CJ CheilJedang: Q1 Consolidated OP -17% YoY, Net Profit Surges; Sugar Cartel Fine of 138.3B Won

Consolidated revenue KRW 7.11T (+6.0% YoY), operating profit KRW 238.1B (-17.2%), controlling net profit KRW 81.8B (+500% YoY)
Separate: operating loss KRW 8.6B, net loss KRW 89.6B (swung to loss)
Fair Trade Commission imposed KRW 138.3B fine for sugar cartel (Mar 5, 2026) → corrective order being implemented, fine paid in installments
Completed sale of 14 Feed & Care (F&C) entities (Mar 2026) → business portfolio streamlining
Dividend policy: return at least 25% of separate net profit (excluding one-offs), quarterly dividend targeting 75% of annual payout
Consolidated debt-to-equity ratio 158% (end-Mar 2026), capital expanded via hybrid securities
R&D expense KRW 44.6B (1.11% of revenue)