Kesko (KESKOB) DNB Carnegie Consumer Conference 2026 presentation summary

Strategic direction and growth

• Pursuing growth across grocery, building and technical, and car trade divisions, with a focus on both B2C and B2B segments.

• Building and technical trade is set to become the largest division, driven by acquisitions and organic growth.

• Major acquisition of Dahl’s technical trade operations in Sweden, Norway, and Denmark, the largest in company history, to strengthen Nordic presence.

• Long-term net sales target of approximately €20 billion in the early 2030s, with a 6-8% operating margin for building and technical trade.

• Sustainability, digitalisation, and operational excellence are core strategic pillars.

Financial performance and outlook

• Net sales reached €12.9 billion (rolling 12 months Q2/2026), with operating profit at €678.7 million and a 5.3% margin.

• All divisions reported sales growth in Q2/2026; technical trade was the main profit driver.

• Profit guidance for 2026 updated to €670-730 million in comparable operating profit.

• Cash flow from operating activities improved to €1,020.1 million (rolling 12 months Q2/2026).

• Capital expenditure focused on store sites and acquisitions, with a strong balance sheet and net debt/EBITDA at 1.7.

Grocery trade division

• Market share grew to 33.5% in Finland, with net sales of €6.5 billion and operating margin of 6.5%.

• Investments in store network, quality, and price competitiveness; online grocery sales up 11.3%.

• Kespro leads Finnish foodservice with a 49.2% market share.

• Customer satisfaction and loyalty program engagement increased.