PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩676 per share · Prices as of the 2026-10-02 close
Hyundai Green Food is adding care food and dining as new growth engines on top of its stable institutional catering and food distribution business, and returned to double-digit operating profit growth in the first half of 2026.
FY2025 revenue reached KRW 2.3296 trillion with operating profit of KRW 106.8 billion (4.6% margin), marking three consecutive years of revenue and profit growth
The company posted an operating loss only in Q4 2025, before rebounding with two consecutive quarters of double-digit profit growth in Q1-Q2 2026
Care food brand Greating and the dining business have emerged as new growth engines, with Q2 2026 dining revenue surpassing KRW 70 billion for the first time
Retired roughly 763,000 treasury shares (2.35%) in August 2026, with a plan disclosed to buy back and cancel an additional 10.6% by 2028
Amid slowing growth in the institutional catering market, competitors are also restructuring the competitive landscape via care food, digital, and overseas expansion
Hyundai Green Food is a comprehensive food company affiliated with the Hyundai Department Store Group, organized into four business segments: food service (including institutional catering), food material distribution, retail distribution, and other businesses (care food, dining, etc.).
As of 2024, revenue mix was roughly 47% food service, 26% food materials, 14% distribution, and 13% other businesses. The food service segment covers institutional catering for industrial sites, hospitals, and schools, as well as the care food brand Greating.
Its major client base includes manufacturing sites in autos and heavy industry, where growth in meal counts and price adjustments at client companies feed directly into results.
The dining business is anchored in stores located inside department stores and outlets, and the company has expanded its lineup by bringing in brands such as the US steak chain Texas Roadhouse.
The Greating care food brand carries about 250 medical food items across diabetic, hypertension, cancer patient, and kidney disease diet lines, one of the largest lineups in Korea, and the company supplies roughly 20% of domestically produced senior-friendly food products.
In 2025, the other business segment posted revenue of KRW 319.6 billion, up 10.9% from KRW 288.3 billion the prior year, and turned profitable with operating profit of KRW 500 million.
Amid slowing growth in the institutional catering market, competitors including CJ Freshway, Samsung Welstory, Ourhome, and Shinsegae Food are each pursuing new growth avenues such as digital transformation and B2C expansion.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩552.1B | ₩30.9B | 5.6% |
| 2025Q3 | ₩617.1B | ₩44.5B | 7.2% |
| 2025Q4 | ₩589.8B | -₩800M | −0.1% |
| 2026Q1 | ₩621.5B | ₩46.4B | 7.5% |
| 2026Q2 | ₩595B | ₩38.1B | 6.4% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2023 | ₩1.8T | ₩64.8B | ₩39.3B | 3.5% | 6.3% | 40.1% |
| 2024 | ₩2.3T | ₩96.7B | ₩74B | 4.3% | 11.0% | 42.6% |
| 2025 | ₩2.3T | ₩106.8B | ₩87.2B | 4.6% | 11.9% | 41.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-09-04
Annual results show a clear growth trajectory. Revenue rose for three consecutive years, from KRW 1.827 trillion in 2023 to KRW 2.2704 trillion in 2024 and KRW 2.3296 trillion in 2025.
Operating profit also increased over the same period, from KRW 64.8 billion to KRW 96.7 billion to KRW 106.8 billion, with the operating margin gradually improving from 3.5% to 4.3% to 4.6%. Net profit attributable to owners more than doubled, from KRW 39.3 billion in 2023 to KRW 87.2 billion in 2025.
By quarter, Q3 2025 posted the highest profit level among the recent five quarters, with revenue of KRW 617.1 billion, operating profit of KRW 44.5 billion, and net profit of KRW 38.1 billion.
In contrast, Q4 2025 was the only quarter to turn negative, with revenue of KRW 589.8 billion, an operating loss of KRW 0.8 billion, and a net loss of KRW 0.2 billion; the company has previously seen operating results deteriorate in the fourth quarter due to one-off labor costs such as ordinary wage adjustments, suggesting a recurring seasonal cost pattern.
Results rebounded in Q1 2026 with revenue of KRW 621.5 billion, operating profit of KRW 46.4 billion, and net profit of KRW 36.2 billion, and Q2 2026 continued double-digit profit growth with revenue of KRW 595.0 billion, operating profit of KRW 38.1 billion, and net profit of KRW 30.6 billion.
As a result, cumulative net profit attributable to owners over the most recent four quarters (Q3 2025 through Q2 2026) totaled approximately KRW 104.7 billion, with the three profitable quarters offsetting the Q4 loss.
Annual operating cash flow moved from KRW 101.6 billion in 2023 to KRW 131.9 billion in 2024 and then down to KRW 82.4 billion in 2025, showing year-to-year variability in cash generation from operations.
Korea's institutional catering market is experiencing slowing growth, intensifying competition among leading operators.
As a result, companies are pursuing differentiated strategies, with CJ Freshway focusing on online food distribution platforms and e-commerce channel expansion, while Ourhome strengthens special menu operations and military catering business.
By contrast, the care food market is growing rapidly on the back of an aging population and rising health management demand; according to the Korea Agro-Fisheries and Food Trade Corporation, the market grew from KRW 700 billion in 2014 to over KRW 2 trillion in 2020 and reached KRW 3 trillion in 2025.
Hyundai Green Food holds one of the largest domestic portfolios in this space with about 250 medical food items spanning diabetic, hypertension, cancer patient, and kidney disease diet lines, and supplies roughly 20% of domestically produced senior-friendly foods.
The Greating brand leverages data accumulated through joint clinical research with institutions such as Seoul Asan Hospital and Ewha Womans University as a competitive edge.
In the dining segment, analysts note that store locations inside department stores and outlets have served as a buffer against swings in the broader restaurant industry.
In August 2026, the board decided to retire 763,723 common shares, or 2.35% of total shares outstanding, combining shares bought back in February and May with additional purchases planned from August 5 to November 4.
Over the medium term, the company disclosed a plan to buy back 10.6% of shares (3,591,376 shares) by 2028 and cancel them within the fiscal year of purchase.
Cash dividends—combining year-end and interim payouts—are targeted at more than KRW 20 billion annually, a policy the company plans to maintain through the 2027 interim dividend.
On the new business front, an October 2025 reorganization created the Greating Business Division to strengthen care food and medical food capabilities, and in May 2026 the company launched a corporate health care package called Greating Nutrition Care.
In dining, the company continues to expand its lineup by rolling out franchise brands such as Texas Roadhouse across department store and outlet locations. IBK Securities, in a May 2026 report reflecting Q1 results, presented a Buy rating with a target price of KRW 25,000.
Over the past few years, operating margins have improved and net profit attributable to owners has grown, indicating an expanding profit base. However, as seen in Q4 2025, seasonal one-off costs can create meaningful quarter-to-quarter earnings volatility, which is worth keeping in mind.
On the shareholder return front, the company maintains a policy combining treasury share buybacks and cancellations with dividends, and the durability of this policy is a variable that could influence how shareholder value is assessed going forward.
Market participants tend to weigh the stable cash flow from institutional catering alongside the growth potential of the care food and dining segments when forming valuation views.
That said, such views represent individual analysts' or market participants' assessments rather than an absolute benchmark, and should be considered alongside the sustainability of underlying business performance.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-09-04
Both Q1 and Q2 2026 posted double-digit operating profit growth, with the food service segment seeing an 8.1% revenue increase and an 84.2% operating profit increase driven by higher meal counts and price adjustments at client companies.
Cumulative net profit attributable to owners over the most recent four quarters reached about KRW 104.7 billion, a higher level than in prior periods. Excluding the Q4 loss, the other three quarters all delivered solid profits.
Consumer response continues for Greating, with the repurchase rate for its kidney disease diet nearing 50%, and dining segment revenue exceeded KRW 70 billion for the first time in Q2. Dining operating profit also rose 26.1% year over year, expanding its profit contribution.
Analysts note that store locations inside department stores and outlets help cushion swings in the broader dining industry.
The company retired roughly 763,000 treasury shares in August 2026 and disclosed a medium-term plan to buy back and cancel an additional 10.6% of shares by 2028. It also maintains a policy targeting more than KRW 20 billion in combined year-end and interim dividends annually.
Assessments indicate that the institutional catering market itself is slowing, prompting the industry broadly to seek new growth drivers outside the core business. This could lead to intensified competition for new contracts and weaker pricing leverage.
Q4 2025 was the only quarter of the year to post an operating loss, and there have been prior instances where fourth-quarter one-off labor costs, such as ordinary wage adjustments, weighed on operating results. If this seasonal pattern recurs, quarterly earnings volatility could persist.
The food material distribution segment has experienced periods of declining results due to reduced military catering orders and intensifying competition.
The retail distribution segment has also grown more slowly than the other business segment (including care food), losing its position as the third-largest revenue contributor.
Because catering is a labor-intensive business, minimum wage increases or ordinary wage-related costs concentrated in a particular quarter could hurt profitability. Raw material price volatility can also affect margins.
Competitors including CJ Freshway, Samsung Welstory, Ourhome, and Shinsegae Food are simultaneously expanding into B2C and health care new businesses, so it remains to be seen whether differentiation in the care food and dining markets can be sustained.
New business investment continues, including the establishment of the Greating Business Division and expansion of health care services; if monetization lags behind the pace of initial investment, this could weigh on overall profitability.
Check the Q3 2026 earnings release for continued momentum in new institutional catering contracts and the potential for seasonal cost recognition in Q4.
This marks the end of the additional treasury share buyback program that began in August; watch for follow-up disclosures on cancellation timing and scale.
Assess the year's results for the performance of the Greating Business Division and the revenue contribution of the new health care business.
Confirm whether the planned 2027 interim dividend is actually paid and whether the shareholder return policy remains consistent.
Hyundai Green Food is building new growth engines in care food and dining on top of its stable core businesses of institutional catering and food material distribution. Annual results showed steady growth in revenue and operating profit from 2023 through 2025, along with gradually improving operating margins.
However, recent earnings patterns show that quarterly profits can swing significantly during periods when seasonal one-off costs are recognized, as seen in Q4 2025. In the first half of 2026, both the catering and the dining/care food segments grew evenly, restoring double-digit profit growth.
The company continues a shareholder return policy combining treasury share buybacks and cancellations with dividends, while also strengthening its new business organization through the creation of the Greating Business Division.
Slowing growth in the institutional catering market and seasonal cost volatility remain variables to monitor going forward. It will be important to continue tracking earnings, new business performance, and the execution of shareholder return commitments going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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