Nongshim shifts to value-up by canceling returned EB volume

Nongshim added a plan to its 2026 value-up roadmap to cancel treasury shares returned if its exchangeable bonds are redeemed early, with cancellation targeted by the end of January 2027.

The company issued KRW 138.5 billion of EB in 2024 using treasury shares, but the stock has fallen below the exchange price, raising the chance bondholders demand cash redemption instead of share conversion.

If the remaining KRW 114.7 billion principal is fully redeemed early, up to 248,453 shares could return to Nongshim and then be canceled.

The move is aimed at reducing overhang risk and EPS dilution concerns, supporting both share price and the company’s value-up strategy.