[Alpha Biz= Paul Lee] Nongshim failed to meet the 25% dividend payout ratio it pledged under its corporate value-up plan, with the shortfall becoming evident from the first year of implementation.

For fiscal year 2025, Nongshim decided to pay a cash dividend of KRW 6,000 per common share, bringing the total dividend payout to approximately KRW 35 billion. While the per-share dividend increased from the previous year and satisfied the company’s commitment to a minimum dividend of KRW 5,000, the payout ratio based on market consensus stood at around 21%, below the 25% target disclosed in its value-up plan.

Market estimates put Nongshim’s 2025 net profit at roughly KRW 170 billion, implying that a 25% payout ratio would have required an additional KRW 6–7 billion in dividends. Given the company’s stable operating cash flow and positive free cash flow in recent years, analysts note that the shortfall is difficult to attribute to a lack of dividend capacity, raising questions about the consistency between Nongshim’s value-up commitments and its actual shareholder return policy.

 

 

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