Slides
Page 1
햇반 말차 햇반 MATCHA 소 바바 CJ CHEILJEDANG 새우 김부각 20262Q Earnings Results 취사병 전설 이다 옛날 햄버거 전설 이 되다 고추장 라구 마스타 bibigo 햇반 파로 누룽지 차 Daily Lift 식이 섬유 4.89
Page 2
Disclaimer This material is based on non-audited financial statements for 2Q26 and released for investors’ convenience only. Please note that readers should be aware this material is subject to change during the course of audit. This material contains “forward-looking statements” from predictions, plans, expectations. This material also consists unexpected volatility triggered by global wide economic conditions, FX rates, interest rates and other matters which may cause significant effects on performances of our major businesses. This material shall not be utilized for any legal purposes in regard to investors’ investment results. This material only speaks of the information as of the date that they are made, and the company is not responsible for future updates on the market conditions and any unexpected future events. In the event of any inaccuracies in this material, alterations by third parties, or other technical issues causing damages or losses, the company shall not be held liable for any consequences arising therefrom. 2
Page 3
Earnings Highlight01 02 Analysis by Business Unit 03 Key Issues and Outlook 04 Appendix Contents 3
Page 4
4 1. Earnings Highlight 2Q26 Result
Page 5
2Q26 Result Sales +389.4 (+10.2%) 3,805.6 4,195.0 2Q25 2Q26 Operating Profit -36.4 (-18.4%) Excluding CJ Logistics (Unit : KRW bn) 198.3 161.9 5.2% 3.9% 0.0 50.0 100.0 150.0 200.0 250.0 300.0 2Q25 2Q26 Sales +641.7 (+9.5%) 6,720.4 7,362.1 2Q25 2Q26 Operating Profit -58.6 (-18.5%) Including CJ Logistics (Unit : KRW bn) 316.2 257.6 4.7% 3.5% - 50 100 150 200 250 300 350 400 450 2Q25 2Q26 Sales KRW 4,195bn (+10.2% YoY) KRW 161.9bn (KRW -36.4bn YoY) Net Profit KRW –23.9bn (KRW –148.7bn YoY) Foodincreased driven by strong growth of GSP despite delayed domestic demand recovery BIO increased byvolume growthof Commodity AA & Specialty Operating Profit OP declined YoY due to margin pressure in Korea Food from high FX/raw material costs, global cost pressure from high oil prices, and high base effect in BIO Net profit decreased due to higher non-operating expenses from FX/derivative trading losses driven by rising FX and grain prices 5
Page 6
6 2. Analysis by Business Unit Food BIO CJL
Page 7
Sales KRW 2,844bn (+5.8% YoY) Operating Profit KRW 70.9bn (KRW –19.2bn YoY) 2,687.3 3,038.4 2,844.1 90.1 (3.4%) 143.0 (4.7%) 70.9 (2.5%) - 50 100 150 200 250 300 350 400 - 500 1,000 1,500 2,000 2,500 3,000 3,500 2Q25 1Q26 2Q26 Sales OP(OP margin) Food Business (Unit : KRW bn) Sales and OP Trend Overseas: Sales increased driven by continued channel expansion of key GSPs (Mandu, Hetbahn) Korea: Sales increased driven by new product launches and growth in Online/CVS1) channels Overseas: Rising oil prices increased global logistics and packaging cost burdens Korea: Amid high exchange rates, profitability declined due to rising FI grain cost pressure and price cuts 7 1) CVS: Convenience Store
Page 8
Korea Sales : 1,336.9bn (+1.4% YoY) 1112.0 1225.7 256.8 281.5 2Q25 2Q26 Americas APACㆍEuropeㆍOthers 1,318.5 1,336.9 2Q25 2Q26 +1.4% +10.1% 1,368.8 1,507.2 1) Food Ingredient: business mainly engaged in production and distribution of sugar, flour, edible oil and starch ▪ US(+10%) : GSP growth accelerated by mainstream channel expansion (Mandu +31%, Hetbahn +49%) ▪ EU(+19%) : Sustained top-line growth driven by key GSPs (Mandu, Chicken, Noodle) ▪ China(+5%) : GSP sales growth in Mandu and FZ ready meals ▪ APAC(+21%) : Growth expanded driven by strong sales of shelf-stable/frozen GSP (Vietnam +24%, Oceania +28%) Food Business (Detailed) Overseas Sales : 1,507.2bn (+10.1% YoY) ▪ Processed Food(+4%) : Sales increased driven by strong sales of H&W new products ▪ Food Ingredient1) (-2%) : Sales decreased due to ASP cuts and weak soybean meal market 8 (Unit : KRW bn)
Page 9
KRW 1,351bn (+20.8% YoY) KRW 91bn (-17bn YoY) Revenue increased driven by sales volume growth in Specialty products1) and Lysine OP declined YoY due to delayed ASP recovery amid intensified competition (※ KRW +85.5 bn vs. KRW 5.5 bn in the previous quarter) Sales Operating Profit 1)Specialty AAs: Valine, Arginine, Isoleucine, Histidine, etc. Specialty Taste & Nutrition: TasteNrich (TnR), FlavorNrich (FnR), Citrulline, etc. 1,118.3 988.7 1,350.9 108.2 (9.7%) 5.5 (0.6%) 91.0 (6.7%) - 50 100 150 200 250 - 200 400 600 800 1,000 1,200 1,400 2Q25 1Q26 2Q26 Sales OP(OP margin) BIO Business Sales and OP Trend (Unit : KRW bn) 9
Page 10
BIO Business (Detailed) Sales Contribution of Specialty Products 1) Green BIO solutions business focused on plant-based protein sources like SPC and major feed amino acids, including lysine 2) Taste and Nutrition business centered on natural seasoning/flavoring materials like nucleotides, TnR/FnR, and customer-tailored nutrition solutions such as arginine and citrulline Animal Nutrition1) Sales Taste & Nutrition2) Sales ▪ Lysine : Growth driven by volume expansion in N. America despite ASP drop from oversupply ▪ Tryptophan : Sales declined due to volume and ASP drop amid intensifying competition ▪ Specialty AA : Sales growth led by Arginine and I amid strong soybean meal market ▪ Nucleotides : Sales increased driven by volume expansion via demand diversification ▪ TnR : Sales increased driven by new demand creation via technical marketing 10 1Q20 11% 18% 2Q26 CAGR 28%
Page 11
O-NE1)service differentiation strategy: market share gains and strong volume growth. CL2) revenue growth from higher volumes at W&D3)retail customers and in transportation. Local CL revenue growth in strategic markets: U.S., India, and Vietnam O-NE declined due to additional competitiveness-building costs and CL cost burdens from the Middle East and initial operating costs, despite cost efficiency efforts. Global profit slowed on weak forwarding performance amid geopolitical issues and one-off costs, despite large construction project ramp-up (Unit : KRW bn) Sales Operating Profit Sales and OP Trend 1) O-NE : Parcel delivery and e-commerce fulfillment services 2) CL : Contract Logistics, consisting of W&D and P&D 3) W&D : Warehousing & Distribution, 3PL services based on logistics centers CJ Logistics KRW 3,380bn (+10.9% YoY) KRW 102bn (KRW -14bn YoY) 3,048.4 3,214.5 3,380.0 115.2 (3.8%) 92.1 (2.9%) 101.6 (3.0%) 1,500 2Q25 1Q26 2Q26 Sales OP(OP margin) ※ standalone results 11
Page 12
3Q26 Outlook 12 Business Rebalancing 3. Key Issues and Outlook
Page 13
Portfolio Rebalancing Aligned with Our Core Essence Maximize execution capabilities with purpose-drive strategies ┃ Food Business ┃ BIO Business Lifestyle Foods · Solidify market leadership by building ‘bibigo' into a global mega-brand Global K-Food Center Technical Solutions Next Solution Engine · Create high value-add via global·natural seasonings (Nucleotides, TnR) and sustainable polymer solutions (PHA) Performance Ingredients Stable Profit Base via Competitiveness · Drive profitability through synergies across ingredient businesses: Feed AA, Basic, Processed, and New Materials1) Business Restructuring I New Growth Portfolio Overseas Food Korea Food FI FeedAA Nucleotides Selecta 13 Ｔ ＆ Ｎ 1) Basic: sugar, flour, oil; Processed: oligosaccharide, premix; New Materials: allulose
Page 14
14 bibigo-led GSP Growth and Market Leadership Expand global markets through brand competitiveness and localization, and deliver sustainable profitable growth Strategic Direction I Lifestyle Foods ✓ Reinforce Dominant Market Leadership Strengthen leadership in core categories and drive growth in premium and high-growth segments Boost Product Innovation and Brand Value Enhance customer experience through innovative product development and differentiated brand value Distribution and Operational Excellence Improve profitability through stronger channel competitiveness and operational efficiency Reinforce No. 1 position in Korea through Core Capabilities I Expand Global K-Food Leadership through GSP ✓ ✓ ✓ Global Expansion through GSP Expand global markets through greater GSP production capacity and a glocalization strategy Build ‘bibigo’ into a Mega Brand Accelerate the global growth of K-Food by strengthening brand awareness through bibigo brand building ✓ Global K-Food Center Overseas Food 01 K-Food Leader Korea Food '21 '22 '23 '24 '25 '26(E) GSP Sales Growth
Page 15
15 “Generate stable cash flow through a sustainable profit structure” Performance Ingredients Key Ingredient Provider 03 ✓ ✓ ✓ 사업간 유사성 기반 유기적 결합으로 시너지 극대화 원료의 유사성 기반 원료 소싱측면 구매력을 강화하고, 경쟁환경(과 점) 및 영업채널(B2B)의 유사성을 바탕으로 시장 대응 역량 강화 02 Next Food Solution Advance the Portfolio as a “Taste” Specialty Expand business opportunities through region- and customer- specific strategies and a diversified product lineup “Expand high-value specialty businesses through technological capabilities” ✓ ✓ ✓ ✓ Strategic Direction I Technical Solutions·Performance Ingredients High-Value Enhancement and Synergy Creation Lead the H&W market with BIO R&D capabilities, while securing cost competitiveness through efficient sourcing and operations Technical Solutions Scale customer needs-based solutions Create new demand through R&D-based tailored solutions and build future growth drivers through business scale-up Expand High-Value Tech-Driven Businesses Broaden presence in high-value technology-based businesses such as Nutrition, BMS, and H&W Enhance Purchasing Power through Synergies Strengthen buying power by leveraging raw material similarities and integrating procurement capabilities Secure a Stable Profit Structure Build a predictable and sustainable growth structure through the integration of FI and feed amino acids Strengthen Market Responsiveness Enhance profitability through stronger pricing and margin management capabilities
Page 16
3Q26 Outlook (ex-CJ Logistics) Double-digit Sales growth, with an OPM of approx. mid-high 4% Business Unit Outlook ▪ (Company-wide) Solid revenue growth across all business divisions, despite temporary cost pressure from geopolitical risks ▪ (Overseas Food) Expect continued sales growth driven by key GSPs (Mandu, Hetbahn) in the Americas, mainstream expansion & new launches in Europe, and shelf-stable portfolio diversification in Vietnam amid overall K-Food growth, while margin pressure may continue due to continued logistics cost burden from high oil prices ▪ (Korea Food) Plan to defend margins by reducing manufacturing/fixed costs and focusing on high-margin ▪ (BIO) Despite a slight QoQ decline due to higher cost burden, achieved significant YoY margin recovery driven by structural ASP hikes of key products, and plan to drive 2H earnings growth by maximizing ASP improvements leveraging favorable market shifts 15
Page 17
4. Appendix FS P/L by Unit Key Figures Glossary
Page 18
2Q25 1Q26 2Q26 YoY QoQ Sales 3,805.6 4,027.1 4,195.0 389.4 10.2% 167.9 4.2% COGS 2,663.0 2,831.5 2,947.7 284.7 10.7% 116.2 4.1% (%) 70.0% 70.3% 70.3% - 0.3%p - -0.0%p Gross Profit 1,142.6 1,195.6 1,247.3 104.7 9.2% 51.7 4.3% (%) 30.0% 29.7% 29.7% - -0.3%p - 0.0%p SG&A 944.4 1,047.1 1,085.4 141.0 14.9% 38.3 3.7% (%) 24.8% 26.0% 25.9% - 1.1%p - -0.1%p Operating Profit 198.3 148.5 161.9 -36.4 -18.4% 13.4 9.0% (%) 5.2% 3.7% 3.9% - -1.4%p - 0.2%p Non-Operating P/L -57.8 -16.9 -181.4 -123.6 - -164.5 - Net Profit Before Tax 140.4 131.6 -19.5 -159.9 T/R -151.1 T/R (%) 3.7% 3.3% -0.5% - -4.2%p - -3.7%p Net Profit 124.8 89.7 -23.9 -148.7 T/R -113.6 T/R (%) 3.3% 2.2% -0.6% - -3.8%p - -2.8%p 1-(1). Summary of Income Statement (Excluding CJ Logistics) Financial Statements (Unit : KRW bn) 18
Page 19
1-(2). Summary of Balance Sheet (Excluding CJ Logistics) Financial Statements (Unit : KRW bn) 2023 2024 2025 2Q26 Current Assets 6,729.3 6,269.9 6,230.6 6,012.7 Non-Current Assets 14,858.5 15,418.9 14,515.6 15,909.3 Total Assets 21,587.8 21,688.8 20,746.2 21,922.0 Current Liabilities 7,005.7 7,377.1 7,430.7 7,627.7 Non-Current Liabilities 5,538.7 5,032.6 4,918.0 5,419.3 Net Debt 5,969.1 6,582.9 6,2,81.5 7,094.1 Total Liabilities 12,544.4 12,409.7 12,348,7 13,047.0 Current Capital 81.9 81.9 81.9 81.9 Capital Surplus 1,541.0 1,541.0 1,541.0 1,541.0 Other Accum. Earnings -73.4 557.5 497.1 895.9 Retained Earnings 5,445.9 5,346.7 4,543.1 4,554.0 Minority Interest 2,048.0 1,752.0 1,734.4 1,802.2 Total Shareholders’ Equity 9,043.4 9,279.1 8,397.5 8,875.0 Liability to Equity Ratio 139% 134% 147% 147% Net Debt to Equity Ratio 66% 71% 75% 80% * 2023-2024 Balance Sheet before F&C divestment, 2025-2026 Balance Sheet reflecting F&C divestment 19
Page 20
2Q25 1Q26 2Q26 YoY QoQ Sales 6,720.4 7,111.1 7,362.1 641.7 9.5% 251.0 3.5% COGS 5,258.0 5,552.5 5,788.0 530.0 10.1% 235.5 4.2% (%) 78.2% 78.1% 78.6% - 0.4%p - 0.5%p Gross Profit 1,462.4 1,558.6 1,574.1 111.7 7.6% 15.5 1.0% (%) 21.8% 21.9% 21.4% - -0.4%p - -0.5%p SG&A 1,146.2 1,320.5 1,316.5 170.3 14.9% -4.0 -0.3% (%) 17.1% 18.6% 17.9% - 0.8%p - -0.7%p Operating Profit 316.2 238.1 257.6 -58.6 -18.5% 19.5 8.2% (%) 4.7% 3.3% 3.5% - -1.2%p - 0.2%p Non-Operating P/L -99.9 -68.5 -260.8 -160.9 - -192.3 - Net Profit Before Tax 216.3 169.6 -3.2 -219.5 T/R -172.8 T/R (%) 3.2% 2.4% 0.0% - -3.3%p - -2.4%p Net Profit 185.0 104.7 -3.8 -188.9 T/R -108.6 T/R (%) 2.8% 1.5% -0.1% - -2.8%p - -1.5%p 2-(1). Summary of Income Statement (Including CJ Logistics) Financial Statements (Unit : KRW bn) 20
Page 21
2023 2024 2025 2Q26 Current Assets 9,134.0 9,000.0 8,869.1 8,967.2 Non-Current Assets 20,472.3 21,133.7 20,875.7 22,202.0 Total Assets 29,606.3 30,133.7 29,744.8 31,169.2 Current Liabilities 9,536.2 10,311.7 10,433.3 10,411.5 Non-Current Liabilities 8,290.1 7,595.1 7,760.3 8,787.8 Net Debt 7,424.9 8,172.6 7,962.0 9,059.5 Total Liabilities 17,826.3 17,906.8 18,193.6 19,199.3 Current Capital 81.9 81.9 81.9 81.9 Capital Surplus 1,541.0 1,541.0 1,541.0 1,541.0 Other Accum. Earnings -202.8 493.5 410.0 790.4 Retained Earnings 5,731.5 5,731.2 5,025.7 5,054.5 Minority Interest 4,628.4 4,379.3 4,492.6 4,502.1 Total Shareholders’ Equity 11,780.0 12,226.9 11,551.2 11,969.9 Liability to Equity Ratio 151% 146% 158% 160% Net Debt to Equity Ratio 63% 67% 69% 76% 2-(2). Summary of Balance Sheet (Including CJ Logistics) Financial Statements (Unit : KRW bn) * 2023-2024 Balance Sheet before F&C divestment, 2025-2026 Balance Sheet reflecting F&C divestment 21
Page 22
P/L by Business Unit (Excluding CJ Logistics) (Unit : KRW bn)3. Earnings Results by Business Unit 1Q25 2Q25 3Q25 4Q25 1Q26 YoY CJCJ (Ex-CJL) Sales 3,805.6 4,003.4 3,976.0 4,027.1 4,195.0 10.2% Gross Profit 1,142.7 1,163.1 1,094.5 1,195.6 1,247.3 9.2% (%) 30.0% 29.1% 27.5% 29.7% 29.7% -0.3%p Operating Profit 198.3 189.9 138.6 148.5 161.9 -18.4% (%) 5.2% 4.7% 3.5% 3.7% 3.9% -1.3%p EBITDA 407.4 392.4 376.6 378.8 368.1 -9.6% (%) 10.7% 9.8% 9.5% 9.4% 8.8% -1.9%p Food Business Sales 2,687.3 2,984.0 2,926.1 3,038.4 2,844.1 5.8% Gross Profit 800.5 905.1 919.9 943.7 874.9 9.3% (%) 29.8% 30.3% 31.4% 31.1% 30.8% 1.0%p Operating Profit 90.1 168.5 138.3 143.0 70.9 -21.3% (%) 3.4% 5.6% 4.7% 4.7% 2.5% -0.9%p EBITDA 226.6 305.9 291.5 296.3 203.7 -10.1% (%) 8.4% 10.3% 10.0% 9.8% 7.2% -1.3%p BIO Business Sales 1,118.3 1,019.4 1,049.9 988.7 1,350.9 20.8% Gross Profit 342.2 258.0 174.6 251.9 372.4 8.8% (%) 30.6% 25.3% 16.6% 25.5% 27.6% -3.0%p Operating Profit 108.2 21.4 0.3 5.5 91.0 -15.9% (%) 9.7% 2.1% 0.0% 0.6% 6.7% -3.0%p EBITDA 180.8 86.5 85.1 82.5 164.3 -9.1% (%) 16.2% 8.5% 8.1% 8.3% 12.2% -4.0%p 22
Page 23
Key Figures Overseas Food Sales Trend Prices of Key Korean Raw Materials and Global Commodities *Source : aT(Korea Agro-Fisheries & Food Trade Corp.), Korea Meat Trade Association, Bloomberg (active contract month); figures may differ from CJCJ actuals BIO Global Prices of Key Products *Source: Feed Industry Research 23 2025 2026 1Q 2Q 3Q 4Q １Ｑ 2Q Lysine Europe (EUR/Ton) 2,567 1,958 1,612 1,461 1,593 1,786 Methionine China (RMB/Ton) 21,264 22,230 22,304 19,532 24,529 44,129 Europe (EUR/Ton) 2,386 2,432 2,431 2,324 2,548 4,823 Try pt oph an China (RMB/Ton) 54,771 45,910 42,537 32,238 32,953 34,254 Europe (EUR/Ton) 7,538 6,549 5,503 4,372 4,188 4,902 2025 2026 1Q 2Q 3Q 4Q １Ｑ 2Q Rice (1Q25=100) 100 104 112 122 120 121 KR pork hind leg (1Q25=100) 100 101 101 107 108 111 Raw sugar (cent/lbs) 19.1 17.4 16.3 15.1 14.5 14.4 Soybean (cent/bus) 1,029.0 1,047.4 1,026.9 1,086.3 1,124.6 1,174.3 Corn (cent/bus) 476.3 456.8 415.6 434.9 441.1 457.8 Wheat (cent/bus) 560.7 545.9 529.8 525.3 555.2 612.9 2025 2026 1Q 2Q 3Q 4Q １Ｑ 2Q Overseas Break- down Sales (Unit : KRW bn) 1,488.1 1,368.8 1,455.4 1,612.4 1,555.5 1,507.2 US Europe Japan Others 1,247.0 1,112.0 1,208.6 1,346.0 1,290.2 1,225.7 34.5 33.4 30.3 38.6 40.5 39.7 73.1 93.5 81.5 86.4 71.9 92.1 133.5 129.9 135.0 141.4 152.9 149.7
Page 24
Food ▪ M/S Market Share Logistics Others BIO ▪ GSP Global Strategic Product for K-Food’s global expansion, Mandu, Roll, Chicken, Frozen Readymeal, Processed-Rice, Noodle, Sauce&Seasoning, Kimchi, Gim, Emerging(KSF) ▪ K-Street Food (KSF) Selected strategic products inspired by Korean street food : Tteokbokki, Gimmari, Bung O Pang, Corn dog, Hotteok, Fried Squid, Japchae, Jeon ▪ P-Rice Processed Rice (e.g., Hetbahn) ▪ Roll Asian-style wrapped rolls (e.g., Egg Rolls and Spring Rolls) ▪ Grocery Retail stores with wide range of fresh and packaged food products excluding club channels ▪ Mainstream Main/major retail channels ▪ Gimbap Seaweed rice roll ▪ Tteokbokki Spicy rice cake ▪ Gimmari Fried seaweed roll ▪ Bung O Pang Sweet waffle with red bean fillings ▪ Hotteok Korean sweet pancake ▪ Japchae A dish of stir-fried glass noodles and vegetables ▪ Jeon A fritter made by seasoning whole, sliced, or minced fish, meat, vegetables, etc., ▪ AA Amino Acid ▪ TnR TasteNrich; plant-based fermentation solution without additives ▪ Nutrition Nutrition solution including arginine and citrulline ▪ Specialty Product Valine, Arginine, Isoleucine, Histidine, TasteNrich, FlavorNrich, Citrulline ▪ Forwarding Provides service including logistics planning and execution for moving goods on behalf of shippers Glossary 24
Page 25
Investor Relations Tel : 02) 6740-1454 E-mail : cjcj.ir@cj.net www.cj.co.kr