CJ Freshway Q1 2026: Revenue and OP Up, but Cash Plunges and Debt Ratio Surges on Marketboro Consolidation

Consolidated revenue 833.9bn KRW (+4.4% YoY from 798.6bn)
Consolidated operating profit 11.0bn (+3.8% YoY from 10.6bn)
Consolidated net income (controlling) 3.1bn (annual 2025: 50.1bn; Q1 2025 not disclosed)
Cash & cash equivalents 53.5bn (down 59% from 131.0bn at end-2025)
Debt ratio 303.3% (up from 249.1% at end-2025, due to Marketboro consolidation and increased borrowings)
Acquired additional stake in Marketboro, consolidated as subsidiary (negative equity -82.6bn, leading to non-controlling interest -71.0bn)
Hybrid capital securities 60bn issued Nov 2024 (classified as equity)
Credit ratings maintained: Corporate bonds A, CP A2
KFTC fine 16.7bn (imposed Aug 2024, installment payment)
After period: Issued 94bn in public bonds (Apr 15, 2026)
Standalone: Revenue 823.3bn, OP 11.2bn, Net income 1.6bn

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