Slide 1: 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 2: 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 3: Net sales 2025
NET SALES 2025 GROUP DIVISIONS € million € million Change, comparable 2.3% 1.0% 1.4% 12.0% 3
Slide 4: 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% 4 Comparable figures
Slide 5: Return on capital employed
RETURN ON CAPITAL EMPLOYED % 5 Comparable figures
Slide 6: 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 7: 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 7
Slide 8: 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 9: Q4/2025 good net sales development in all divisions
Q4/2025 GOOD NET SALES DEVELOPMENT IN ALL DIVISIONS 9
Slide 10: Net sales Q4
NET SALES Q4 GROUP DIVISIONS € million € million Change, comparable 3.1% 3.0% 2.9% 4.4% 10
Slide 11: 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% 11 Comparable figures
Slide 12: Grocery trade Q4
GROCERY TRADE Q4 UPTURN IN MARKET SHARE, PROFIT AT A GOOD LEVEL 12
Slide 13: 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 14: 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 15: Building and technical trade Q4
BUILDING AND TECHNICAL TRADE Q4 CYCLE GRADUALLY RECOVERING, SALES AND PROFIT GREW STRONGER 15
Slide 16: 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 17: 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 18: Sales of K-Rauta Finland and Onninen Finland
SALES OF K-RAUTA FINLAND AND ONNINEN FINLAND Retail and B2B sales 18
Slide 19: Car trade Q4: strong performance continued in a challenging market
CAR TRADE Q4 STRONG PERFORMANCE CONTINUED IN A CHALLENGING MARKET
Slide 20: 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 21: Profit guidance and outlook
PROFIT GUIDANCE AND OUTLOOK 21
Slide 22: 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 23: 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 24: Dividend proposal
DIVIDEND PROPOSAL 24
Slide 25: 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 25 Accounting for share split
Slide 26: Summary
SUMMARY 26
Slide 27: 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 28: К K
К K