, and "Ajinomoto Build-up Film® (ABF)" is receiving increasingly numerous assignments from multiple important partner companies. ABF must also evolve with a sense of urgency at all times without being content with its position as a
top runner. For me, accompanying ICT business meetings and visiting the offices of leading tech companies is always a pleasure as an advanced example of smart work practices.
In Personal Care Ingredients, we are shifting our portfolio to high-value-added areas with customers who resonate with our approach to creating new value through "AminoScience" for functions like moisturizing, skin penetration, and sun protection. For example, the "AMIHOPE ®SB" Series, a functional material that is attracting attention as an alternative to microplastics, can achieve a smooth texture by coating natural raw materials such as starch with amino acid-based materials. Taking advantage of the characteristics of human-conscious amino acids, we will continue to contribute to healthy and beautiful skin with partners who share our values.
Including contributions to agriculture through biostimulants, the world is beginning to pay great attention to GHG reductions in livestock, dairy, and agriculture. In 2025, COP30 will be held in Brazil, a major livestock, dairy, and agricultural country with deep ties to the Ajinomoto Group. We will not only propose solutions through "AminoScience" for the global environment but also strive to draw attention to this issue.
Promoting Smarter Work Practices
We have been working for three years to raise job satisfaction and aim for smarter work practices.
While we have seen effects such as allocating more time for strategic discussions in meetings, there is still room for improvement in productivity. Because Ajinomoto Group members are "diligent," there are cases where they cannot quit some of the functions they should quit, which is a major challenge to address.
Over the past three years, many leaders supporting the business have moved between the BFD and the Food Products Division, starting new challenges. This has certainly contributed to stimulating and enhancing organizational strength, and it has also had mutually positive impacts on work practices. Channel synergies, product synergies, and technology synergies within and between the business divisions are increasing. The key account concept, which was commonplace in the Food Products Division, is also permeating the BFD, and comprehensive proposal events for major customers from multiple departments are starting. The attitude of incorporating the best parts of other departments is one of the strengths of the "diligent" Ajinomoto Group members.
The BFD will also move to a new headquarters building next year. While visible aspects like office layout are important, how we pursue smart work practices there is crucial.
Strengthening the Foundation Supporting the Business
Just as it is important to create value and drive innovation, it is crucial to build and refine a solid
business foundation. For example, the most important thing for manufacturing is a safety culture, but this is not something that can be easily cultivated.
One department at the Kawasaki plant has achieved 25 consecutive years without accidents, and several departments of the domestic plants such as Tokai plant and Kyushu plant have continued for over 20 years and over 10 years without accidents. This is due to daily evolution and improvement, which is also a significant challenge. In terms of business management foundation, we reviewed and improved the accuracy of basic business practices such as market information collection, competitive analysis, and rolling forecasts in fiscal 2024. There are still variations by business, and further refinement is necessary.
Challenges Continuing Beyond 2030 Roadmap
Using "AminoScience" to solve problems that have not been overcome until now is our mission. The more difficult the problem, the more meaningful it is to promote ASV, and it is a rewarding job. We consider not challenging or not facing issues as the greatest risk, and we will continue to take on challenges without fear of failure and with gratitude to everyone who supports us.
1
2
3
4
1 With members of Ajinomoto CELLiST Korea (Korea); 2 Speaking at a leadership event at Ajinomoto OmniChem (Belgium); 3 With the executive members of Forge, a gene therapy CDMO (USA); 4 Supporting athletes with "AminoScience". With professional volleyball player Mayu Ishikawa; 5 Signing a collaboration agreement with Kagoshima Prefecture and livestock businesses within the prefecture regarding the use of "Aji Pro®-L".
036 ASV REPORT 2025 ASV REPORT 2025 037
CHAPTER 6
"AminoScience" in action
Evolving our business portfolio in areas of high social value.
Co-creating value in four focused growth areas with "AminoScience"
"AminoScience" is the source of the Ajinomoto Group's unique strengths and competitiveness. We can co-create greater social and economic value in four focused growth areas: Healthcare, Food & Wellness, ICT, and Green.
The Ajinomoto Group has achieved growth for over 100 years by diversifying its business and expanding globally through innovation driven by "AminoScience." In order to achieve the dramatic growth targeted by its purpose-driven management by medium-term ASV initiatives, we set four focused growth areas -Healthcare, Food & Wellness, ICT, and Green - as our basic policy, leveraging "AminoScience" and focusing on areas with high market-growth potential and high social value that the Ajinomoto Group can create. In setting these goals, we backcasted from where we want to be in 2030 and created a roadmap to achieve them. First, we drew a PoF (Picture of the Future) of what human beings, society, and the planet will look like with the participation of future generations of
employees and key managerial positions who will play a central role in the company. We then organized the social value that we will be able to create with "AminoScience" in the future.
The four focused growth areas are areas where we can solve social issues, create value through business operation unique to the Ajinomoto Group that contributes well-being, increase our corporate value through ASV (Ajinomoto Group Creating Shared Value), and realize our "Purpose." We will evolve our business portfolio by steadily promoting the creation of new businesses and organic growth through business model transformation in these four focused growth areas, both by forecasting from existing businesses and backcasting from our vision.
Healthcare
Contributing to advance treatment and prevention and to help extend healthy life expectancy.
With "AminoScience" providing a deeper understanding of the
human body, we will contribute in
a wide range of areas, from providing solutions for advanced medical modalities to extending
healthy life expectancy.
Food & Wellness
Contributing to well-being and self-fulfillment through food.
We combine a new business model that utilizes "AminoScience" with an existing business model
that evolves through orchestration.
We contribute to well-being in everyday life
by empathizing with the perspectives
of each individual consumer.
ICT
Contributing to advance semiconductors
for a smart society
By utilizing "AminoScience",
we will contribute to the evolution of semiconductors with faster speed and lower environmental impact,
as well as to the realization of a smart society, including AI, autonomous driving,
and photonics-electronics fusion.
Green
Contributing to society and the planet with an eye to the future through sustainable environmental issues.
We aim to address pressing environmental issues by reducing the environmental impact through "AminoScience",
creating a positive impact, and contributing to the provision of sustainable food and
the realization of a biocycle.
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CHAPTER 6
"AminoScience" in action
Advancing from gene therapy to
M&A to build a strong platform by evolving "AminoScience"
Healthcare
cell therapy in global bio-pharma CDMO businesses
We are currently investing while actively utilizing M&A to speed up and scale up, accelerating the realization of a unique business portfolio to the Ajinomoto Group.
Forge is a gene therapy CDMO with the manufacturing
practice) products for clinical trials by many biotech companies, and have steadily built up a manufacturing track record, which has led to rapid growth and expansion in recent years that is expected to continue in the future.
To evolve our business model in the healthcare field, Ajinomoto Group is building a cell therapy value chain and a platform for the advanced medical field with Forge Biologics, a US gene therapy CDMO that became a wholly owned subsidiary of the Ajinomoto Group in 2023 as a hub of innovation.
Next-generation strategic business/gene therapy CDMO
capabilities of AAV and plasmid DNA, two key points in the gene therapy manufacturing value chain, and also has the technology to produce high-purity, high-yield AAV vectors. They have already produced GMP (good manufacturing
Building a value chain for cell therapy
In addition, Forge has one of the largest manufacturing equipment for AAV production, and in addition to its existing facilities, it also has space for expansion within its facilities to accommodate further business expansion in the future.
The Ajinomoto Group has a strong technological
In the healthcare area, in addition to the steady growth of amino acid and small molecule drug CDMOs (contract manufacturing and contract development of manufacturing methods), we expect accelerated growth from businesses such as oligo nucleotide/ biopharmaceutical CDMO, regenerative medicine/antibody culture medium, and medical food.
Gene and cell therapy drug TAM*1
Gene and cell therapy drugs (excluding AAV)
Furthermore, from a medium- to long-term perspective, we are positioning gene therapy CDMO, which treats genetic abnormalities that cause disease, as one of our next-generation strategic businesses. There are currently approximately 350 million patients with rare diseases worldwide, with approximately 10,000 types. Of these, 80% are genetic diseases, and 50% are children.
Pharmaceutical amino acids
(Pharmaceuticals & Infusion)
Among these, more than 100 clinical trials have been conducted for the highly safe adeno-associated virus
foundation in the CDMO field and formulation optimization and manufacturing know-how cultivated through culture medium development. By combining this with Forge's AAV manufacturing know-how and proprietary platform technology, it can generate high synergies.
Small Molecule APIs
S.A. Ajinomoto OmniChem N.V.
Anti-AIDS drugs Antiviral drugs Antihypertensive intermediates Anticancer drugs, etc.
Medium & Large Molecule APIs
Gene Therapy
Cell Therapy
Forge Biologics,Inc.
Ignition Cells™ pEMBR™ Helper Plasmid
Culture media for production
of viral vectors
Create businesses through synergies
Serum-Free Culture Medium
(ASF Media)
Biopharmaceutical cell culture
media
Cell culture
media for
r e
egenerativ
medicine
Growth factors
Culture media for cell therapy
Ajinomoto Kohjin-bio Co., Ltd.
GeneDesign, Inc.
Culture media business
CDMO
business
By building a global biopharmaceutical business foundation that includes Forge, the Ajinomoto Group is now accelerating development of consumables necessary for cell therapy, such as culture media optimized for each cell type.
up to 2000 up to 2020 up to 2030 up to 2050
Based on this, we will work to strengthen and create
Gene therapy drugs using adeno-associated
virus (AAV) vectors
27％CAGR
2030 (forecast)
$46 billion
(AAV) therapy, and many new AAV drugs have been approved in recent years. The market is expected to continue to grow rapidly by more than two digits per year. In addition, AAV vector (a carrier to cells) manufacturing
and plasmid DNA manufacturing, which are key points in
Orange indicates companies that have been absorbed
businesses through further synergies and to develop from gene therapy to cell therapy.
the gene therapy manufacturing value chain, require advanced know-how and dedicated facilities, making
A central hub for innovation within the bio strategy
Forge Biologics, Inc. President & CEO John Maslowski, M.S.
Approximately
$7 billion in 2022
2022 2023 2024 2025 2026 2027 2028 2029 2030
Source: Wall Street Research, Alliance of Regenerative Medicine, Roots Analysis, etc.
Client Pharmaceutical Companies
Client Pharmaceutical Companies
Gene Therapy Manufacturing
Value Chain
Gene Plasmid DNA Plasmid
Design Manufacturing DNA
Virus Vector Virus Manufacturing Vector
Gene Therapy
Existing technology Forge's technology
+ "AminoScience"
Empty vector:
A virus shell
that does not contain the target gene.
Causes side effects.
Issues in Strengths in helper plasmids*2
empty vector ratio and and proprietary cell
Improvement of cell lines
t n
hrough genetic modificatio
productivity
lines*3 (patented) Culture medium*4 optimization based
on patented technology
Viral vector:
Contains the target gene.
*1 Total Addressable Market
technological differentiation possible, and a continued increase in demand is anticipated. The Ajinomoto Group aims to gain a unique and strong position in this field as well.
Forge is creating meaningful synergies with Ajinomoto Co. that generate shared value across innovation, operations,
and commercial execution. Our R&D, molecular development, and process development teams collaborate with Ajinomoto Co. to co-develop proprietary technologies such as optimized cell lines and production platforms. These efforts strengthen the innovation pipeline across the Group and enhance Forge's technical capabilities and market offerings.
Business Development bridges this innovation with market needs by sourcing external tools and facilitating partnerships that drive value for both organizations. In
both Forge and Ajinomoto Co. for expanded client engagement. Marketing synergies, including a brand strategy refresh and upcoming global video campaigns, will elevate the Group's positioning across all services. This benefits both brand equity and market access.
Operational synergies also generate shared value. IT and HR drive efficiency through best practice sharing. Finance ensures aligned reporting and financial transparency across entities.
These integrated activities enable Forge to act as an innovation hub and execution arm for the Ajinomoto Group's global biotech strategy. At the same time, they provide Forge with greater reach, capability, and opportunity. Together, we are building a collaborative engine that drives innovation, accelerates commercialization, and delivers mutual value across the
*2 DNA of a protein which is required to encapsule a gene of interest into the virus shell
*3 Special cells that are used to introduce the DNA (plasmid) of a gene of interest and a helper plasmid to produce a viral vector
*4 Source of nutrients required to grow cells and produce a viral vector
Sales, joint pursuit of large pharma opportunities positions
Group.
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CHAPTER 6
Food & Wellness
"AminoScience" in action
Evolving value and promoting the Fan-Based Model
In the Food & Wellness area, we will combine new business models that utilize "AminoScience" with existing business models to discover
The Ajinomoto Group's fan-based marketing is a strategy that emphasizes building long-term relationships with customers. By connecting business activities that have previously been carried out on a
Specific measures for fan-based marketing
product or service basis with a consumer perspective and building deep, long-lasting relationships with consumers like friends, the Group aims to contribute to consumer well-being and achieve business growth.
and create value that not only solves health issues but also contributes to the well-being of each and every consumer.
By adding human feelings to conventional products and experiences, we will move closer to consumers and create opportunities for dialogue and connections by implementing an "enthusiasm ecosystem.
［Human］
Product information
・Product
・Product site/advertisement
Ignition
A place for dialogue
Illuminate
A place for connection
Continuing relationships
Event information
•Online article
•Experience of real contact AJINOMOTO Park
Oishisa no Tobira...
Real and online, a system where people attract people
The fun of shopping, the fun of meeting people
Ajinomoto Direct AJI MALL Mall EC
Real channel
Daily contact points through cross-sectional SNS/cross-sectional media
Capture, analysis and feedback of conversation behavior data ( viewing/purchasing )
Meeting/ interaction points
Shopping area
Evolving from Deliciousness to Sustainability
The Ajinomoto Group develops healthy and delicious products based on the food culture of each country and region, from seasonings to soups and frozen foods. In the
Food & Wellness area, we will evolve value from deliciousness to nutrition, health, and sustainability by 2030 through innovation that utilizes "AminoScience."
Protecting food resources through raw material substitution
Substitutes for animal fat
Reducing food Protein crisis loss and waste measures
Extending In-culture
expiration Air-based protein
dates Green amino acids Sustainable food system
Sustainability
Future plans
Prevention of lifestyle-related diseases
Reduce salt, sugar, and fat
Disease/dementia Risk assessment and solutions
Medical food
Step 0 ( FY24-25 )
Restructuring of D2C business
Step 1 ( FY25 )
Shift to fan-based model
Step 2 ( FY25-26 )
Expansion and development of service functions
Step 3 ( FY26-30 )
Platform that fans want Development of new service functions
Health
Nutrition through meals
Protein-enriched products "Kachimeshi" Nutrition improvement
Supplements
Sports nutrition
Personalized nutrition
Menu suggestions Complete nutritional food
Nutrition
Evolution of value
Strategy for increasing long-term customer lifetime value
Flavoring
Umami, richness
Texture
Gelling, chewiness
Aroma, flavor
Dried bonito flakes,
meat stock aroma
Tastiness
Evolving to a fan-based model to implement the POND concept
We are focusing on the following two main communication initiatives in fan-based marketing. Through these initiatives, we aim to increase our customer lifetime value in the medium to long term by increasing our fan base.
Enthusiasm Ecosystem
We have systematized efforts to increase customer enthusiasm, increase fandom and maintain it. By adding
is not closely linked. In the future, we will clarify the departments responsible for each layer and promote horizontal collaboration within the layers and vertical collaboration on the axis.
Virtual organization
"Fan-based model promotion unit"
We have established a virtual organization directly under the General Manager of the Marketing Design Center to
The Ajinomoto Group established the Marketing Design Center in 2023 and further established the D2C Dept. within it in April 2024. These organizations are integrating and collaborating to start implementing the POND (Company-wide customer base) concept, which will increase customer engagement and improve customer lifetime value.
In Japan's mail-order business, sales have been
declining since peaking in fiscal 2018 due to a deterioration in the efficiency of new customer acquisition and the yield of continued use, and acquiring younger customers in particular is a challenge. Therefore, the Ajinomoto Group is transforming its communication strategy by evolving from the traditional D2C model of advertising and new telephone orders to fan-based marketing.
human passion to conventional efforts, we will build a unique mechanism called the "Enthusiasm Ecosystem" that brings us closer to consumers and creates opportunities for dialogue and connection, and we will proceed with the transformation to a "fan-based model". The challenge for this is that each layer of services, systems and data is independent, there is low interconnection between services, and the whole system
promote the transformation to a "fan-based model" through the construction of an "Enthusiasm Ecosystem." Members from inside and outside the company will gather as needed to work together organically and will consolidate information on dispersed services and systems to optimize the overall experience and provide a consistent customer experience.
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CHAPTER 6
"AminoScience" in action
Development of materials for Photonic-Electronic Co-package
Currently, the demand for ABF is expected to grow due to the expansion of HPC for servers, deep learning, generative AI, etc. in addition to PCs. These HPC applications are expected to become increasingly multi-layered and large, so they are expected to continue to drive demand for ABF. There is an issue that power consumption will increase due to the future increase in data communication volume. One solution to this issue is the Photonic-Electronic Co-
package.
This is an advanced semiconductor package that combines optical signals, which enable efficient data transmission, with existing electrical signals. Leveraging the strengths we have cultivated at "AminoScience" and ABF, we aim to contribute to the realization of a sustainable society by providing solutions and materials that enable low power consumption.
The growth strategy to evolve ABF
Ajinomoto Build-up Film® (ABF) has an overwhelming share of the global market.
Accelerating business development through expanded applications and entry into new business domains.
ICT
We aim to maintain our competitive advantage by proactively identifying and updating the technology that society and
our users desire, and also advancing development for Photonic-Electronic Co-package substrates.
We aim to expand our Group's technology into areas surrounding ABF. As part of this effort, we are developing magnetic materials, sealing materials, and ABF-RCC (resin coated copper foil).
In addition, in order to provide value in the world after 2030, we are collaborating with external parties to research new
trends in the ICT field, such as bioelectronics.
We would like to establish our position as an innovation provider by providing materials that are essential to our customers' products and services and products that are essential to society.
ABF Evolving through High-speed Development
Current semiconductors
(up to 2025)
Al semiconductors
(up to 2030)
Photonic-Electronic Co-package
(2030 and onwards)
Ajinomoto Build-up Film® (ABF) continues to grow rapidly as the de facto standard in the semiconductor industry. ABF, produced by the Ajinomoto Group, is an essential insulating material for high-performance semiconductors and currently holds an overwhelming share of the global market. Its core technology is "AminoScience", which has successfully achieved its current position by turning the insulating material, which was previously ink, into a film. The strengths of the Ajinomoto Group are its co-creation ecosystem with key players in the value chain and its
high-speed development system. The co-creation ecosystem allows us to predict the characteristics required for next-generation semiconductor packages, and formulation technology, which utilizes our unique polymer chemistry know-how and molecular design capabilities, enables high-speed development. By continuing to develop new ABFs, that is, by continuing to evolve ABFs, we have contributed to the evolution of semiconductor packages, such as the realization of fine wiring and high-speed communication. Semiconductors, which now support ICT
infrastructure, including AI and autonomous driving, are
evolving more and more and are attracting attention. The Ajinomoto Group is working on the evolution of ABF with the ambitious goal of contributing to the evolution of a smart society. We believe that ABF will continue to maintain its advantage in the industry by continuing to update the technologies required by society and users along with research and development, advance development for Photonic-Electronic Co-package substrates, and by responding to needs as an essential ecosystem in the industry.
The sales trend of Functional Materials
YoY
111%
YoY
125%
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30
Cross-sectional image of the board
ABF 3 layers
ABF 3 layers
Board area index: 1
ABF 6 layers in total
Board area index: 3.5
ABF 18 layers in total
ABF 9 layers
Uses 10 times the amount of ABF
ABF 9 layers
Adapting for lower power consumption Adapting faster speeds
Making equipment smaller
Next-generation key material
Forecast Roadmap
044 ASV REPORT 2025 ASV REPORT 2025 045
CHAPTER 6
Green
"AminoScience" in action
Leveraging "AminoScience" to build agrifood systems
The Ajinomoto Group is building a sustainable food system that utilizes our strengths in "AminoScience" to realize new food lifestyles that match the diverse tastes and values of consumers, contributes to agriculture, and coexists with the earth.
selling dairy alternatives under the "Atlr.72®" (Atelier Seven-two) brand. This year, we will expand into the staple food category, with agile verification of sales and improvement of products in our directly managed stores, and put into practice a high-speed development model in which products that are expected to show continued demand will be expanded to general retail channels as processed foods.
Contributing to agriculture through biostimulants
Our vision for the green area
The Ajinomoto Group aims to create a positive impact of 1.6 million tons/year of GHG reduction in 2030 by leveraging our strengths in "AminoScience" and through the construction of a sustainable food system and agro-solution business.
We will also contribute to creating a positive impact through the construction of a sustainable food system and agro-solution business. In our green food business, we will promote the development of next-generation food systems, such as plant-based, cultured meat, and precision fermentation, with low environmental impact, and provide food lifestyles that match the regional food culture and the diverse tastes and values of consumers.
We will build a business foundation quickly through collaboration with start-up companies and aim to expand our
business globally, starting with plant-based solutions and consumer businesses in Singapore.
In the agro-solution business, we will use the biostimulant business as a growth driver, with both B2B and B2C businesses as the driving forces to not only improve land yields for agricultural crops, make them more resistant to climate change, enhance nutritional content, and reduce environmental impact, but also aim to achieve sustainable growth in businesses with high economic value.
In the livestock feed business, we will work with partners to improve the conversion efficiency of meat/dairy feed and reduce environmental impact, focusing on the bovine lysine preparation AjiPro®-L.
The Ajinomoto Group is working to improve agricultural efficiency and crop quality and reduce environmental impact through its biostimulant business, which uses "AminoScience" agricultural materials.
Biostimulants are agricultural materials that promote the natural power and growth of plants by blending environmentally conscious bio-derived materials such as amino acids and other compounds derived from microorganism-based fermentation and natural extracts. Unlike pesticides, which protect plants from "biotic stress" such as disease and pests, biostimulants work to reduce "abiotic stress" such as high temperatures, low temperatures, and drought.
Crops have a genetic maximum yield at the time of harvest, but the yield gradually decreases due to the "biotic stress" and "abiotic stress" they experience during the growth process.
Biostimulants play a role in reducing the yield reduction
In addition, improved quality of crops is expected, such as a 39% increase in protein content in wheat, a 20% increase in vitamin C in paprika, and a 14% increase in starch content in corn.
Although there is a temporary cooling in demand due to the situation in Ukraine and falling crop prices, the agri-market as a whole is expected to grow at an annual rate of about 12% in the medium to long term due to increased food demand, adaptation to climate change, and the need to reduce chemical fertilizers and pesticides. The Ajinomoto Group will establish a system for stable procurement of biostimulant raw materials, strengthen our compounding technologies and product development capabilities, and expand our product line. In our B2B business, the Group will expand into the European and American markets by strengthening relationships with major customers, and in our B2C business, we will expand mainly into Asia and Africa.
Vision for Green Area
Through Green Food business, Agro-Solution business and Animal nutrition business, we will contribute to sustainable global environment and Well-being of people.
caused by "abiotic stress".
Agro2Agri (Spain), a member of the Ajinomoto Group, manufactures and sells biostimulant products, operates in more than 50 countries around the world, and contributes to reducing GHG emissions in the agri-food system, which accounts for 30% of GHG emissions. The company's research confirmed a 24% increase in yield and an estimated 25% reduction in water and chemical fertilizer use.
Furthermore, through collaboration with the animal nutrition business and lobbying with the government, we will increase our value as a business that contributes to solving environmental issues in the green field, mainly agriculture, dairy farming, and livestock farming. The Ajinomoto Group will strive to achieve continuous growth as an agri-solutions business with high economic value, with both B2B and B2C businesses as growth drivers.
Outcomes
Contributing to
a sustainable global environment
1.6
million tons/year
(2030)
Contribute to Well-being of people
Food supply Deliciousness Joy
Health and Nutrition
Our Strength
Business in the green area
Agro-solution business agricultural support
Control fertilizer usage and increase yield
by Biostimulants
Animal Nutrition
Decrease GHG emission from intestine by feed supplement AjiPro®-L for cow
Increase feed efficiency with Amino acid-based
balance feed
Green Food business
Providing a new food lifestyle
Regional food culture and diversifying food lifestyles tailored to the tastes and values of consumers
Developing the next generation food system
Protein material with low environmental impact
Plant-based Cell-based
Microbe-based
"Amino Science"
Expanding positive impact through co-creation of "AminoScience" products and ecosystems.
Global GHG emissions: 57.4 billion tons
GHG emissions from agrifood systems account for approximately 30% of total emissions
Agrifood systems account for approximately
34%
Others account for approximately
66%
* The effect of GHG reduction created by replacing it with a new food system, rather than reducing GHG emissions in in-house production.
A new food system with alternative proteins
Contributing to reducing GHG emissions in the global agrifood system by providing products and services
As a strategy to contribute to the realization of a sustainable global environment and the well-being of consumers, we are proposing food or dietary choices that contribute to the environment in developed countries that already have high meat demand and high environmental impact, and promoting
the early provision of alternative proteins that are healthier and more affordable than meat in emerging countries where meat demand will increase in the future.
Last year, we started developing and demonstrating a business model for developed countries in Singapore, and are
Percentage of global GHG emissions from agrifood systems
*1 UNEP (United Nations Environment Programme), 2022
*2 Crippa, M. et al., 2015, "Food systems are responsible for a third of global anthropogenic GHG emissions", Nature Food, vol. 2, 2021, pp. 198-20
Biostimulant product Co-Product AjiPro®-L
046 ASV REPORT 2025 ASV REPORT 2025 047
CHAPTER
7
INTANGIBLE ASSETS
INTANGIBLE ASSETS
We categorize our intangible assets, a source of strength, into human assets, technology assets, customer assets and organization assets.
We are now focusing investments on these four intangible assets
while visualizing these four assets in order to further refine our strengths.
[ The connection between our 4 intangible assets ]
Co-innovating Realizing ASV management
Moving toward value creation using our unique technology assets
"AminoScience" e.g., Deliciousness Technology ,
leading-edge bioscience and fine chemical
technologies
Moving toward the No.1 organization for high employee engagement
Human resources that connect technological assets and customer assets to generate innovation
Diverse human resources that empathize with the Ajinomoto Group's Purpose
Moving toward direct dialogue with global consumers and co-creation with customers
Diverse and global customers and their loyalty
Strategic intellectual property portfolio
Human assets
The double-wheel model of
"Food Products and
Bio&Fine Chemicals" x "B2C and B2B"
Technology assets
Connecting with customers
Connecting with technology
Customer assets
Organization assets
Strongly linking four intangible assets to co-create innovation and realize ASV management
First, human assets are the most important of our intangible assets. The Ajinomoto Group's strengths can lie in our diverse human assets gathering from different businesses and countries with empathy for Our Philosophy (Purpose/ ASV/AGW), taking on challenges at high speed pushing past the fear of failure, and working as a team to meet customers' issues with technologies to create innovation. Going forward, we will secure and develop human assets who can create more diverse value that contributes to the well-being of all human beings, our society and our planet.
Our technology assets include advanced technologies (e.g., Deliciousness Technology and leading-edge bioscience and fine chemical technologies), proprietary materials using the functions of amino acids, and intellectual properties developed and maintained strategically.
Customer assets represent a strength because of our B2C and B2B businesses, operations in a wide range of sectors and areas, and relationships with customers globally. We continue to refine "AminoScience" by working to identify and resolve cutting-edge issues faced by customers around the world and other future issues through co-creation with
customers.
Finally, organization assets represent the strength of the entire organization. The Ajinomoto Group's organization assets include our Purpose for creating passion in our people, ASV management for co-creating social value and economic value through business, the Ajinomoto Group Way (AGW)presenting our basic values, approach and stance for employees, and corporate value created thanks to the support of stakeholders.
To achieve our vision for 2030, we need to Speed Up x Scale Up our innovation starting with our local operations and our frontline workers. Toward this end, we are stepping up investment in intangible assets while paying close attention to their links with financial value. Additionally, we are monitoring relationship between employee engagement scores and financial performance with the understanding that bolstering human assets correlates to ASV. Looking ahead, we will continuously enhance corporate value while confirming the effects of these investments and advancing the ASV realization process.
An organizational foundation supporting the co-creation of social and economic value (ASV management)
Purpose
ASV management
"Ajinomoto Group Way"
Brand
Respecting local culture
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Case Study_1
Organization assets
Moving towards a corporate culture that fosters empathy for Our Purpose and drives change.Through the management cycle of ASV results creation, the Ajinomoto Group will promote practical initiatives that connect the purposes of the company and employees, aiming to achieve high engagement and increased corporate value.
Strengthening organization assets
ASV Award
Award system for initiatives that embody ASV
FD Green's challenge to realize
happiness for cassava farmers
This year's Gold Prize winning project is the "Thai Farmer Better Life Partner Project" by FD Green (Thailand) Co., Ltd. Cassava farmers are important partners in the production of tapioca starch, the main source of umami seasonings.
This is an extremely meaningful project which has taken it upon itself the challenge of solving the various problems Thai farmers face, such as aging, lack of education, infectious diseases, and greenhouse gas
The Ajinomoto Group believes that strengthening organization assets is essential to creating innovation to promote ASV management. Organization assets are the foundation of ASV management, which maintains our competitive advantage and co-creates social and economic value.
Among organization assets, the Group places particular importance on fostering corporate culture. The Ajinomoto
steps: "understanding and sense-making," "empathy and resonance," "execution and realization process," and "monitoring and improvement."
For "Understanding and sense-making," we are globally rolling out Our Philosophy promotion activities, which incorporate workshops to verbalize the overlap between the purposes of individuals and our company, and creating
Top left: The 2024 ASV Awards ceremony was held at TODA Hall & Conference Tokyo. The 10 winning teams from Japan and abroad gave presentations. Bottom left: The "Thai Farmer Better Life Partner project" team from Ajinomoto Co. (Thailand) won the gold award. Top right: The team received celebratory remarks from President Nakamura. Bottom right: A commemorative photo of all involved parties.
emissions.
The approach in this project, which has involved mobilizing the Thai government and collaborating with academic institutions, makes it worthy of the Gold Prize. The fact that it won two awards, including the Employee Voting Prize, is also proof that it is widely recognized as embodying the ASV spirit.
Group considers its corporate culture to be important, including "valuing people," "seriousness and politeness," "respect for teamwork," and "commitment to results."
To strengthen organization assets, it is important to foster empathy for Our Purpose. As part of this effort, the ASV Management Cycle, which promotes improved engagement, has been standardized. This is a framework for employees to think about and interpret ASV for themselves, and has four
［ ASV Management Cycle ］
opportunities to enhance independent motivation.
For "Empathy Resonance" we are holding individual goal presentations, and for "Execution Realization Process" we are holding the ASV Awards, and conducting "Monitoring Improvement" through engagement surveys, spreading a culture that praises voluntary challenges. These are activities based on the Ajinomoto Group's origins of new value creation and a pioneering spirit.
Increasing
The ASV Awards are a system that recognizes particularly outstanding examples of initiatives that embody ASV (the
co-creation of social and economic value through business). The awards are open to Ajinomoto Group employee teams from around the world.
This award synchronizes "making ASV as your own initiative" with employee capacity development, and acts as a platform for the mutual growth of individuals and organizations.
The notable features of this year's ASV Awards were that the efforts of the Finance Department won both the Silver Prize
and the Bio & Fine Chemicals Division General Manager's
In addition, the newly established "Try & Learn Award" was presented to the plants in Kawasaki, Kyushu, and Tokai for achieving 10 consecutive years without an accident. The fact that we were able to recognize the steady efforts of such organizations is the result of the award's maturation as an internal corporate award.
In addition to the Gold Prize-winning FD Green (Thailand) Co., Ltd`s "Thai Farmer Better Life Partner Project," projects by group companies in Ireland, Singapore, the Philippines were also recognized for their deep understanding of the
ASV spirit.
Engagement
Performance evaluation
ASV
engagement
Increasing corporate value
Dialoguae with management
Award, and the Logistics Planning Department won the the Food Products Division General Manager's Award, respectively.
The ASV Awards will broadly recognize efforts that embody the ASV spirit as we move towards 2030.
survey Monitoring
Improvement
ASV as one's own initiative
Communicating the ASV management cycle
Understanding Sense-making
Our Philosophy promotion
Target audience | Ajinomoto Group employees both in Japan and overseas |
Frequency | Held annually (entries accepted at the end of the fiscal year) |
Chairperson | CEO Nakamura / 6 external judges (including 3 external directors) / 7 internal judges |
Evaluation criteria |
1 Innovation Award, 1 Employee Voting Prize, and the General Manager's Award (not guaranteed to be awarded). |
Setting goals for the organization/ individual
internally and externally
ASV Awards
Execution Realization Process
Develop skills of individuals
Empathy Resonance
Individual target presentations
My ASV Story
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Case Study_2
Our Philosophy Empathy Promotion Activities
What is "Our Philosophy" ?
Initiatives to link the aspirations of the Ajinomoto Group with the aspirations of individuals
［ Philosophy System "Our Philosophy" ］
Corporate Slogan
From verbalization to behavioral change
Purpose
Contributing to the well-being of all human beings, our society and our
Purpose planet with "AminoScience"
ASV
Ajinomoto Group Creating Shared Value
ASV Initiatives
Co-creation of social and economic value through our business
AGW
Ajinomoto Group Way
Values
Create new value, Pioneer spirit, Social contribution, Value people
The Ajinomoto Group positions ASV as the core of its philosophy system, "Our Philosophy," and aims to realize it. "Our Philosophy" is a systematization of the most important principles in the Ajinomoto Group's corporate activities.
We are furthering activities to promote empathy with Our Philosophy, so that by 2030 we will have fostered a corporate culture in which each employee deeply identifies with "Our Philosophy" and continues to take on challenges on their own initiative.
"My Purpose Workshop" that weaves aspirations
In the Our Philosophy empathy promotion activities in FY2024, ambassadors conducted My Purpose workshops with high engagement. In addition, workshops for management were completed in Japan and four regional headquarters, and a workshop for managerial positions was held. More than 80% of participants rated the workshop as "satisfactory," and many participants said that it was also useful for cross-organizational communication between group companies.
In FY2025, we aim to have almost all global managerial positions verbalize their My Purpose and begin to act based
［ Voices of workshop participants ］
on it. At Ajinomoto Co., Inc. alone, our goal is for all employees to verbalize their My Purpose and take action related to their personal goals.
In addition, as a new measure, we are incorporating My Purpose into individual goal presentations to promote penetration in a more practical way, and using last year's workshop as a stepping stone, we are developing workshops that encourage challenges to realize Our Purpose. This is also an attempt to solve the problem that became clear last year: "It is difficult to translate verbalization into actual action."
Our Philosophy empathy promotion activities are carried out under the guideline of "connecting the company and human resources through purpose." The core initiative is the My Purpose Workshop. In this workshop, employees reflect on their own strengths and values and explore and verbalize their own aspirations, their "My Purpose."
After that, group discussions are promoted among employees so that they can find overlaps between the Ajinomoto Group's purpose, "Our Purpose," and their "My Purpose." By having employees use the words woven there
as their own compass, we aim to achieve deeper empathy and personalization, and to improve empathy with the company's purpose and engagement.
I felt that being able to verbalize my strengths and values would serve as a guide for how to live and work in the future.
I'm worried about whether I, as a supervisor, can properly respond to my subordinates as a facilitator in the future, so I'd be happy to have a study session like this.
By learning about the strengths and ways of thinking of other participants, I was able to gain a deeper understanding of my own values.
In fiscal 2023, the program was implemented for officers and executive directors. In fiscal 2024, a dedicated organization was launched to train 49 ambassadors at six Ajinomoto Group bases and build a promotion system in each region. This year, the program will be expanded further, and the second generation of ambassadors are scheduled to be instated in four areas.
［ Ambassadors and My Purpose workshop participants from around the world ］
Japan
United States
Japan
Europe & Africa
ASEAN
Brazil
South Korea
India
China
I thought it would be better if the workshop time was a little longer so that we could carefully examine and verify it.
It was a good opportunity for young employees and those early in their careers to reflect on themselves.
At first, I felt reluctant to share private information and felt burdened, so I thought it would be good to have some psychological support at the beginning.
Cambodia
052 ASV REPORT 2025 ASV REPORT 2025 053
Human assets
Four "connecting" strategies
Co-creating innovation as a core of four intangible assetsHuman assets are the source of increasing the value of intangible assets and innovation for the future.
The Ajinomoto Group will strengthen its human assets by creating ASV.
Basic concept of our Human Resource Strategy
Connecting
Purpose
our company and human resources through "Purpose"
Challenges
Connecting strategy and human resources through challenges
Diversity
(DE&I)
Connecting diverse human resources globally
Diverse employees who articulate their own purpose and find motivation intrinsically are the driving force behind how the Ajinomoto Group contributes to the well-being of all human beings, our society and our planet with "AminoScience." We aim to connect company and human resources by sharing and living Our Philosophy (Purpose, ASV, AGW), which we communicate throughout the Ajinomoto Group.
To achieve the ambitious goals established in the 2030 Roadmap, the Ajinomoto Group must engage in AGW (create new value, pioneer spirit, social contribution, value people) with even greater energy. We aim to connect strategy and human resources through challenging assignments by providing opportunities to take on new challenges without fearing failure and demonstrate leadership within the group, fostering a culture where each employee steps out of their comfort zone.
The Ajinomoto Group believes that gathering and integrating diverse talent from both inside and outside the organization is essential for driving innovation. This diverse talent includes individuals across our Food and Bio & Fine Chemicals businesses, regions, and a wide range of backgrounds, including gender, career, and disabilities. We aim to connect diverse global talent through fostering a culture of mutual respect and enhancing management.
The Ajinomoto Group believes that in order to achieve the challenging ASV indicators set in the 2030 Roadmap, it is necessary to further accumulate and grow four intangible assets: technology, human resources, customers, and organization. In particular, we are strengthening our efforts in human assets that connect technology assets and customer assets and generate innovation.
Each of our diverse employees, who share the Ajinomoto Group's Purpose, grows through challenges that push them
beyond their comfort zones, and their honed capabilities
Refined individual capabilities promote diversity from the perspective of knowledge, experience, and attributes and will create innovation as a team through fostering a culture of mutual respect and advanced management.
We believe that the foundation of this series of processes is the "Well-being" of our employees. We pursue initiatives globally based on the concept of linking the four pillars of Connecting Strategy: Purpose, Challenge, Diversity (DE&I) and Well-being (human resources investment*1.
Connecting "Well-being" with employees
Wellbeing
Initiatives to realize
The Ajinomoto Group believes that the foundation of human capital is the physical, mental, and financial well-being of our employees and their families. We aim to connect well-being and employees through environments, management, and asset-building support that makes working for the Ajinomoto Group a naturally healthy experience.
become the driving force of advanced strategies to achieve the Roadmap.
[ Conceptual diagram of human resources strategy ]
*1 approximately ¥10 billion in fiscal 2024; total of more than ¥100 billion between 2023 and 2030)
the four "connecting" strategies
The four pillars of our human resources strategy are "Purpose," "Challenge," "Diversity," and "Well-being." We are taking on various initiatives based on the concept of "connecting."
Creating innovation
Diversity
(DE&I)
Connecting our company
Purpose
and human resources through "Purpose"
Team strength built on diverse knowledge, experience, and attributes
In order to promote personalization of ASV, the Ajinomoto Group has introduced an ASV management cycle consisting of the steps of "understanding/sense-making, empathy/ resonance, execution/realization process, and monitoring/
overseas affiliates, deployed to 85 companies, and the "understanding/sense-making" process was strengthened. In the engagement survey, employees' "empathy with our purpose" (a total of seven questions, such as indicating the
Purpose
Challenge
Execution power enhanced through growth
Well-being
Foundation for innovation creation
improvement"
In 2024, as an effort to "connect" our company and human resources with Purpose, a dedicated organization was launched to enhance employee empathy for "Our Philosophy (Purpose, ASV, AGW)" and My Purpose Workshops were held globally to verbalize the overlap between our
values that are the company's guiding principles and fully understanding the meaning of the company's "Our Philosophy") was a high score of 88.
In fiscal 2025, in order to strengthen the "execution/
realization" process, we will launch a global initiative to translate the intrinsic motivation increased by verbalizing
Ajinomoto Group
Employees
"company's Purpose" and each "individual purpose."
A total of 49 ambassadors were trained at domestic and
individuals' purpose into behavioral change.
054 ASV REPORT 2025 ASV REPORT 2025 055
Challenge
"Connecting" strategy and human resources with challenge
"Connecting" globally diverse human resources
Diversity
(DE&I)
The Ajinomoto Group is working to provide employees with opportunities and leadership to take on challenges without fear of failure in order to achieve the ambitious goals set out in the 2030 Roadmap.
At Ajinomoto Co., Inc., we define a transfer by raising one's hand as "a transfer according to the career plan that an employee has personally set" and transfers by "open recruitment" and monitor such transfers. The number of transfers by open recruitment increased from 41% in fiscal 2023 to 45% in fiscal 2024. In particular, the number of transfers by open recruitment has steadily increased, from 43 in fiscal 2023 and 48 in fiscal 2024 to 68 planned in 2025.
In addition, Ajinomoto Co., Inc. introduced TRY&A-CROSS as a mechanism for employees to raise their hand to participate in cross-organizational projects in fiscal 2024, and seven themes were established and 68 people were involved in the projects for the first fiscal year. This system is designed to allow group companies to participate, and group company employees actually participated in several projects.
Integration of internal talent
Food business
Bio & Fine Chemical
business
Acquisition of external talent
Cross-departmental career paths
Percentage of employees hired as mid-career hires
Ajinomoto Co., Inc.: 30%
Cross-organizational Corporate
projects
Early success support (Onboarding)
FY2030 Target
Knowledge and experience
Attributes
Leadership layer
Diversity of leadership layer
Global: 30%
Tough assignment
Ajinomoto Group Academy*
Succession plan
Possession pool formation
Initiatives to support • International the development of talent exchange women's talent
Percentage of female managers Global: 40%
Ajinomoto Co., Inc.: 30%
FY2030 Target
Many of the members were in their 20s and 30s, and this led to providing young employees with an opportunity to take on new challenges. A survey of project participants showed that about 80% of participants responded favorably, with
comments such as "it broadened my career horizons" and "it helped me gain knowledge." In fiscal 2025, we plan to increase the number of sessions to twice a year and improve the provision of new challenges.
Globally, we are promoting efforts to share available positions with overseas subsidiaries, mainly in the ASEAN region, and to increase opportunities to work overseas through a process that includes raising one's hand. In Europe and Africa, we are promoting an initiative called "CONNECT," where members from different businesses and countries participate to learn from each other about success stories and other topics, and connect them to the next challenge.
In the engagement survey, we introduced a new question as an indicator to measure behavioral changes toward taking on challenges: "Over the past year, you have been able to take on at least one challenge that you considered to be a personal challenge." Globally, we received a high score of 89. We will continue to provide opportunities for people to take on challenges at high speed globally without fear of failure, improve the quality of challenges, and hone our ability to achieve the 2030 Roadmap.
"Flags" Challengers and Supporters https://youtube.com/playlist?list=PLkBxQvB5EMiR9vz7lSbRON8t8c zJ-wAPa&si=j2EyC_2ePEFBTLE2
The Ajinomoto Group aims to enhance team execution capabilities and create innovation by promoting DE&I from the perspective of "knowledge/experience x attributes." Diversity in gender, nationality, affiliation, etc. for 128 leadership positions (executive officers, executive directors, and Group Executive Managers) in the group progressed smoothly from 22% in fiscal 2023 to 25% in fiscal 2024.
For the target positions, succession plans are created for the periods Ready (1 to 3 years), Next (within 5 years), and Future (within 8 years), and the diversity fulfillment rate in Next is 39% for gender (female), 21% for nationality (other than Japan), and 49% for affiliation (with some overlap).
Gender diversity is an issue in Japan, and the ratio of female managers at Ajinomoto Co., Inc. remained at 14% in fiscal 2024, the same as the previous year. We are promoting female development support measures such as the "AjiPanna Academy" at domestic group companies to build a pool of female managers, and 98% of the 45 participants in fiscal 2024 had the aspirations of becoming managers after taking the course.
In addition, in response to the question regarding motivation
for higher-level positions in the engagement survey, "If I were asked to take a higher position, I would like to accept the offer," more than half of the women responded favorably, and the score reached 65 for women in their 20s and 30s, and the ratio of female managers is expected to increase in the future. In terms of career recruitment, which acquires "knowledge and experience" from outside, Ajinomoto Co., Inc.'s career recruitment in fiscal 2024 increased by 122% compared to the previous year. In particular, in order to transform its business model based on the 2030 Roadmap, the company focused on securing human resources for its Bio & Fine Chemicals Business, and the number of mid-career hires in fiscal 2024 for this business was 650% compared to 2022.
TRY&A-CROSS is also working to strengthen on-boarding measures for mid-career hires, and will continue to create an environment where mid-career hires can demonstrate their abilities more quickly. Additionally, to promote work in other countries for non-Japanese employees, we have established guidelines for international transfers. As of March 2025, 294 employees have been transferred internationally, of which 26 are from countries other than Japan.
TRY&A-CROSS theme introduction
Ajinomoto Group joint hiring celebration
"Employees from across the Ajinomoto Group gathered through TRY&A-CROSS and, for the first time, planned and hosted a 'Group Joint New Employee Welcome Event.' A total of 253 new employees from eight group companies, united under the Ajinomoto Group's Purpose, participated in a program designed to help them understand and experience the breadth of businesses rooted in "AminoScience." The event received many positive responses, such as 'I could feel the scale of the Ajinomoto Group' and 'It was great to connect beyond company boundaries,' fostering a strong sense of unity among group members.
Ajipanda Cafeterias
The Ajinomoto Group launched the "Ajipanda _Cafeterias" in fiscal 2023 as an activity to reduce food waste and support children's food halls. We have established a unique scheme to provide food waste eligible products*1to partners free of charge and donate sales revenue as activity funds for children's food halls, supporting their sustainable operation. In fiscal 2024, TRY&A-CROSS recruited participants from group companies, providing support for 441 children's food halls and providing eating opportunities to approximately 74,000 people.
*1 Includes items past delivery deadlines but within shelf life, those with damaged packaging but intact quality, and regular products.
056 ASV REPORT 2025 ASV REPORT 2025 057
Wellbeing
"Connecting" human resources and well-being
Monitoring for sustainable growth
The Ajinomoto Group believes that improving the health and financial well-being of employees and their families is the foundation of our human assets.
The basic approach to Health Well-being is to promote employee health through self-care and to promote health measures that are in line with the current situation of each country, aiming to create an environment where "working at the Ajinomoto Group naturally makes you healthy". The promise to stay healthy is compiled in the "Health White
Paper" and is rolled out globally. In the engagement survey, the score for "I think management pays attention to the health and happiness of employees" was 87.
In terms of Financial Well-being, the Ajinomoto Group has group companies design compensation in terms of country, business, job type, etc., and monitors it against the market standard. The score for "Is compensation appropriate for my job?" in the engagement survey was 80.
The Ajinomoto Group conducts a correlation analysis between the results of the engagement survey and business performance every year. From the results of the past seven surveys, we have confirmed that there is a correlation between "empathy for our purpose," "customer focus," "challenges," and "productivity improvement (business efficiency)" and sales and business profit per employee.
In addition, from the results of a correlation analysis between the results of a specific year and the following year's business performance, we confirmed that the question "We
are working to improve the efficiency of business processes" and the following year's business performance have a mutual influence.
From the perspective of productivity, we monitor the consolidated sales and business profit per hour of Ajinomoto Co., Inc. employees, and the consolidated sales and business profit per employee of the Ajinomoto Group, and both have been growing steadily. We will address the issues in the approval process and use them to achieve sustainable growth.
Toward improvement of
the ASV Realization Process
The Ajinomoto Group monitors score of ASV Realization Process*1globally in the engagement survey. In fiscal 2024, scores related to "Encouraging taking on challenges" and "Co-creation through Inclusion" increased, but the score for the question related to "Improving Productivity (Challenges in the Approval Process)," "I think that in this company, we have to get a lot of approvals before making decisions in our daily work," dropped to 20 (down 8 from the previous year), and the overall score remained at the same level as last year, 76. The average score for questions related to productivity other than the approval process, such as "We minimize unnecessary document creation and meetings" and "We are
[ ASV Realization Process
(Ajinomoto Group Engagement Score) ]
Difference from FY2024 previous year
ASV realization process
76
0
Empathy for our Purpose
93
0
Customer focus
90
▲1
[ Key engagement indicators impacting Ajinomoto Group's performance ]
Empathy for our Purpose
Full support for our Purpose
0.471*
Customer focus
Pursuing customer satisfaction in one's work
Feeling and pride in creating customer value
0.349*
0.486*
0.484*
0.456*
Sales per employee
Business profit per employee
Challenges
Encouragement of free thinking
0.476*
Enhancement of productivity
Continuously streamlined business processes
0.464*
ASV as one's own initiative
76
0
Encouragement for new opportunities
83
+3
working to streamline business processes," was at a high level of "82," while the approval process questions continued
Statistical significance
Statistically significant at the 95% confidence level
More than half of the past statistics are superior
Past survey results show a majority response, estimated to be statistically significant
to have low scores, and we view this as a management issue that the entire group must address.
Co-creation through inclusion
79
+1
As specific improvement activities, we are reviewing decision-
* Correlation coefficient: 0.7 and above indicates a strong correlation, 0.4 to 0.7 indicates a moderate correlation, 0.2 to 0.4 indicates a weak correlation, and below 0.2 indicates little to no correlation.
making authority at the corporate level, improving the approval process for individual tasks in each organization,
[ Ajinomoto Co., Inc. Consolidated sales and consolidated business profit per hour ]
[ Consolidated sales and consolidated operating profit per group employee ]
and delegating authority, but we believe that we have not yet
Total actual working hours
Innovation creation
88
+2
identified the true cause. We plan to introduce additional
(Thousands of yen) (hours)
(million yen) (million yen)
questions in the 2025 engagement survey to identify the true cause and take effective measures.
*1 It consists of nine questions in the engagement survey that are linked to a series of processes from individuals "owning" ASV to creating results as an organization ("empathy with our purpose," "customer focus," "owning ASV," "encouraging challenges," "co-creation through inclusion (2 questions)," "productivity improvement (issues in the approval process)," "creating innovation," and "creating social and economic value").
350
300
50
00
215
217
220
1,000
50
179
187
1,000
00
500
50
19
20
21
22
23
0 0
2
2
1
1
1,878
1,889
1,892
1,902
1,914
2,500
2,000
50
45
40
35 32
30
25
3.4
20
15
10
5
0
34
3.5
39
3.9
Enhancement of productivity
20
▲8
41
Creation of social and economic value
79
+1
4.2
44 6
5
4.6 4
3
2
1
0
FY20
FY21
FY22
FY23 FY24
FY20
FY21
FY22
FY23 FY24
058 ASV REPORT 2025 ASV REPORT 2025 059
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Ajinomoto Co. Inc. published this content on August 29, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 29, 2025 at 04:13 UTC.
