Finnish retail and wholesale chain Kesko reported a slightly weaker adjusted result than expected for the fourth quarter. The board proposes an unchanged dividend.
Revenue rose by 6.2 percent to 3 231 million euro (3 041). Revenue figures were previously known.
Operating profit amounted to 160.1 million euro (121.0). The operating margin was 5.0 percent (4.0).
Adjusted operating profit reached 174.6 million euro (170.8), compared to an expected 179.9, with an adjusted operating margin of 5.4 percent (5.6).
Profit before tax was 129.4 million euro (93.1).
Net profit amounted to 99.7 million euro (74.9).
Earnings per share were 0.25 euro (0.19). Adjusted earnings per share were 0.28 euro (0.31), which is 9.7 percent worse than the analyst consensus of 0.31.
The regular dividend is proposed at 0.90 euro per share (0.90). The expected figure was 0.91.
Kesko estimates that the operating environment will improve in 2026 compared to 2025, but will remain challenging. Comparable operating profit is expected to increase.
The company forecasts a comparable operating profit of 650–750 million euro for 2026. Uncertainties include consumer confidence, investment appetite, as well as geopolitical crises and tensions.
In groceries, B2C is expected to pick up while foodservice remains stable, with an operating margin well above 6 percent despite investments. Building and technical trade is expected to recover moderately from low levels, and car sales are predicted to increase compared to 2025 despite a still subdued market.
Kesko Oyj is the leading wholesaler and retailer in Finland. Net sales break down by family of products as follows:
- grocery and convenience goods (53.4%; K-retailer; No. 2 in Finland): owned 1,128 supermarkets and stores under the names K-citymarket, K-supermarket, K-Market, Neste K., etc.;
- building, home improvement, DIY and gardening products (36.5%): building materials, interior design materials, gardening products, household appliances, furniture, etc. distributed via 491 outlets primarily under the Onninen, K-rauta, K-Bygg, Byggmakker, Byggarnas Partner and Carlsen Fritzøe brands;
- automotive (10.1%; K-Auto): cars (Volkswagen, Audi, Seat, CUPRA, Porsche, Bentley and MAN brands), spare parts and original accessories marketed through 47 outlets in Finland. The group also offers leisure and sports goods (owned 61 stores under the Intersport and Budget Sport names).
Net sales are distributed geographically as follows: Finland (80%), Nordic countries (15.8%), Baltic countries (1.1%) and other (3.1%).
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