Ajinomoto (2802) Investor update summary

Strategic vision and growth roadmap

• Accelerating efforts to achieve the 2030 roadmap ahead of schedule by leveraging group synergies, expanding the medical food business globally, and focusing on speed and execution.

• Targeting to double medical food business sales by FY2030 compared to FY2024, with a CAGR of 20% or higher from FY2021 to FY2030.

• Integrating food products and bio/fine chemicals to maximize amino acid strengths and deliver nutritional solutions for diverse patient needs.

• Pursuing sustainable growth through innovation, new market entry, capital investments, automation, and enhanced product quality and functionality.

• Intends to expand globally, leveraging group companies in the US and Ireland, and invest in startups for surgical nutrition.

Business model, market positioning, and competitive strengths

• Medical food business operates mainly in North America and Europe via Ajinomoto Cambrooke and Nualtra, with sales exceeding JPY 10 billion and high profit margins.

• Products address both specific diseases (e.g., PKU, epilepsy, protein allergies) and nutritional conditions (e.g., malnutrition, obesity, diabetes, dysphagia), leveraging deep amino acid expertise.

• Strong relationships with patient communities, healthcare professionals, and local partners are key competitive advantages, especially in niche markets.

• High barriers to entry in core markets due to regulatory frameworks, clinical trial requirements, and established practitioner relationships.

• Business model emphasizes clinical preference, rapid prescription fulfillment, and strong patient and healthcare provider engagement.

Innovation, product development, and synergies

• High-speed development system enables rapid response to patient and market needs, with ongoing improvements, new launches, and simultaneous regulatory, marketing, and product design.

• Cambrooke leads in ketogenic and inborn error of metabolism segments, pioneering taste and formulation innovations like glycomacropeptide-based products.

• Nualtra excels in malnutrition and supplementation, with a unique sample service, digital tools, and value-added services for healthcare professionals.

• Synergies with Ajinomoto Group enhance taste, nutritional function, and personalized nutrition through technology and know-how sharing.

• Focus on direct-to-consumer channels, digital engagement, and education to drive patient acquisition and compliance.