Slide 1: Kesko's profit improved significantly – technical trade as the driver
Kesko half-year financial report 2026 Kesko's profit improved significantly – technical trade as the driver Jorma Rauhala, President and CEO 22 July 2026
Slide 2: Summary of Q2/2026
SUMMARY OF Q2/2026 • Kesko’s comparable operating profit improved, net sales grew in all divisions Q2/2026 Q2/2025 • Grocery trade: K Group stores gained market share and profitability was Net sales, € million 3,379.1 3,188.8 good despite investments, operating profit slightly down due to weaker pro
Slide 3: Net sales
NET SALES €+190 million € million € million rolling 12 months 3
Slide 4: Operating profit
OPERATING PROFIT €+17.3 million € million € million rolling 12 months Operating Operating 3.4% 5.5% 6.4% 5.4% 3.4% 5.7% 5.3% 5.3% margin margin 4 Comparable figures
Slide 5: Return on capital employed
RETURN ON CAPITAL EMPLOYED % rolling 12 months 5 Comparable figures
Slide 6: Financial position
FINANCIAL POSITION Good cash flow from operating activities Q2/2026 Q2/2025 Cash flow from operating activities, € million 362.1 323.9 Liquid assets, € million 376.3 190.5 Capital expenditure, € million 127.4 317.6 Interest-bearing net debt excl. lease liabilities, € million 1,400.3 1,346.6 Interest
Slide 7: Capital expenditure
CAPITAL EXPENDITURE Key CAPEX: investments in store sites Q2/2026 Q2/2025 Store sites, € million 64.4 92.3 Acquisitions, € million - 151.4 IT, € million 5.2 6.5 Other investments, € million 57.8 67.3 Total, € million 127.4 317.6 7
Slide 8: Expenses
EXPENSES Expenses have increased mainly due to acquisitions, cost ratio improved Q2/2026 Q2/2025 Fixed costs, € million 570.9 545.3 - Employee benefit expenses, € million 252.3 233.1 - Other expenses, € million 170.1 172.2 - Depreciation, € million 148.5 139.9 Cost ratio, % 16.9 17.1 8 Figures exclu
Slide 9: Market share continued to grow, profit at a good level
Grocery trade Q2 Market share continued to grow, profit at a good level 9
Slide 10: Grocery trade: net sales
GROCERY TRADE NET SALES €+15 million € million € million rolling 12 months 10
Slide 11: Grocery trade: operating profit
GROCERY TRADE OPERATING PROFIT €-0.7 million € million € million rolling 12 months Operating Operating 4.9% 6.9% 7.1% 6.8% 5.0% 6.8% margin 6.5% 6.5% margin 11 Comparable figures
Slide 12: Grocery trade highlights in Q2
GROCERY TRADE HIGHLIGHTS IN Q2 • Division net sales increased and comparable operating profit decreased slightly due to weaker profit in Kespro. Easter wholesale mainly took place in March, as opposed to April the year before • The total grocery market grew by approximately 2.0% • K Group grocery sa
Slide 13: Market share in grocery trade continued to grow in H1
MARKET SHARE IN GROCERY TRADE CONTINUED TO GROW IN H1 CHANGE IN THE MARKET SHARE • Market share for K Group grocery stores took an upturn in Q4/2025, and growth has FOR K GROUP GROCERY STORES continued strong in 2026 (percentage points) • All our chains gained market share in their respective size s
Slide 14: Sales grew and profit improved driven by B2B
Building and technical trade Q2 Sales grew and profit improved driven by B2B 14
Slide 15: Building and technical trade: net sales
BUILDING AND TECHNICAL TRADE NET SALES €+176 million € million € million rolling 12 months 15
Slide 16: Building and technical trade: operating profit
BUILDING AND TECHNICAL TRADE OPERATING PROFIT €+20.3 million € million € million rolling 12 months Operating Operating 1.1% 4.1% 5.8% 3.7% 1.3% 5.0% margin 3.8% 4.1% margin 16 Comparable figures
Slide 17: Building and technical trade highlights in Q2
BUILDING AND TECHNICAL TRADE HIGHLIGHTS IN Q2 • Division net sales increased in all businesses and operating countries, and were the highest ever Q2/2026 Q2/2025 recorded in Q2; profit improved, driven in particular by strong growth in technical trade Net sales, € million 1,413.2 1,236.8 • Market de
Slide 18: Sales of K-Rauta Finland and Onninen Finland
SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales development, % Onninen Q2 sales: +16.1% K-Rauta Q2 sales: +2.8% Competitors Q2, total: +0.6% Competitors Q2, total: +2.3% 18 Sources: Talteka and STK Source: RaSi
Slide 19: Onninen has an excellent foundation for improving net sales and profit
ONNINEN HAS AN EXCELLENT FOUNDATION FOR IMPROVING NET SALES AND PROFIT ONCE THE MARKET NORMALISES ONNINEN’S PROFIT AND NET SALES Comparable Net sales, operating profit, € million € million • Megatrends support growth in technical trade: renovation building, urbanisation, the green transition and gro
Slide 20: Kesko to acquire Dahl's operations in Sweden, Norway and Denmark
KESKO ANNOUNCED ON 15 JUNE 2026 IT WILL ACQUIRE DAHL’S OPERATIONS IN SWEDEN, NORWAY AND DENMARK TO STRENGTHEN ITS TECHNICAL TRADE • Kesko has agreed to acquire the technical trade operator Dahl’s companies in Sweden, Norway and Denmark from Saint-Gobain • The combined net sales of the businesses to
Slide 21: Sales increased, driven by used cars
Car trade Q2 Sales increased, driven by used cars 21
Slide 22: Car trade: net sales
CAR TRADE NET SALES €+1 million € million € million rolling 12 months 22
Slide 23: Car trade: operating profit
CAR TRADE OPERATING PROFIT €-3.2 million € million € million rolling 12 months Operating Operating 5.7% 6.1% 6.4% 6.0% 4.9% 5.2% 6.1% 5.6% margin margin 23 Comparable figures
Slide 24: Car trade highlights in Q2
CAR TRADE HIGHLIGHTS IN Q2 K-AUTO, NET SALES • Division net sales increased and comparable operating profit decreased, due to a higher share of used car sales, where sales margins are lower than in new car sales • Market demand for new cars still subdued, Q2 first registrations of passenger cars and
Slide 25: Profit guidance and outlook
PROFIT GUIDANCE AND OUTLOOK 25
Slide 26: Profit guidance for 2026 (specified)
PROFIT GUIDANCE FOR 2026 (SPECIFIED) Kesko Group’s profit guidance is given for the year 2026, in comparison with the year 2025. Kesko’s operating environment is estimated to improve in 2026, but to still remain somewhat challenging. Kesko’s comparable operating profit is estimated to improve in 202
Slide 27: 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 net sales and comparable operating profit are also estimated to improve in 2026 in all divisions and all operating countries. In grocery trade, B2C trade is esti
Slide 28: In conclusion
In conclusion 28 28
Slide 29: Kesko's net sales grew and profit improved, performance in technical trade particularly strong
# Kesko’s net sales grew and profit improved, performance in technical trade particularly strong # Grocery trade continued to gain market share, profitability good despite investments # Building and technical trade profit grew markedly, driven by technical trade, good development seen also in buildi
Slide 30: Al
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