Kesko Oyj Class A · OMXHEX:KESKOA
Kesko Oyj Class A — Non-Deal Roadshow (May 2026)
68 slides from Kesko Oyj Class A's roadshow presentation, May 2026
Slide 1: Kesko seeks growth in all its three business divisions
KESKO INVESTOR PRESENTATION KESKO SEEKS GROWTH IN ALL ITS THREE BUSINESS DIVISIONS May 2026
Slide 2: Kesko today
KESKO TODAY KEY FINANCIALS Leading trading sector ~39,000 employees in the #1 Rolling 12 mo 2025 3/2026 company in Northern whole K Group,1,800 stores, Europe with retail and B2B 3 divisions, comprehensive Net sales, € million 12,676.0 12,474.7 sales of €16bn digital services in 8 countries Q1/2026,
Slide 3: Kesko segment key figures
KESKO SEGMENT KEY FIGURES NET SALES OPERATING PROFIT Car trade Car trade Sales to €81.3m €1,382m B2C-sales K-retailers ~16% 5.9% Grocery trade ~43% €6,519m Building and technical Grocery trade trade €661.4m €12,676m €12,676m €423.7m 5.2% €181.4m 6.5% Building and 3.8% technical trade B2B-sales ~41%
Slide 4: Kesko's growth strategy
KESKO’S GROWTH STRATEGY VISION THE LEADING AND MOST ATTRACTIVE TRADING SECTOR 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
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 Almost 800 K Group grocery 2025 provider in Finland (NIELSEN) stores offer online grocery services 860 49.2% market share K-retailers NET SALES Rolling 12 mo 2025 2024 2023 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 QUALITY: Focusing on store-specific business ideas to strengthen chosen competitive advantages and raising the level of stores. • DEVELOPING STORE SITE NETWORK: Targeted investments
Slide 8: Grocery trade division
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 €21–22 billion; chains with some 1,100 stores across the country operated by Kesko the second biggest operato
Slide 9: Kesko and K-retailers
GROCERY TRADE KESKO AND K-RETAILERS Wholesale, Active co-operation and common goals product strategy Chain agreement, chain steering Services and business KESKO support Store concepts Chain selections, wholesale Steering retail prices and campaigns K-RETAILERS Responsible purchasing channels, Ensure
Slide 10: Grocery trade store site investment focus on growth centres
GROCERY TRADE GROCERY TRADE STORE SITE INVESTMENT 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 • During up-coming
Slide 11: 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 opened in November 2025, replacing K-City
Slide 12: 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 13: A good result in a challenging cycle
BUILDING AND TECHNICAL TRADE A GOOD RESULT IN A CHALLENGING 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 countries Poland K-Rauta 3% 8% Finland Customer segments: Technical profession
Slide 15: Building and technical trade: focusing on securing profitability and generating 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 % EBIT MARGIN IS STILL VALID. • SWEDEN AND NORWAY: Improving business perfo
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) 2.8 Technical trade Market share 19% Retail Market (€bn) 2.4 Market share in current Market share (2025) 44% 39%* operating market (2025)
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 €25bn; 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 Professional Consumers builders Professional Consumers Retail market (€bn) 3.1 1.8 builders Market share (2025) 12% Retail market (€bn) 1.7 0.9 Market sh
Slide 20: 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 21: 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 22: 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 3.8% 2 2.4% 0 Time 2018 2021, 2022 2025 22
Slide 23: Good result in car trade
CAR TRADE GOOD RESULT IN CAR TRADE 23
Slide 24: Car trade in brief
CAR TRADE CAR TRADE IN BRIEF K-Auto is the leading and most interesting automotive company in Finland Rolling 12 2025 2024 2023 mo 3/2026 Importing and sales of attractive and high-quality new cars. Net sales, € million 1,382 1,365 1,209 1,262 Significant multi-brand used car sales in Finland. Opera
Slide 25: 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 26: 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 27: Other strategic themes
OTHER STRATEGIC THEMES 27
Slide 28: 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 29: Kesko's financial targets
KESKO’S FINANCIAL TARGETS TARGET Rolling 12 mo 3/2026 OPERATING MARGIN, OVER 6% 5.2% COMPARABLE RETURN ON CAPITAL OVER 14.5% 10.2% EMPLOYED, COMPARABLE, % INTEREST-BEARING NET DEBT/EBITDA, AT MAXIMUM 2.5 1.9 EXCLUDING IFRS 16 IMPACT 29
Slide 30: 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 31: 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 32: 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 33: 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 34: Sales via digital channels nearly 2.3 billion euros
SALES VIA DIGITAL CHANNELS NEARLY 2.3 BILLION EUROS 5 % 1% 2% 11% 42% 44% K-ruoka.fi (grocery online) Kespro (foodservice) Onninen technical trade Building and home improvement trade Car trade Sportstrade 34 2025, ALV 0%
Slide 35: Dividend
DIVIDEND Dividend for 2025: €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 36: Number of shareholders has grown
NUMBER OF SHAREHOLDERS HAS GROWN ~125,000 REGISTERED SHAREHOLDERS BALANCED OWNERSHIP STRUCTURE 125 000 115 000 26.5 % 105 000 32.0 % 95 000 85 000 7.8 % 75 000 65 000 55 000 33.7 % 45 000 35 000 Nominee-registered, foreign ownership 01/19 09 09 09 09 05 09 09 09 05 05 05 05 05 05 01/20 01/21 01/22 0
Slide 37: Strong sales and profit in all divisions
Kesko interim report Q1/2026 Strong sales and profit in all divisions Jorma Rauhala, President and CEO 29 April 2026
Slide 38: Summary of Q1/2026
SUMMARY OF Q1/2026 • Kesko’s comparable operating profit improved, net sales grew in Q1/2026 Q1/2025 all divisions Net sales, € million 3,029.0 2,827.7 • Grocery trade: K Group stores gained market share, profitability strong Change in net sales, %* 4.6 1.1 despite investments Operating profit, € mi
Slide 39: Net sales
NET SALES €+201 million € million € million rolling 12 months 39
Slide 40: Operating profit
OPERATING PROFIT €+6.4 million € million € million rolling 12 months Operating Operating 3.4% 5.5% 6.4% 5.4% 3.4% 5.3% 5.2% margin margin 40 Comparable figures
Slide 41: Return on capital employed
RETURN ON CAPITAL EMPLOYED % rolling 12 months 41 Comparable figures
Slide 42: Financial position
FINANCIAL POSITION Good cash flow from operating activities, net debt has increased due to capital expenditure Q1/2026 Q1/2025 Cash flow from operating activities, € million 77.7 -24.5 Liquid assets, € million 169.3 147.5 Capital expenditure, € million 113.5 138.0 Interest-bearing net debt excl. lea
Slide 43: Capital expenditure
CAPITAL EXPENDITURE Main CAPEX: investments in store sites Q1/2026 Q1/2025 Store sites, € million 71.3 66.2 Acquisitions, € million - 34.8 IT, € million 5.4 3.1 Other investments, € million 36.9 33.9 Total, € million 113.5 138.0 43
Slide 44: Expenses
EXPENSES Expenses have increased mainly due to acquisitions Q1/2026 Q1/2025 Fixed costs, € million 563.6 529.6 - Employee benefit expenses, € million 244.3 223.1 - Other expenses, € million 172.6 165.3 - Depreciation, € million 146.6 141.2 Cost ratio, % 18.6 18.7 44 Figures excluding items affecting
Slide 45: Potential impacts of the Middle Eastern conflict on Kesko in Q2/2026
POTENTIAL IMPACTS OF THE MIDDLE EASTERN CONFLICT ON KESKO IN Q2/2026 No significant impacts in the short term – a prolonged crisis could weaken consumer confidence, purchasing power and corporate investments, and increase costs BUILDING AND TECHNICAL GROCERY TRADE CAR TRADE TRADE • Rise in inbound p
Slide 46: Market share gained, result strong
Grocery trade Q1 Market share gained, result strong 46
Slide 47: Grocery trade net sales
GROCERY TRADE NET SALES €+72 million € million € million rolling 12 months 47
Slide 48: Grocery trade operating profit
GROCERY TRADE OPERATING PROFIT €+5.6 million € million € million rolling 12 months Operating Operating margin 4.9% 6.9% 7.1% 6.8% 5.0% margin 6.5% 6.5% 48 Comparable figures
Slide 49: Grocery trade highlights in Q1
GROCERY TRADE HIGHLIGHTS IN Q1 • Division net sales increased and comparable operating profit improved. Most of Easter wholesale took place in March, versus April in 2025 • Total grocery market grew by approximately 2.9% • K Group grocery sales were up by 4.4% • K Group grocery stores gained market
Slide 50: Market share in grocery trade grew clearly in Q1
MARKET SHARE IN GROCERY TRADE GREW CLEARLY IN Q1 CHANGE IN THE MARKET SHARE FOR • Our objective in grocery trade is to strengthen market share while K GROUP GROCERY STORES (percentage points) maintaining good profitability (operating margin clearly above 6%) • Market share for K Group grocery stores
Slide 51: Sales grew and result improved
Building and technical trade Q1 Sales grew and result improved 51
Slide 52: Building and technical trade net sales
BUILDING AND TECHNICAL TRADE NET SALES €+114 million € million € million rolling 12 months 52
Slide 53: Building and technical trade operating profit
BUILDING AND TECHNICAL TRADE OPERATING PROFIT €+2.8 million € million € million rolling 12 months Operating Operating margin 1.1% 4.1% 5.8% 3.7% 1.3% margin 3.8% 3.8% 53 Comparable figures
Slide 54: Building and technical trade highlights in Q1
BUILDING AND TECHNICAL TRADE HIGHLIGHTS IN Q1 Q1/2026 Q1/2025 • Division net sales increased and profit improved, sales margin also improved • Market demand continued to be muted, especially in new housing construction Net sales, € million 1,147.2 1,033.1 Technical trade 555.5 527.0 • A pick-up seen
Slide 55: Sales of K-Rauta Finland and Onninen Finland
SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales development, % Onninen Q1 sales: +11.0% K-Rauta Q1 sales: -1,4% Competitors, total: -1.5% Competitors, total: -0.6% Sources: Talteka and STK Source: RaSi 5 5
Slide 56: Good sales development driven by used cars
Car trade Q1 Good sales development driven by used cars
Slide 57: Car trade net sales
CAR TRADE NET SALES €+17 million € million € million rolling 12 months 57
Slide 58: Car trade operating profit
CAR TRADE OPERATING PROFIT €-1.8 million € million € million rolling 12 months Operating Operating margin 5.7% 6.1% 6.4% 6.0% 4.9% margin 6.1% 5.9% 58 Comparable figures
Slide 59: Car trade highlights in Q1
CAR TRADE HIGHLIGHTS IN Q1 K-AUTO, NET SALES • Division net sales increased and comparable operating profit decreased, due to the increase in the share of used car sales, where sales margins are lower than in new car sales • Market demand for new cars still muted, Q1 first registrations of passenger
Slide 60: Long-awaited more affordable electric models coming to market
LONG-AWAITED MORE AFFORDABLE ELECTRIC MODELS COMING TO MARKET RAVAL and ID. Polo in a completely new price range CUPRA RAVAL Volkswagen ID.Polo Sales began 9 April 2026 Sales begin 29 April 2026 Prices starting at €25,990 Upcoming: ID.Polo GTI and ID. Cross 60
Slide 61: Profit guidance and outlook
PROFIT GUIDANCE AND OUTLOOK 61
Slide 62: Profit guidance for 2026
PROFIT GUIDANCE FOR 2026 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 2026. Kesko est
Slide 63: 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 64: Kesko's net sales grew and profit improved
#Kesko’s net sales grew and profit improved – an excellent performance in a turbulent operating environment #Strategic actions are yielding results in grocery trade; growth seen on all fronts for the first time since the pandemic – net sales increased, profit improved, and market share grew #In buil
Slide 65: Management and IR contact
MANAGEMENT AND IR CONTACT 65
Slide 66: Kesko Group Management Board
KESKO GROUP MANAGEMENT BOARD President and CEO Jorma Rauhala EVP, Chief Financial Officer EVP, Human Resources Anu Hämäläinen Minttu Sinisalo EVP, Brand and Communications EVP, Legal and Sustainability Karoliina Partanen Lasse Luukkainen Grocery trade Building and technical trade Car trade President
Slide 67: IR contact
IR CONTACT Hanna Jaakkola Vice President, Investor Relations tel.+358 40 5666 070 hanna.jaakkola@kesko.fi 67
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