Slide 1: Kesko Interim Report Q3/2025: Result improved – positive development in all divisions
KESKO INTERIM REPORT Q3/2025 RESULT IMPROVED – POSITIVE DEVELOPMENT IN ALL DIVISIONS Jorma Rauhala President and CEO 30 October 2025
Slide 2: 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 3: Net sales
NET SALES €+201 million 12,284 3,189 3,227 11,920 3,093 12,000 3,027 3,041 3,000 2,828 2,759 10,000 8,000 € million € million 2,000 6,000 4,000 1,000 2,000 0 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months 3
Slide 4: Operating profit
OPERATING PROFIT €6.5 million (€6.6 m excl. Kesko Senukai's result for 1-6/2025) 650.1 651.2 208.1 600.0 201.5 200 178.3 176.7 170.8 € million € million 400.0 99.5 95.6 100 200.0 0 0.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months Operating 3.6% 5.8% 6.7% 5.6% 3.4% 5.5% 6.
Slide 5: Return on capital employed
RETURN ON CAPITAL EMPLOYED 16.0 15.5 15 14.6 13.8 11.3 10.6 10 7.8 7.2 % 5 0 Grocery trade Building and technical trade Car trade Group 2024 Q3/2025 rolling 12 months 5 Comparable figures
Slide 6: 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 7: 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 7
Slide 8: 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 9: Grocery trade Q3: Sales increased, turn for the better in grocery store market share development
GROCERY TRADE Q3 SALES INCREASED, TURN FOR THE BETTER IN GROCERY STORE MARKET SHARE DEVELOPMENT 9
Slide 10: Grocery trade: Net sales
GROCERY TRADE NET SALES €+36 million 6,500 6,381 6,398 1,661 1,645 1,596 1,609 1,606 1,515 1,486 6,000 1,500 5,500 € million € million 1,000 5,000 500 4,500 0 4,000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months 10
Slide 11: Grocery trade: Operating profit
GROCERY TRADE OPERATING PROFIT €-1.2 million 438.0 423.9 122.2 400 118.8 117.5 120 114.5 111.3 300 90 82.5 € million 72.8 € million 200 60 30 100 0 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months Operating Operating 5.4% 7.2% 7.4% 7.4% 4.9% 6.9% 7.1% margin 6.9% 6.6% margi
Slide 12: 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 13: 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 13
Slide 14: Strong network development in all chains – main focus on growth centres
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 15: Kesko invests in growth – three new hypermarkets in the Greater Helsinki area
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 16: 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 17: 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 18: Building and technical trade Q3: Cycle recovering, notable strengthening in technical trade
BUILDING AND TECHNICAL TRADE Q3 CYCLE RECOVERING, NOTABLE STRENGTHENING IN TECHNICAL TRADE SALES 18
Slide 19: Building and technical trade: Net sales
BUILDING AND TECHNICAL TRADE NET SALES €+106 million 4,560 4,352 1,204 1,237 1,234 4,000 1,200 1,128 1,056 1,033 964 € million € million 800 3,000 400 0 2,000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months 19
Slide 20: 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) 200 70.1 71.7 169.1 170.4 60 56.1 € million 50.9 € million 36.1 100 30 11.7 6.8 0 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 rolling 12 months Operating 0.7% 4.7% 6.2% 3.4% 1.
Slide 21: 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 22: Sales of K-Rauta Finland and Onninen Finland
22 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% B2B sales Retail and Q1/2019 Q2/2019 Q3/2019 Q4/2019 Q1/2020 Q2/2020 Q3/2020 Q4/2020 Q1/2021 Q2/2021 Q3/2021 Q4/2021 Q1/2022 Q2/2022 Q3/2022 Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 AND ONNINEN FINLAND Q3/2024 SALES OF K-RAUTA FINLAND Q
Slide 23: 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 24: 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% SWEDEN ~ €2.0bn ~ €1.0bn POLAND AND -0.1% -5.1% ~ €500m THE BALTIC COUNTRIES -8.3%
Slide 25: Onnela logistics centre in Hyvinkää, Finland 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 26: 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 26 Image: Saku Metsärinne
Slide 27: Car trade Q3: Strong profit development continued
CAR TRADE Q3 STRONG PROFIT DEVELOPMENT CONTINUED 27
Slide 28: Car trade: Net sales
CAR TRADE NET SALES €+60 million 1,350 400 1,209 352 355 1,200 329 314 299 295 300 286 900 € million € million 200 600 100 300 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 0 2024 Q3/2025 rolling 12 months 28
Slide 29: Car trade: Operating profit
CAR TRADE OPERATING PROFIT €+4.9 million 82.5 80 22.7 69.3 21.6 20.2 20 60 € million 17.8 17.9 € million 16.4 14.9 40 10 20 0 0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 2024 Q3/2025 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 29 Comparable figure
Slide 30: 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 New cars Used cars Services Other 2% • Market demand for new cars still muted, Q3 first registrations of passenger 14% cars and vans up by 2.5%; first regis
Slide 31: Specified profit guidance for 2025 and outlook for 2026
SPECIFIED PROFIT GUIDANCE FOR 2025 AND OUTLOOK FOR 2026 31
Slide 32: 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 33: 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 34: 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
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