Kesko Oyj Class A · OMXHEX:KESKOA
Kesko Oyj Class A — Shareholder Meeting (March 2026)
32 slides from Kesko Oyj Class A's shareholder meeting presentation, Mar 26, 2026
Slide 1: A Good Result from All Divisions
KESKO ANNUAL GENERAL MEETING REVIEW OF 2025 BY THE PRESIDENT AND CEO A GOOD RESULT FROM ALL DIVISIONS JORMA RAUHALA 26 MARCH 2026
Slide 2: Key Topics for Kesko in 2025
KEY TOPICS FOR KESKO IN 2025 • Kesko’s comparable operating profit improved, net sales grew in all divisions • Grocery trade: upturn in market share, profitability strong despite investments • Building and technical trade: comparable operating profit grew despite the challenging market; strong marke
Slide 3: A Good Performance Despite the Challenging Cycle
A GOOD PERFORMANCE DESPITE THE CHALLENGING CYCLE NET SALES OPERATING PROFIT € million € million 12,475 815,2 11,809 11,784 11,920 12,000 800 Profit guidance 775,5 11,300 650-750 11,000 712.0 10,243 700 650,1 654,9 10,000 600 568,0 9,000 500 8,000 7,000 400 2020 2021 2022 2023 2024 2025 2020 2021 202
Slide 4: Kesko Key Figures
KESKO KEY FIGURES NET SALES OPERATING PROFIT Car trade Car trade €1,365m Grocery trade €83.1m €6,447m 6.1% Grocery trade Building and €418.1m Building and 6.5% technical technical trade trade €654.9m €12,475m 5.3% €4,686m €178.6m 3.8% 4 2025, division figures include common operations and eliminatio
Slide 5: Net Sales 2025
NET SALES 2025 GROUP DIVISIONS € million € million Change, comparable 2.3% 1.0% 1.4% 12.0% 5
Slide 6: Operating Profit 2025
OPERATING PROFIT 2025 GROUP DIVISIONS € million € million Operating margin 5.5% 5.3% 6.9% 6.5% 3.9% 3.8% 5.7% 6.1% 6 Comparable figures
Slide 7: Results
RESULTS 2025 2024 Net sales, € million 12,474.7 11,920.1 Change in net sales, %* 2.3 -2.3 Operating profit, € million 631.3 579.5 Operating profit, € million* 654.9 650.1 Operating margin, %* 5.3 5.5 Profit before tax, € million* 533.8 543.0 Earnings per share, basic and diluted, €* 1.02 0.95 Earnin
Slide 8: Financial Position
FINANCIAL POSITION Amount of net debt impacted by investments in store sites and acquisitions 2025 2024 Cash flow from operating activities, € million 879.7 1,008.2 Liquid assets, € million 166.2 488.1 Capital expenditure, € million 735.7 675.9 Interest-bearing net debt excl. lease liabilities, € mi
Slide 9: Capital Expenditure
CAPITAL EXPENDITURE Main CAPEX: acquisitions in Denmark, investments in store sites and the Onnela logistics centre 2025 2024 Store sites, € million 334.4 289.2 Acquisitions, € million 185.8 172.9 IT, € million 22.8 18.0 Other investments, € million 192.8 195.8 Total, € million 735.7 675.9 9
Slide 10: Expenses
EXPENSES Expenses have increased mainly due to acquisitions – without new acquisitions, expenses up by just 1.6% 2025 2024 Fixed costs, € million 2,158.3 2,076.4 - Employee benefit expenses, € million 908.0 838.1 - Other expenses, € million 676.3 673.1 - Depreciation, € million 574.0 565.2 Cost rati
Slide 11: Return on Capital Employed
RETURN ON CAPITAL EMPLOYED % 11 Comparable figures
Slide 12: Kesko's Strategy Is Yielding Results
KESKO ANNUAL GENERAL MEETING KESKO’S STRATEGY IS YIELDING RESULTS 12
Slide 13: Megatrends Affecting Kesko and the Operating Environment
MEGATRENDS AFFECTING KESKO AND THE OPERATING ENVIRONMENT GLOBAL POLITICAL AND BUSINESS AND CONSUMER URBANISATION AND ONE UNIFIE D ECONOMIC GROCE RY UNCERTAINTY TRADE CONFIDENCE DEMOGRAPHIC CHANGES BUILD IN G AN D TE CHNICAL TRAD E FOCUS : CAR TRAD E INDIVIDUALITY CLIMATE CHANGE AND DIGITALISATION AN
Slide 14: 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 15: Grocery Trade: Targeting Profitable Market Share Gains
GROCERY TRADE: TARGETING PROFITABLE MARKET SHARE GAINS • STRENGTHENING QUALITY AND STORE-SPECIFIC BUSINESS IDEAS: Focus on strengthening our chosen competitive advantages and further raising the quality level of our stores. DESPITE INVESTMENTS, • IMPROVING PRICE COMPETITIVENESS: OPERATING PROFIT DEV
Slide 16: Quality x Price x Network: Strategy Working
GROCERY TRADE QUALITY x PRICE x NETWORK: STRATEGY WORKING QUALITY UPTURN IN MARKET SHARE • Significant joint efforts with the retailers to raise quality levels IN JULY 2025 • Store-specific business ideas at the core, special focus on fruit and vegetables, bread, and non-food • Digital reach risen t
Slide 17: Building and Technical Trade: Focus on Improving Sales and Profitability
BUILDING AND TECHNICAL TRADE: FOCUS ON IMPROVING SALES AND PROFITABILITY AND GENERATING CASH FLOW •FOCUS FINLAND: : Continuing to grow and win over market share. • SWEDEN AND NORWAY: Seeking more sales and improving operating result. IN THE LONG-TERM, TARGETING CUSTO ME R E XPE RIE NCE AN OPERATING
Slide 18: Nearly 60% of Sales Come from Outside Finland
BUILDING AND TECHNICAL TRADE NEARLY 60% OF SALES COME FROM OUTSIDE FINLAND Net sales in 2025, € million FINLAND 900 NORWAY 1 122 520 SWEDEN 503 POLAND AND THE 343 BALTIC COUNTRIES 134 Poland 378 Baltics 154 DENMARK 709 18
Slide 19: Profit Improvement in 2025 Came from Countries Outside Finland
BUILDING AND TECHNICAL TRADE PROFIT IMPROVEMENT IN 2025 CAME FROM COUNTRIES OUTSIDE FINLAND FINLAND SWEDEN NORWAY DENMARK POLAND AND THE BALTICS € million 20 21 22 23 24 25 20 21 22 23 24 25 20 21 22 23 24 25 24 25 20 21 22 23 24 25 Both K-Rauta and Closure of K-Rauta stores Significant profit Stron
Slide 20: Sales of K-Rauta Finland and Onninen Finland
BUILDING AND TECHNICAL TRADE SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales 20
Slide 21: Car Trade: Aiming to Outperform the Market in All Businesses
CAR TRADE: AIMING TO OUTPERFORM THE MARKET IN ALL BUSINESSES K-AUTO NET SALES 2025 • CONTINUING WITH GROWTH STRATEGY EXECUTION: FOCUS : Major business transformation has formed a solid foundation for the strategy period. ONE UNIFIE D GROCE RY TRAD E • A BALANCED BUSINESS PORTFOLIO: CUSTO ME R E XPE
Slide 22: Dividend Proposal
KESKO ANNUAL GENERAL MEETING DIVIDEND PROPOSAL 22
Slide 23: Board's Dividend Proposal to the General Meeting
BOARD'S DIVIDEND PROPOSAL TO THE GENERAL MEETING Strong investments in growth continue, proposal in line with dividend policy 100% 96% 96% 85% 77% 74% 70% 80% 81% 84% Comparable EPS, Group 2017-2019 comparable EPS, continuing operations 23 Accounting for share split
Slide 24: Future Outlook
FUTURE OUTLOOK 24
Slide 25: 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 PROFIT comparable operating profit is estimated to improve in 2026. Kesko GUIDANCE estimates th
Slide 26: 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 27: Kesko as Part of Society
KESKO AS PART OF SOCIETY
Slide 28: Sustainability Strategy Focus Areas
SUSTAINABILITY STRATEGY FOCUS AREAS WE ENABLE MORE SUSTAINABLE CHOICES FOR OUR CUSTOMERS AND DRIVE CHANGE THROUGHOUT THE VALUE CHAIN CLIMATE AND NATURE VALUE CHAIN OUR PEOPLE GOOD GOVERNANCE Reducing emissions in the value chain Ensuring sustainability in the Supporting our people’s safety and Commi
Slide 29: Kesko Is Successful in Sustainability Assessments
KESKO IS SUCCESSFUL IN SUSTAINABILITY ASSESSMENTS ‘Global 100’ January 2026: Kesko once again ranked the highest in its industry as well as highest of all Finnish companies on the listing of the world’s 100 most sustainable companies. Kesko is the only company in the world to have made the list ever
Slide 30: K Group and the Trading Sector Have a Big Impact on the Finnish Economy
K GROUP AND THE TRADING SECTOR HAVE A BIG IMPACT ON THE FINNISH ECONOMY AND SOCIETY • ONE OF THE PILLARS OF THE FINNISH ECONOMY: The trading sector contributes some 10% of the Finnish GDP • SIGNIFICANT EMPLOYER: Kesko and K-retailers combined employ some 34,000 people in Finland • LARGE TAX FOOTPRIN
Slide 31: Kesko as an Investment
KESKO AS AN INVESTMENT • STABILITY: Long history, three strong divisions, good market positions in steady economies in Northern Europe • EFFECTIVE STRATEGY: Strong track-record in executing a strategy that focuses on profitable growth • PERFORMS EVEN IN CHALLENGING CONDITIONS: Good potential for pro
Slide 32: Towards Better Trade Every Day
Al TOWARDS BETTER TRADE EVERY DAY