Kesko (KESKOB) AGM 2026 presentation summary

Financial performance and outlook

• Comparable operating profit improved to €654.9m in 2025, with net sales rising to €12,475m across all divisions.

• Grocery trade saw strong profitability and market share gains, while building and technical trade grew profit despite a challenging market.

• Car trade division achieved significant profit growth and a stronger market position.

• 2026 profit guidance estimates comparable operating profit at €650–750m, with improvements expected in all divisions and countries.

• Return on capital employed remained robust, with group ROCE at 11.3% in 2025.

Divisional highlights

• Grocery trade focused on quality, price competitiveness, and targeted investments in store networks, maintaining profitability above 6%.

• Building and technical trade expanded through acquisitions, with nearly 60% of sales from outside Finland and profit improvements driven by international operations.

• Car trade maintained a balanced portfolio of new and used cars and services, continuing strong cooperation with major automotive brands.

Investments and expenses

• Capital expenditure reached €735.7m in 2025, mainly for acquisitions, store sites, and logistics infrastructure.

• Fixed costs increased primarily due to acquisitions, with employee benefit expenses rising to €908m.

• Net debt increased to €1,308.9m, reflecting ongoing investments and acquisitions.