When decoding Panasonic S1M2 RW2 RAW files in Adobe Camera Raw, the Camera Matching V-Log profile is severely inaccurate. So I cannot accurately apply my Luts on Vlog profile.

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Thanks for providing the additional sample raw. That confirmed my original post was incorrect -- sorry about that.

I agree that the LR / Camera Raw profile “Camera V-Log”  provides a poor approximation for the Panasonic DC-S1M2 Photo Style: V-Log. I see the same red artifacts you do.

However, what you wrote and your screenshots show is that your goal is to apply the “vlog to 709” enhanced profile (and other enhanced profiles). In Adobe’s terminology, “vlog to 709” is an enhanced profile, not a LUT. It may include a LUT, as well as other things, but it’s not a LUT.  (It’s important to be precise here, using Adobe’s terminology, so we can identify precisely what might be going wrong.)

I strongly suspect that the behavior of “vlog to 709” is not affected by the poor quality of the Camera V-Log profile. But to verify that, please attach that profile’s .xmp file here. To find the .xmp file, go to LR’s profile browser, navigate to “vlog to 709”, right-click it, and do Show In Finder.

If my suspicious is correct, then the fact that Camera V-Log is of poor quality isn’t affecting the output of your workflow. But let’s verify that.

Reading a little further about Panasonic V-Log, my previous answer may not be correct. The operation of Photo Style: V-Log with respect to raws is not defined in the S1M2 manual.

Please attach two sample raws of the same scene and exposure, one with Photo Style set to Standard and one set to V-Log.

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The sample raws you uploaded were shot with the camera’s Photo Style set to Cinelike A2, not V-Log. You can verify that by opening the raws in Lumix Lab and pressing the “i” button. For example:

You can verify this in LR by setting Preferences > Presets > Raw Defaults > Global to Camera Settings and then import the raws.  It will automatically apply the Camera Cinelike A2 v2 profile, not Camera V-Log:

This is why you’re getting unexpected results applying Camera V-Log to the photos.

This does not appear to be a question about Lightroom Classic. ACR questions should go in the ACR forum. 

Please attach here a raw .rw2 showing the problem.