Ajinomoto (2802.T): ABF business briefing: Strong demand continues from previous year, with progress tracking ahead of guidance

Research evidence excerpt

Ajinomoto (2802.T): ABF business briefing: Strong demand continues from previous year, with progress tracking ahead of guidance

Equity Research

30 June 2026 | 9:54PM JST

Ajinomoto (2802.T): ABF business briefing: Strong demand continues

from previous year, with progress tracking ahead of guidance

Ajinomoto held a briefing on June 30 on its electronic materials business, which is Takashi Miyazaki

+81(3)4587-9896 |

centered on ABF. We were able to reaffirm the strengths of the ABF business, which takashi.miyazaki@gs.com

Goldman Sachs Japan Co., Ltd.

has achieved sustainable growth and maintained its de facto standard status by

Megumi Taniguchi

anticipating and adapting to technological advances and shifting demand structures, +81(3)4587-9877 |

as well as management’s confidence in future growth. Furthermore, if magnetic megumi.taniguchi@gs.comGoldman Sachs Japan Co., Ltd.

materials and other peripheral materials are able to make steady contributions, sales

growth could exceed our expectations over the medium term. Our key takeaways are

summarized below.

Key takeaways (company commentary unless otherwise noted)

n Functional materials business: Ajinomoto’s guidance calls for a 10% yoy

increase in FY3/27 sales, but strong demand has continued from the previous

year, and the company noted that sales have trended ahead of guidance from

the start of the fiscal year.

n ABF peripherals area: Ajinomoto is also developing peripheral materials,

leveraging the technology established through ABF. While the development of

multiple products is underway, the earliest commercial contribution is expected

to come from magnetic materials, with the prospect of growing demand in future

due to their ability to improve the power efficiency of AI servers. The company