CJ Cheiljedang (097950) Q4 2025 earnings summary

Executive summary

• Q4 2025 sales excluding logistics rose 1.4% YoY to KRW 4.54T, driven by overseas food growth, but operating profit fell 15.8% YoY to KRW 181.3B due to weak bio business and holiday timing effects.

• Net loss of KRW 876B in Q4, mainly from non-operating losses and asset impairments; full-year net loss was KRW 657.9B.

• Including logistics, Q4 sales up 1% YoY to KRW 7.57T; full-year sales up 0.3% YoY to KRW 29.45T.

• FY2025 sales (ex-logistics) reached KRW 17.75T, with operating profit at KRW 861.2B, both impacted by BIO segment weakness and higher costs.

Financial highlights

• Full-year 2025 sales (ex-logistics) down 0.6% YoY to KRW 17.75T; operating profit down 15.2% YoY to KRW 861.2B (OP margin 4.9%).

• Including logistics, full-year operating profit fell 11% YoY to KRW 1.37T.

• Q4 OP margin at 4% (ex-logistics); full-year OP margin at 4.9%.

• Gross margin for Q4 2025 declined to 26.4% from 27.7% YoY; EBITDA margin for Q4 2025 was 9.6%, down from 10.1% YoY.

• Significant non-operating loss in Q4 2025 due to asset impairments and FX-related losses.

Segment performance

• Food business Q4 sales up 3% YoY to KRW 2.93T; global food grew on pizza, mandu, and dessert sales, while Korea declined due to holiday timing and weak consumer sentiment.

• Global Food sales up 9% YoY; Japan up 18% YoY, China up 8% YoY, Europe up 30% YoY, US up 8% YoY.

• Korea food sales down 4% YoY; processed food down 5% YoY.

• Bio sales down 5% YoY to KRW 1T; operating profit nearly flat at KRW 0.5B due to intense competition and price pressure.

• Logistics sales up 1% YoY to KRW 3.18T; operating profit up 3% YoY to KRW 159.6B.