Kesko (KESKOB) Q1 2026 earnings summary

Executive summary

• Revenue grew to €3,029.0 million in Q1 2026, up 7.1% year-over-year; comparable revenue increased 4.6%.

• Comparable operating profit rose to €102.0 million from €95.6 million year-over-year, with all business segments contributing positively.

• Strong market share gains and profitability in grocery trade, with robust growth in used car sales, though car trade operating profit declined slightly.

• Construction and building services trade saw profit growth despite a challenging market.

• Operating cash flow improved significantly to €77.7 million from -€24.5 million a year earlier.

Financial highlights

• Revenue increased by 4.6% year-over-year to €3,029.0 million in Q1 2026.

• Comparable operating profit: €102.0 million (Q1 2025: €95.6 million); operating profit: €96.6 million (Q1 2025: €89.4 million).

• Earnings per share (undiluted) improved to €0.14 from €0.13 year-over-year.

• Operating cash flow was €77.7 million, up from -€24.5 million in Q1 2025.

• Investments totaled €113.5 million in Q1 2026.

Outlook and guidance

• Guidance for 2026 is reiterated: comparable operating profit expected between €650–750 million.

• Operating environment anticipated to improve in 2026, but remains relatively challenging.

• Revenue and comparable operating profit expected to improve across all segments and geographies in 2026.

• Key uncertainties include consumer confidence, investment appetite, and geopolitical risks.