Kesko Oyj Class A · OMXHEX:KESKOA
Kesko Oyj Class A — Non-Deal Roadshow (November 2025)
77 slides from Kesko Oyj Class A's roadshow presentation, Nov 18, 2025
Slide 1: Kesko seeks growth in all its three business divisions
KESKO INVESTOR PRESENTATION KESKO SEEKS GROWTH IN ALL ITS THREE BUSINESS DIVISIONS Q3/2025
Slide 2: Kesko today
KESKO TODAY KEY FINANCIALS Leading trading sector ~39,000 employees in the #1 Rolling 12 mo 2024 9/2025 company in Northern whole K Group,1,800 stores, Europe with retail and B2B 3 divisions, comprehensive Net sales, € million 12,284.5 11,920.1 sales of €15bn digital services in 8 countries Operatin
Slide 3: Kesko segment key figures
KESKO SEGMENT KEY FIGURES NET SALES OPERATING PROFIT Car trade Car trade Sales to €82.5m €1,350m B2C-sales K-retailers ~18% ~45% 6.1% Grocery trade €6,398m Building and technical Grocery trade trade €651.2m €12,284m €12,284m €423.9m 5.3% €170.4m 6.6% Building and 3.7% technical trade B2B-sales ~37%
Slide 4: Kesko growth strategy
KESKO GROWTH STRATEGY THE LEADING AND MOST ATTRACTIVE TRADING SECTOR VISION GROWTH COMPANY IN NORTHERN EUROPE STRATEGIC DELIVERING STRENGTHENING BUILDING A FOCUSED INCREASING TARGETS PROFITABLE GROWTH MARKET POSITION B2C AND B2B CUSTOMER VALUE BUSINESS PORTFOLIO COMPETITIVE OPERATIONAL OMNICHANNEL K
Slide 5: Strong position in Finnish food trade yielding good results
GROCERY TRADE STRONG POSITION IN FINNISH FOOD TRADE YIELDING GOOD RESULTS 5
Slide 6: Grocery trade division in brief
GROCERY TRADE GROCERY TRADE DIVISION IN BRIEF MARKET SHARE IN 1,100 stores 6,300 employees The leading foodservice 2024 Almost 800 K Group grocery provider in Finland (NIELSEN) stores offer online grocery services 860 49,1% market share K-retailers NET SALES Rolling 12 mo 2024 2023 2022 KCM non-food
Slide 7: Grocery trade: target to maintain good profitability and gain market share
GROCERY TRADE GROCERY TRADE: TARGET TO MAINTAIN GOOD PROFITABILITY AND GAIN MARKET SHARE KEY ACTIONS: • STRENGTHENING STORE SPECIFIC BUSINESS IDEAS: INVESTMENTS WILL HAVE A SLIGHT EFFECT ON Focusing on strengthening chosen competitive advantages PROFITABILITY. and raising the level of stores. • DEVE
Slide 8: Grocery trade division: grocery store business
GROCERY TRADE GROCERY TRADE DIVISION GROCERY STORE BUSINESS In brief: Market and market shares: Operates in Finland, business comprises three grocery store Total Finnish grocery trade market €23 billion; chains with some 1,100 stores across the country operated by Kesko the second biggest operator w
Slide 9: Kesko and K-retailers
GROCERY TRADE KESKO AND K-RETAILERS Wholesale, product strategy Chain agreement, chain steering KESKO Services and business support Choosing right retailers Retailer reserves Store sites K-RETAILERS Store concepts Ensure customer satisfaction, results Chain selections, wholesale and profitability in
Slide 10: Grocery trade division: foodservice business
GROCERY TRADE GROCERY TRADE DIVISION FOODSERVICE BUSINESS In brief: Market and market share: Operates in Finland, business comprises Kespro’s foodservice Total Finnish foodservice market €2.5 billion; wholesale with 13 cash-and-carry outlets and online sales Kespro the market leader with a market sh
Slide 11: Grocery trade store site investments focus on growth centres
GROCERY TRADE GROCERY TRADE STORE SITE INVESTMENTS FOCUS ON GROWTH CENTRES Emphasising hypermarkets and other larger units • Urbanisation is expected to accelerate in Finland • Long-term store site investment programme to ensure Kesko’s competitiveness and market share development • Focus on the sto
Slide 12: New urban hypermarkets to be opened in Finnish growth centres
GROCERY TRADE NEW URBAN HYPERMARKETS TO BE OPENED IN FINNISH GROWTH CENTRES Several new growth centre hypermarkets in pipeline 1. New K-Citymarket in a shopping centre in Lempäälä near Tampere opened in September 2025 2. New K-Citymarket in Lahti city centre in November 2025, replacing K-Citymarket
Slide 13: A good result in a challenging economic cycle
BUILDING AND TECHNICAL TRADE A GOOD RESULT IN A CHALLENGING ECONOMIC CYCLE 13
Slide 14: Building and technical trade in brief
BUILDING AND TECHNICAL TRADE BUILDING AND TECHNICAL TRADE IN BRIEF NET SALES Onninen Leading operator in building and 80% B2B trade accounts for more Baltic technical trade in Northern Europe than 80% of net sales Onninen contries Poland K-rauta 3% 8% Finland Customer segments: Technical professiona
Slide 15: Building and technical trade: focusing on securing profitability and cash flow
BUILDING AND TECHNICAL TRADE BUILDING AND TECHNICAL TRADE: FOCUSING ON SECURING PROFITABILITY AND GENERATING CASH FLOW KEY ACTIONS: • FINLAND: Continuing growth and winning market share. THE LONG-TERM STRATEGIC TARGET OF 6-8 % • SWEDEN AND NORWAY: Stabilising and improving EBIT MARGIN IS STILL VALID
Slide 16: Building and technical trade: technical trade
BUILDING AND TECHNICAL TRADE BUILDING AND TECHNICAL TRADE TECHNICAL TRADE In brief: Market and market shares: Operates in 8 countries. Kesko subsidiary Onninen offers Total market (est.) for 8 countries (incl. Denmark) technical wholesale products and services (offering varies €22 bn; Kesko’s market
Slide 17: Technical trade – opportunities for further growth outside Finland
BUILDING AND TECHNICAL TRADE TECHNICAL TRADE – OPPORTUNITIES FOR FURTHER GROWTH OUTSIDE FINLAND Total market size ~€22 billion Technical trade Retail market (€bn) 2.9 Technical trade Market share 19% Retail market (€bn) 2.5 Market share of current Market share (2024) 44% 39%* operating market (2024)
Slide 18: Building and technical trade: building and home improvement
BUILDING AND TECHNICAL TRADE BUILDING AND TECHNICAL TRADE BUILDING AND HOME IMPROVEMENT In brief: Market and market shares: Operates in 8 countries; offers products and services for Total market (est.) for 8 countries€25 bn; Kesko’s building, renovation, garden, interior decoration and home market s
Slide 19: Building and home improvement – further possibilities outside Finland
BUILDING AND TECHNICAL TRADE BUILDING AND HOME IMPROVEMENT – STILL FURTHER POSSIBILITIES ESPECIALLY OUTSIDE FINLAND Total market size ~€18 billion Professiona Consumers lbuilders Professiona Consumers Retail market (€bn) 3.1 1.7 l builders Market share (2024) 12% Retail market (€bn) 1.6 0.9 Market s
Slide 20: Strong focus on B2B trade in building and home improvement in Finland
STRONG FOCUS ON B2B TRADE IN BUILDING AND BUILDING AND TECHNICAL TRADE HOME IMPROVEMENT TRADE ALSO IN FINLAND Breakdown of K-Rauta Finland’s sales by customer segments DIRECT DELIVERIES FROM INDUSTRY 20 B2C-project customers purchase typically e.g. the whole kitchen or bathroom renovation
Slide 21: Acquisitions have played a significant role in international growth
BUILDING AND TECHNICAL TRADE ACQUISITIONS HAVE PLAYED A SIGNIFICANT ROLE IN INTERNATIONAL GROWTH 4/2016 6-7/2018 1/2019 3/2020 08/2021 4/2022 3/2023 1/2024 1/2025 Suomen Reinin Liha Sørbø Trelast MIAB Kungälvs Trä Djurbergs Zenitec Sweden Davidsen A/S Roslev Lähikauppa and Kalatukku and Tau & Jørpel
Slide 22: Market share in Danish builders' merchant set to rise via acquisitions
BUILDING AND TECHNICAL TRADE MARKET SHARE IN DANISH BUILDERS’ MERCHANT SET TO RISE FROM ~10% TO ~20% VIA ACQUISITIONS KESKO IN DENMARK Tømmergaarden A/S • Kesko expanded its operations to Denmark by PART OF DAVIDSEN AS OF 1 JUNE 2025 acquiring the builders' merchant chain Davidsen in 2024, Kesko hol
Slide 23: Building and technical trade long-term EBIT-% target intact
BUILDING AND TECHNICAL TRADE BUILDING AND TECHNICAL TRADE LONG-TERM EBIT-% TARGET INTACT EBIT-% Target Kesko 6-8% 8 7.1% 6 Kesko 4 Kesko 3.9% 2 2.4% 0 Time 2018 2021, 2022 2024 23
Slide 24: Good result in car trade
CAR TRADE GOOD RESULT IN CAR TRADE 24
Slide 25: Car trade in brief
CAR TRADE CAR TRADE IN BRIEF K-Auto is the leading and most interesting automotive company in Finland Rolling 12 2024 2023 2022 mo 9/2025 Importing and sales of attractive and high-quality new cars. Net sales, € million 1,350 1,209 1,262 1,125 Significant multi-brand used car sales in Finland. Opera
Slide 26: Car trade: focusing on performing better than the market
CAR TRADE CAR TRADE: FOCUSING ON PERFORMING BETTER THAN THE MARKET IN ALL BUSINESSES KEY ACTIONS: • CONTINUING WITH GROWTH STRATEGY: SOLID EBIT DEVELOPMENT Major turnaround and continuous development establish a robust foundation for the next strategy period. #1 IN BRAND AWARENESS AND PREFERENCE • M
Slide 27: Car trade
CAR TRADE CAR TRADE In brief: Market and market shares: Operates in Finland. The whole value chain - imports and sells Total first registrations of new cars incl. vans in Finland Volkswagen Group car brands, sells used cars, and offers car- approx. 74,000 in 2024, of which Kesko’s K-Auto accounted r
Slide 28: Other strategic themes
OTHER STRATEGIC THEMES 28
Slide 29: Operating environment and megatrends affecting Kesko
OPERATING ENVIRONMENT AND MEGATRENDS AFFECTING KESKO GLOBAL BUSINESS & CONSUMER URBANISATION & ONE UNIFIED POLITICAL GROCE RY&TRAD ECONOMICAL E CONFIDENCE DEMOGRAPHIC CHANGES UNCERTAINTY BUILD IN G AN D TE CHNICAL TRAD E FOCUS : CAR TRAD E INDIVIDUALITY & CLIMATE CHANGE & DIGITALISATION & AI EFFORTL
Slide 30: Finns are saving
FINNS ARE SAVING Consumer confidence and savings rate-% 15 consumer confidence indicator, households' saving rate - % 10 5 0 -5 -10 -15 -20 Savings rate 30 Source: Statistics Finland Consumer confidence
Slide 31: Kesko strategy summary 2024-2026
KESKO STRATEGY SUMMARY 2024-2026 # The portfolio will most likely stay as is during 2024-2026. The focus is on maintaining and further developing current businesses. # Targeting growth and profitability improvement as outlook strengthens in construction in 2025-2026. # In grocery trade, focusing on
Slide 32: Kesko's financial targets intact
KESKO’S FINANCIAL TARGETS INTACT TARGET Rolling 12 mo 9/2025 OPERATING MARGIN, OVER 6% 5.3% COMPARABLE RETURN ON CAPITAL OVER 14.5% 10.6% EMPLOYED, COMPARABLE, % INTEREST-BEARING NET DEBT/EBITDA, AT MAXIMUM 2.5 1.8 EXCLUDING IFRS 16 IMPACT 32
Slide 33: Sustainability is integrated into our business
SUSTAINABILITY IS INTEGRATED INTO OUR BUSINESS SUSTAINABILITY STRATEGY VISION EXECUTION BY THE BUSINESS DIVISIONS We enable sustainable choices for our customers and Grocery trade drive change throughout the value chain Building and technical trade Car trade FOCUS AREAS Climate and nature PROGRESS M
Slide 34: Focus areas and key actions
FOCUS AREAS AND KEY ACTIONS WE ENABLE SUSTAINABLE CHOICES FOR OUR CUSTOMERS AND DRIVE CHANGE THROUGHOUT THE VALUE CHAIN CLIMATE AND NATURE VALUE CHAIN OUR PEOPLE GOOD GOVERNANCE Reduce emissions in the value chain Ensure sustainability in the value Increase the safety and wellbeing of Commit to the
Slide 35: Kesko listed in sustainability indices
KESKO LISTED IN SUSTAINABILITY INDICES Sustainability indices are key tools for investors to assess the ESG level of Dow Jones Best-in-Class corporations. Indices (World and Europe) v Kesko is the only company in the world to have been on the Global 100 list every year since it was launched in 2005.
Slide 36: Forerunner in trading sector digitalisation
FORERUNNER IN TRADING SECTOR DIGITALISATION Using digitalisation to improve customer experience and make operations more efficient Online and digital sales Data and analytics at the core Digitalisation of stores and Digitalisation increases growing forcefully of business operations processes proceed
Slide 37: Sales via digital channels over €2.2 billion
SALES VIA DIGITAL CHANNELS OVER €2.2 BILLION 5% 1% 3% 12% 41% 38% K-ruoka.fi (online grocery) Kespro (foodservice) Onninen Building and home improvement Car trade Sportstrade 37 Q3 2025, rolling 12 months, excl. VAT
Slide 38: Dividend
DIVIDEND Dividend for 2024: €0.90/share, paid in four instalments. Kesko's dividend policy: In the long-term, Kesko aims to distribute a steadily growing dividend of some 60-100% of its comparable earnings per share, taking into account the company’s financial position and strategy. 100% 96% 96% 85%
Slide 39: Number of shareholders has grown
NUMBER OF SHAREHOLDERS HAS GROWN ~120,000 REGISTERED SHAREHOLDERS BALANCED OWNERSHIP STRUCTURE 118 000 108 000 26,1 % 32,5 % 98 000 88 000 7,7 % 78 000 68 000 33,6 % 58 000 48 000 Nominee-registered, foreign ownership 38 000 Finnish institutions 02 05 08 02 05 02 05 08 02 05 02 05 02 05 02 05 08 08
Slide 40: Interim report Q3/2025: result improved in all divisions
KESKO INTERIM REPORT Q3/2025 RESULT IMPROVED – POSITIVE DEVELOPMENT IN ALL DIVISIONS Jorma Rauhala President and CEO 30 October 2025
Slide 41: Summary of Q3/2025
SUMMARY OF Q3/2025 • Kesko’s result improved clearly, net sales grew in all three divisions • Grocery trade: net sales grew, profitability at a good level, sales development Q3/2025 Q3/2024 for grocery stores close to market pace Net sales, € million 3,227.3 3,026.6 • Building and technical trade: n
Slide 42: Net sales
NET SALES €+201 million € million € million rolling 12 months 42
Slide 43: Operating profit
OPERATING PROFIT €6.5 million (€6.6 m excl. Kesko Senukai's result for 1-6/2025) € million € million rolling 12 months Operating 3.6% 5.8% 6.7% 5.6% 3.4% 5.5% 6.4% Operating 5.5% 5.3% margin margin Comparable figures Q3/2025 figure includes €-0.1 million from the share of result from Kesko Senukai i
Slide 44: Return on capital employed
RETURN ON CAPITAL EMPLOYED % rolling 12 months 44 Comparable figures
Slide 45: Financial position
FINANCIAL POSITION Amount of net debt impacted by investments in store sites and acquisitions Q3/2025 Q3/2024 Cash flow from operating activities, € million 287.7 285.6 Liquid assets, € million 97.4 219.9 Capital expenditure, € million 140.7 109.4 Interest-bearing net debt excl. lease liabilities, €
Slide 46: Capital expenditure
CAPITAL EXPENDITURE Main CAPEX: investments in store site and the Onnela logistics centre Q3/2025 Q3/2024 Store sites, € million 91.7 53.9 Acquisitions, € million - 2.5 IT, € million 3.7 4.5 Other investments, € million 45.3 48.6 Total, € million 140.7 109.4 46
Slide 47: Expenses
EXPENSES Expenses have increased mainly due to acquisitions – without new acquisitions, expenses were up by just 1.3% Q3/2025 Q3/2024 Fixed costs, € million 507.3 484.1 - Employee benefit expenses, € million 208.0 192.7 - Other expenses, € million 155.1 149.9 - Depreciation, € million 144.2 141.5 Co
Slide 48: Grocery trade Q3: sales increased, turn for the better in grocery store
GROCERY TRADE Q3 SALES INCREASED, TURN FOR THE BETTER IN GROCERY STORE MARKET SHARE DEVELOPMENT 48
Slide 49: Grocery trade net sales
GROCERY TRADE NET SALES €+36 million € million € million rolling 12 months 49
Slide 50: Grocery trade operating profit
GROCERY TRADE OPERATING PROFIT €-1.2 million € million € million rolling 12 months Operating Operating 5.4% 7.2% 7.4% 7.4% 4.9% 6.9% 7.1% margin 6.9% 6.6% margin 50 Comparable figures
Slide 51: Grocery trade highlights in Q3
GROCERY TRADE HIGHLIGHTS IN Q3 • Division net sales increased, comparable operating profit slightly down • K Group grocery sales up by 3.6% • Kespro’s net sales down by 0.2% – performance close to market pace • K-Citymarket non-food sales up by 3.2%, profit improved • Customer flows continued to gro
Slide 52: Our measures are yielding results, market share development positive
# Our measures are yielding results, market share development positive # Our recipe for market share growth: Quality x Price x Network 52
Slide 53: Strong network development in all chains
STRONG NETWORK DEVELOPMENT IN ALL CHAINS – MAIN FOCUS ON GROWTH CENTRES K-CITYMARKET K-SUPERMARKET K-MARKET NEW STORES NEW STORES NEW STORES • 2025 → Ideapark in Lempäälä, and • 2025 → Dyyni in Pori, • 2025 → 8 stores (incl. 5 Paavola in Lahti Hiukkavaara in Oulu, Paraati in replacements to existing
Slide 54: Kesko invests in growth with three new hypermarkets in Greater Helsinki
KESKO INVESTS IN GROWTH – STRENGTHENS MARKET POSITION WITH THREE NEW HYPERMARKETS IN THE GREATER HELSINKI AREA • In Helsinki, Kesko will open a new K-Citymarket in the Redi shopping centre in Kalasatama, replacing the existing K-Supermarket Redi. The new K-Citymarket Redi is expected to open in 2027
Slide 55: Price programme removes obstacles for buying
PRICE PROGRAMME REMOVES OBSTACLES FOR BUYING Results promising ACTIONS TAKEN: RESULTS SO FAR: • Prices reduced on over 1,000 branded products and • Profitability 6.6%*, sales have increased some 200 Pirkka private label products in January 2025 • Double-digit growth in sales of products with reduced
Slide 56: Raising the bar in quality offers significant sales growth potential
RAISING THE BAR IN QUALITY OFFERS SIGNIFICANT SALES GROWTH POTENTIAL • K-retailers and store-specific business ideas our key competitive advantage • We have many excellent stores, but there is still too much variation between the stores when it comes to quality • It is critical to choose the right r
Slide 57: Building and technical trade Q3: cycle recovering
BUILDING AND TECHNICAL TRADE Q3 CYCLE RECOVERING, NOTABLE STRENGTHENING IN TECHNICAL TRADE SALES 57
Slide 58: Building and technical trade net sales
BUILDING AND TECHNICAL TRADE NET SALES €+106 million € million € million rolling 12 months 58
Slide 59: Building and technical trade operating profit
BUILDING AND TECHNICAL TRADE OPERATING PROFIT €+1.6 million (€+1.7 m excl. Kesko Senukai's profit in 1-6/2025) € million € million rolling 12 months Operating 0.7% 4.7% 6.2% 3.4% 1.1% 4.1% 5.8% Operating 3.9% 3.7% margin margin Comparable figures Q3/2025 figure includes - €0.1 million from the share
Slide 60: Building and technical trade highlights in Q3
BUILDING AND TECHNICAL TRADE HIGHLIGHTS IN Q3 • Division net sales increased and profit improved Q3/2025 Q3/2024 • Market demand weaker than anticipated, especially in new housing construction Net sales, € million 1,233.6 1,128.0 • Technical trade sales increased significantly, while profit fell sho
Slide 61: Sales of K-Rauta Finland and Onninen Finland
SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales 61
Slide 62: Onninen serves extensively various construction segments
ONNINEN SERVES EXTENSIVELY VARIOUS CONSTRUCTION SEGMENTS Four Onninen Finland customer groups TECHNICAL PRODUCT TECHNICAL CONTRACTORS INDUSTRY INFRASTRUCTURE RETAILERS AND OTHER ELECTRICAL B2B CUSTOMERS HEPAC Share of sales Share of sales Share of sales Share of sales 50% 20% 20% 10%
Slide 63: Nearly 60% of sales come from outside Finland
BUILDING AND TECHNICAL TRADE NEARLY 60% OF SALES COME FROM OUTSIDE FINLAND – PACE OF RECOVERY VARIES BETWEEN COUNTRIES Comparable change in net sales by business in Q3/2025 vs. Q3/2024 FINLAND -3.9% NORWAY +1.0% +1.2% ~ €2.0bn SWEDEN ~ €1.0bn -0.1% POLAND AND -5.1% ~ €500m THE BALTIC COUNTRIES -8.3%
Slide 64: Onnela logistics centre in Hyvinkää now completed
ONNELA LOGISTICS CENTRE IN HYVINKÄÄ, FINLAND NOW COMPLETED • Serves mainly Kesko’s technical trade company Onninen and also K-Auto’s car spare parts logistics • Construction completed in August 2025, move and ramp up during the winter quiet season, fully operational at the end of Q1/2026 • K-Rauta's
Slide 65: Onnela enables future growth
ONNELA ENABLES FUTURE GROWTH +93% +172% +38% +69% +100% building product places warehouse pallet spaces expansion potential volume m3 in automation area m2 on the plot 65 Image: Saku Metsärinne
Slide 66: Car trade Q3: strong profit development continued
CAR TRADE Q3 STRONG PROFIT DEVELOPMENT CONTINUED 66
Slide 67: Car trade net sales
CAR TRADE NET SALES €+60 million € million € million rolling 12 months 67
Slide 68: Car trade operating profit
CAR TRADE OPERATING PROFIT €+4.9 million € million € million rolling 12 months Operating 5.7% 5.0% 6.0% 6.1% 5.7% 6.1% 6.4% Operating 5.7% 6.1% margin margin 68 Comparable figures
Slide 69: Car trade highlights in Q3
CAR TRADE HIGHLIGHTS IN Q3 K-AUTO, NET SALES • Net sales and comparable operating profit grew markedly despite the market remaining challenging • Market demand for new cars still muted, Q3 first registrations of passenger cars and vans up by 2.5%; first registrations of brands represented by Kesko u
Slide 70: Specified profit guidance for 2025 and outlook for 2026
SPECIFIED PROFIT GUIDANCE FOR 2025 AND OUTLOOK FOR 2026 70
Slide 71: Profit guidance for 2025 (specified)
PROFIT GUIDANCE FOR 2025 (SPECIFIED) Kesko Group’s profit guidance is given for the year 2025, in comparison with the year 2024. Kesko’s operating environment is estimated to improve in 2025, but to still remain somewhat challenging. Kesko’s comparable operating profit is estimated to improve in 202
Slide 72: Outlook for 2026
OUTLOOK FOR 2026 The operating environment for Kesko is estimated to improve in 2026 in all divisions and all operating countries. Kesko’s comparable operating profit is also estimated to improve in 2026 in all divisions and all operating countries. In grocery trade, B2C trade is estimated to pick u
Slide 73: A good result with positive development in all divisions
# A good result with positive development in all divisions despite the challenges in Kesko's operating environment. # In grocery trade, strategic measures yielding results. Market share development for grocery stores has taken a turn for the better, Kespro’s market share strong. Grocery trade market
Slide 74: Management and IR contact
MANAGEMENT AND IR CONTACT 74
Slide 75: Kesko Group Management Board
KESKO GROUP MANAGEMENT BOARD President and CEO Jorma Rauhala EVP, Chief Financial Officer EVP, Human Resources Anu Hämäläinen Matti Mettälä EVP, Brand and Communications EVP, Legal and Sustainability Karoliina Partanen Lasse Luukkainen Grocery trade Building and technical trade Car trade President P
Slide 76: IR contact
IR CONTACT Hanna Jaakkola Vice President, Investor Relations tel.+358 40 5666 070 hanna.jaakkola@kesko.fi 76
Slide 77: 77
77