Kesko Oyj Class A · OMXHEX:KESKOA
Kesko Oyj Class A — Non-Deal Roadshow (February 2026)
69 slides from Kesko Oyj Class A's roadshow presentation, Feb 24, 2026
Slide 1: Kesko seeks growth in all its three business divisions
KESKO INVESTOR PRESENTATION KESKO SEEKS GROWTH IN ALL ITS THREE BUSINESS DIVISIONS 2026
Slide 2: Kesko today
KESKO TODAY KEY FINANCIALS Leading trading sector ~39,000 employees in the Net sales, € million 2025 12,474.7 2024 11,920.1 #1 company in Northern Europe with retail and B2B sales of €15bn whole K Group,1,800 stores, 3 divisions, comprehensive digital services in 8 countries Operating profit, € mill
Slide 3: Kesko segment key figures
KESKO SEGMENT KEY FIGURES NET SALES OPERATING PROFIT Car trade Car trade Sales to €83.1m €1,365m B2C-sales K-retailers ~16% 6.1% Grocery trade ~43% €6,447m Building and technical Grocery trade trade €654.9m €12,475m €12,475m €418.1m 5.3% €178.6m 6.5% Building and 3.8% technical trade B2B-sales ~41%
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 49.2% market share K-retailers NET SALES 2025 2024 2023 2022 KCM non-food 9% Net s
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 €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, product strategy Chain agreement, chain steering KESKO Services and business support Store concepts Chain selections, wholesale Steering retail prices and campaigns K-RETAILERS Responsible purchasing channels, Ensure customer satisfaction, results purch
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
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 • New K-Citymarket in a shopping centre in Lempäälä near Tampere in 2025 • New K-Citymarket in Lahti city centre in autumn 2025, replacing K-Citymarket Paavola • New K-Citym
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: 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 % • 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 Market size (€bn) 2.9 Technical trade Market share 19% Market size (€bn) 2.4 Market share of current Market share (2025) 44% 39%* operating market (2025) Tec
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 (2025) 12% Retail market (€bn) 1.6 0.9 Market s
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 ~17% via acquisitions
BUILDING AND TECHNICAL TRADE MARKET SHARE IN DANISH BUILDERS’ MERCHANT ~17% 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 holds 90% of shares in David
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 23
Slide 23: Good result in car trade
CAR TRADE GOOD RESULT IN CAR TRADE 24
Slide 24: Car trade in brief
CAR TRADE CAR TRADE IN BRIEF K-Auto is the leading and most interesting automotive company in Finland 2025 2024 2023 2022 Importing and sales of attractive and high-quality new cars. Net sales, € million 1,365 1,209 1,262 1,125 Operating profit*, € million 83.1 69.3 82.6 64.3 Significant multi-brand
Slide 25: Focusing on performing better than the market in all businesses
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. 70,600 in 2025, of which Kesko’s K-Auto accounted r
Slide 27: Other strategic themes
OTHER STRATEGIC THEMES 28
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 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 30: Kesko's financial targets intact
KESKO’S FINANCIAL TARGETS INTACT TARGET 2025 OPERATING MARGIN, OVER 6% 5.3% COMPARABLE RETURN ON CAPITAL OVER 14.5% 10.4% EMPLOYED, COMPARABLE, % INTEREST-BEARING NET DEBT/EBITDA, AT MAXIMUM 2.5 1.6 EXCLUDING IFRS 16 IMPACT 31
Slide 31: 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 32: 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 33: 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 34: 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 35: Sales via digital channels over €2.2 billion
SALES VIA DIGITAL CHANNELS OVER €2.2 BILLION 36 2025,, excl. VAT
Slide 36: Board's dividend proposal to Kesko's Annual General Meeting
BOARD'S DIVIDEND PROPOSAL TO KESKO’S ANNUAL 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 37 Accounting for share split
Slide 37: Number of shareholders has grown
NUMBER OF SHAREHOLDERS HAS GROWN ~125,000 REGISTERED SHAREHOLDERS BALANCED OWNERSHIP STRUCTURE 125 000 115 000 26.0 % 105 000 33.2 % 95 000 85 000 7.5 % 75 000 65 000 55 000 33.3 % 45 000 35 000 Nominee-registered, foreign ownership 01/19 01/23 04 07 01/21 04 07 04 07 04 07 04 07 04 07 01/20 01/22 0
Slide 38: Kesko's result improved, net sales grew in all divisions
KESKO FINANCIAL STATEMENTS RELEASE 2025 KESKO’S RESULT IMPROVED, NET SALES GREW IN ALL DIVISIONS Jorma Rauhala President and CEO 5 February 2026
Slide 39: Summary of 2025
SUMMARY OF 2025 • Kesko’s comparable operating profit improved, net sales grew in all divisions • Grocery trade: upturn in market share, profitability strong despite investments 2025 2024 Net sales, € million 12,474.7 11,920.1 • Building and technical trade: comparable operating profit grew despite
Slide 40: Net sales 2025
NET SALES 2025 GROUP DIVISIONS € million € million Change, comparable 2.3% 1.0% 1.4% 12.0% 41
Slide 41: 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% 42 Comparable figures
Slide 42: Return on capital employed
RETURN ON CAPITAL EMPLOYED % 43 Comparable figures
Slide 43: 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 44: 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 45
Slide 45: 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 46: Q4/2025 good net sales development in all divisions
Q4/2025 GOOD NET SALES DEVELOPMENT IN ALL DIVISIONS 47
Slide 47: Net sales Q4
NET SALES Q4 GROUP DIVISIONS € million € million Change, comparable 3.1% 3.0% 2.9% 4.4% 48
Slide 48: Operating profit Q4
OPERATING PROFIT Q4 GROUP DIVISIONS € million € million Operating margin 5.6% 5.4% 7.4% 6.8% 3.4% 3.7% 6.1% 6.0% 49 Comparable figures
Slide 49: Grocery trade Q4: upturn in market share, profit at a good level
GROCERY TRADE Q4 UPTURN IN MARKET SHARE, PROFIT AT A GOOD LEVEL 50
Slide 50: Grocery trade highlights in Q4
GROCERY TRADE HIGHLIGHTS IN Q4 • Division net sales increased, comparable operating profit slightly down • Total grocery market grew by approximately 2.7% • K Group grocery sales up by 4.2% • K Group grocery store chains gained market share notably in Q4 and in H2/2025 • All our grocery chains won o
Slide 51: Quality x price x network: strategy working
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 to a new level:
Slide 52: Building and technical trade Q4: cycle gradually recovering
BUILDING AND TECHNICAL TRADE Q4 CYCLE GRADUALLY RECOVERING, SALES AND PROFIT GREW STRONGER 53
Slide 53: Building and technical trade highlights in Q4
BUILDING AND TECHNICAL TRADE HIGHLIGHTS IN Q4 Q4/2025 Q4/2024 • Division net sales increased and profit improved • Market demand continued weak especially in new housing construction Net sales, € million 1,182.3 1,056.3 • Net sales grew and profit improved clearly in both technical trade and buildin
Slide 54: Profit improvement in 2025 came from countries outside Finland
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 Strong market position for Good ma
Slide 55: Sales of K-Rauta Finland and Onninen Finland
SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales 56
Slide 56: Car trade Q4: strong performance continued in a challenging market
CAR TRADE Q4 STRONG PERFORMANCE CONTINUED IN A CHALLENGING MARKET
Slide 57: Car trade highlights in Q4
CAR TRADE HIGHLIGHTS IN Q4 K-AUTO, NET SALES • Net sales and comparable operating profit increased even though the market remained challenging • Market demand for new cars still muted, Q4 first registrations of passenger cars and vans -2.0%; first registrations of brands represented by Kesko +3.5% i
Slide 58: Profit guidance and outlook
PROFIT GUIDANCE AND OUTLOOK 59
Slide 59: 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 60: 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 61: Dividend proposal
DIVIDEND PROPOSAL 62
Slide 62: Board's dividend proposal to Kesko's Annual General Meeting
BOARD'S DIVIDEND PROPOSAL TO KESKO’S ANNUAL 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 63 Accounting for share split
Slide 63: Summary
SUMMARY 64
Slide 64: Summary: nearly all businesses gained market share
# Nearly all businesses gained market share. # In grocery trade, market share turned around in H2/2025. Increase in customer visits, significant improvement in customer satisfaction. Strategy execution continues: quality, price and the store network. # In building and technical trade, clear increase
Slide 65: Appendix
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Slide 66: Management and IR contact
MANAGEMENT AND IR CONTACT 67
Slide 67: 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 68: IR contact
IR CONTACT Hanna Jaakkola Vice President, Investor Relations tel.+358 40 5666 070 hanna.jaakkola@kesko.fi 69
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