KESKO CORPORATION JANUARY–JUNE HALF-YEAR FINANCIAL REPORT 22.7.2026 AT 8.00
Financial performance in brief:
4–6/2026
- Group net sales in April–June totalled €3,379.1 million (€3,188.8 million); reported net sales grew by 6.0% while in comparable terms, net sales grew by 4.2%
- Comparable operating profit totalled €194.0 million (€176.7 million), representing an increase of €17.3 million
- Operating profit totalled €191.0 million (€177.9 million)
- Cash flow from operating activities totalled €362.1 million (€323.9 million)
- Comparable earnings per share €0.32 (€0.29); reported earnings per share €0.32 (€0.29)
1–6/2026
- Group net sales in January–June totalled €6,408.1 million (€6,016.5 million); reported net sales grew by 6.5%, while in comparable terms, net sales grew by 4.4%
- Comparable operating profit totalled €296.1 million (€272.3 million), representing an increase of €23.8 million
- Operating profit totalled €287.6 million (€267.2 million)
- Cash flow from operating activities totalled €439.9 million (€299.5 million)
- Comparable earnings per share €0.47 (€0.42); reported earnings per share €0.45 (€0.42)
Key performance indicators
| 4–6/2026 | 4–6/2025 | 1–6/2026 | 1–6/2025 | 1–12/2025 | |
| Net sales, € million | 3,379.1 | 3,188.8 | 6,408.1 | 6,016.5 | 12,474.7 |
| Operating profit, comparable, € million | 194.0 | 176.7 | 296.1 | 272.3 | 654.9 |
| Operating margin, comparable, % | 5.7 | 5.5 | 4.6 | 4.5 | 5.3 |
| Operating profit, € million | 191.0 | 177.9 | 287.6 | 267.2 | 631.3 |
| Profit before tax, comparable, € million | 162.1 | 145.3 | 231.7 | 210.4 | 533.8 |
| Profit before tax, € million | 161.1 | 146.2 | 224.8 | 206.2 | 510.3 |
| Cash flow from operating activities, € million | 362.1 | 323.9 | 439.9 | 299.5 | 879.7 |
| Capital expenditure, € million | 127.4 | 317.6 | 240.9 | 455.5 | 735.7 |
| Earnings per share, €, basic and diluted | 0.32 | 0.29 | 0.45 | 0.42 | 1.02 |
| Earnings per share, comparable, €, basic | 0.32 | 0.29 | 0.47 | 0.42 | 1.07 |
| 1–6/2026 | 1–6/2025 | 1–12/2025 | |
| Return on capital employed, comparable, %, rolling 12 months | 10.4 | 10.7 | 10.4 |
| Return on equity, comparable, %, rolling 12 months | 16.9 | 16.9 | 15.3 |
In this half-year financial report, the comparable change % in net sales has been calculated in local currencies and excluding the impact of acquisitions and divestments and other structural arrangements completed in 2026 and 2025. The comparable operating profit has been calculated by deducting items affecting comparability from the reported operating profit.
Profit guidance for 2026 (specified)
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 estimates that its 2026 comparable operating profit will amount to €670–730 million. Previously, the 2026 comparable operating profit was estimated to amount to €650–750 million. Key uncertainties impacting Kesko’s outlook are developments in consumer confidence and investment appetites, as well as geopolitical crises and tensions.
Outlook for 2026
The operating environment for Kesko is estimated to improve in 2026 in all divisions and all operating countries. Kesko’s net sales and comparable operating profit are also estimated to improve in 2026 in all divisions and all operating countries.
In grocery trade, B2C trade is estimated to pick up and the foodservice business to remain stable. In 2026, the comparable operating margin for the grocery trade division is estimated to stay clearly above 6% despite the investments in price and the store site network. The comparable operating profit for the grocery trade division is estimated to improve in 2026 compared to 2025.
In building and technical trade, the cycle is expected to improve moderately in 2026 from an exceptionally low level. The comparable operating result for the building and technical trade division is estimated to improve in 2026 compared to 2025 in all Kesko operating countries.
In the car trade market, new car sales are expected to remain muted compared to long-term levels, but to nonetheless grow compared to 2025. The comparable operating profit for Kesko’s car trade division is estimated to improve in 2026 compared to 2025.
President and CEO Jorma Rauhala:
Kesko’s net sales grew in all divisions and profit improved in the second quarter of the year. The net sales totalled €3,379 million, up by 4.2% year-on-year in comparative terms. Profit growth was the strongest in the building and technical trade division, thanks in particular to good sales and profit performance in technical trade. The Q2 comparable operating profit totalled €194 million, representing an increase of €17.3 million. Cash flow from operating activities also strengthened.
In the grocery trade division, net sales grew and totalled €1,621 million, with a comparable operating profit of €110.6 million. The comparable operating profit decreased slightly by €0.7 million, as Kespro’s profit weakened by €2.2 million due to a challenging market. Kespro’s sales decreased by 0.6%, but still outperformed the market. K Group’s grocery sales increased by 4.3%, while the total grocery market grew by approximately 2% (Kesko's estimate, based on market figures by the Finnish Grocery Trade Association PTY). All our grocery store chains gained market share in their respective size segments in both Q2 and H1. Market share growth was the strongest in our K-Supermarket chain, which operates in the largest segment in Finnish grocery trade, i.e. supermarkets. K-Citymarket’s non-food sales grew by 4.4% and our market share in non-food increased. The long-term strategic investments we have made in our store quality, prices and network are yielding results.
In the building and technical trade division, net sales grew by 14.3% and totalled €1,413 million. The Q2 comparable operating profit grew by €20.3 million and totalled €71.2 million. Sales and profit grew particularly strongly in technical trade. Onninen Finland gained market share notably in the second quarter, but technical trade sales grew also in our other operating countries. Net sales for building and home improvement trade increased by 13.7% supported by acquisitions, and by 6.2% in comparative terms. B2B sales outperformed B2C sales in building and home improvement trade. Net sales grew in all operating countries in both technical trade and building and home improvement trade. The €5.4 million share of result from the joint venture Kesko Senukai also supported the division’s profitability. The gradual recovery in the construction cycle continued in all our operating countries. Market demand has picked up in, for example, industrial projects and infrastructure construction, but has remained muted in new housing construction.
Net sales for the car trade division totalled €353 million, up by €1 million. Net sales growth was driven in particular by used car sales, and service sales were also up. The comparable operating profit of €18.4 million represents a decrease of €3.2 million. The order book for new cars has grown by some 40% both year-on-year and since the beginning of this year. The order book is set to translate into sales during the latter half of the year. In sports trade, sales increased and profit was at last year’s level.
In June, we announced the biggest acquisition in Kesko’s history: we are set to strengthen our technical trade operations by acquiring Dahl’s businesses in Sweden, Norway and Denmark from Saint-Gobain. The combined net sales of the businesses to be acquired totalled nearly €2.1 billion in 2025. Technical trade offers significant growth potential in the stable and affluent Nordic markets as construction becomes increasingly technical and infrastructure construction and renovation building continue to grow. The debt-free transaction price of €1.2 billion will initially be covered using bridge financing. Decisions regarding the final capital structure have not yet been made, and details are estimated to be determined during Q3. Competition authorities have begun their process, and the acquisition is expected to be finalised by the beginning of 2027.
We are updating our profit guidance, and now estimate that Kesko’s comparable operating profit for 2026 will amount to €670–730 million, while our previous estimate was €650–750 million. We estimate that Kesko’s operating environment, net sales, and profit will improve in all divisions and operating countries this year.
Further information, audioconference and webcast
Further information is available from Anu Hämäläinen, Executive Vice President, Chief Financial Officer, tel. +358 105 323 713, Hanna Jaakkola, Vice President, Investor Relations, tel. +358 105 323 540, and Eva Kaukinen, Vice President, Group Controller, tel. +358 105 322 338. An English-language audioconference on the results briefing will be held on 22 July 2026 at 9.00 am (EEST). The audio conference login is available on Kesko's website at www.kesko.fi. A Finnish-language webcast of the results briefing can be viewed at 10.30 am (EEST) at www.kesko.fi.
Kesko's interim report for January–September 2026 will be published on 29 October 2026. In addition, Kesko Group's sales figures are published monthly. News releases and other company information are available on Kesko's website at www.kesko.fi.
This is a summary of Kesko Corporation’s January-June 2026 half-year financial report. The complete report is attached to this release and also available at www.kesko.fi/en/investor/