Kesko (KESKOB) Q2 2026 earnings summary

Executive summary

• Profit and net sales improved significantly in Q2 and H1 2026, led by strong performance in Technical Trade and Building and Technical Trade.

• All divisions and operating countries saw net sales growth, with market share gains in Grocery Trade and robust order books in Car Trade.

• Major acquisition of Dahl's technical trade operations in Sweden, Norway, and Denmark announced, the largest in company history, with combined 2025 net sales of €2.1 billion.

• Car Trade sales rose, driven by used cars, though operating profit declined slightly due to margin mix.

• Kesko ranked as the world's most sustainable company in the 'Consumer Staples' category and top in European grocery stores.

Financial highlights

• Q2 2026 net sales: €3,379.1 million (+4.2% YoY); H1 2026: €6,408.1 million (+4.4% comparable).

• Q2 comparable operating profit: €194.0 million (margin 5.7%); H1: €296.1 million.

• Profit before tax Q2: €162.1 million; EPS Q2: €0.32.

• Cash flow from operating activities Q2: €362.1 million; H1: €439.9 million.

• Capital expenditure Q2: €127.4 million; H1: €240.9 million.

Outlook and guidance

• 2026 comparable operating profit guidance updated to €670–730 million (previously €650–750 million).

• Operating environment expected to improve in all divisions and countries, but remains somewhat challenging.

• Key uncertainties: consumer confidence, investment appetite, and geopolitical risks.