Yeah. If you're gonna go ACTUAL HTML output, then forget the line break and just put each indexed value into a <p> tag (which, because it's a block-level element, will place it on each line)
<cfset myList = 'Aegis,Kleais' />
<cfoutput>
<cfloop list="#myList#" index="i">
<p>#i#</p>
</cfloop>
</cfoutput>
This should output:
Aegis
Kleais
The spacing between the text can be controlled via CSS.