Kesko (KESKOB) Q4 2025 earnings summary

Executive summary

• Comparable operating profit improved and revenue grew across all business segments in 2025, with full-year revenue at €12,474.7 million and comparable operating profit at €654.9 million, despite a challenging environment.

• Market share increased in grocery, construction and technical trade, and car trade, with strong customer flows and satisfaction.

• Growth strategy execution and cost control enabled continued investments and a proposed dividend of €0.90 per share, paid in four installments.

• Strong profitability maintained despite ongoing investments.

Financial highlights

• Full-year revenue was €12,474.7 million in 2025, up 2.3% year-over-year; Q4 revenue was €3,230.9 million (+6.3% reported, +3.1% comparable year-over-year).

• Comparable operating profit was €654.9 million, up from €650.1 million; Q4 comparable operating profit was €174.6 million (+€3.8 million year-over-year).

• Earnings per share (undiluted) was €1.07 (comparable), compared to €1.11 in 2024; reported full-year EPS was €1.02 (€0.95 in 2024).

• Operating cash flow was €879.7 million, down from €1,008.2 million, impacted by working capital growth and regulatory changes.

• Total investments reached €735.7 million, up from €675.9 million, including significant acquisitions in Denmark.

Outlook and guidance

• Comparable operating profit for 2026 is estimated at €650–750 million.

• Operating environment and results expected to improve in all segments and countries in 2026, though challenges remain.

• Grocery profit margin expected to remain above 6% despite price and network investments.

• Construction and technical trade expected to recover moderately from a low base.

• Car trade revenue and profit expected to improve, though new car sales remain below long-term average.