Kesko Oyj (KKOYY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Dear all, warmly welcome virtually to Helsinki, and thank you for tuning in for Kesko's Q1 2025 release call. Today's headline is Stable performance during the slowest quarter of the year, and it describes well the first quarter. Our agenda today is the following. President and CEO Jorma Rauhala will first give the Q1 presentation. We have here together with us our business division presidents, Ari Akseli for grocery trade, Sami Kiiski for building and technical trade, and Johanna Ali for car trade, as well as our CFO, Anu Hämäläinen. After Jorma's presentation, it is time for questions, both by phone and via chat function. All the materials related to Q1 can be found at our web pages, kesko.fi, under Investors. My name is Hanna Jaakkola, responsible for IR at Kesko. I will be at your service after the presentation for questions and discussions. But now, Jorma, the virtual stage is yours. Please. Thank you, Hanna. Ladies and gentlemen, welcome also on my behalf to this release call. I'm Jorma Rauhola, and I have now the pleasure to present Kesko's Q1 results. Stable performance during the slowest quarter of the year is our headline. Yes. Yes. Q1 is seasonally the smallest quarter of the year and our performance was good despite this seasonality. Now I will give an overview of our business performance and open up elements behind the result. In the end, I'll present the guidance and outlook for 2025 and we are ready for the Q&A. Summary of Q1 2025. Kesko's net sales increased and comparable operating profit decreased. In grocery trade, net sales and profit were down as anticipated due to the timing of Easter and the implementation of the price program. In building and technical trade, sales picked up, especially in the P2B segment in building and home improvement trade...