Kesko (KESKOB) Q2 2026 earnings summary

Executive summary

• Revenue and profit improved significantly in H1 and Q2 2026, led by strong performance in technical trade and construction.

• Comparable operating profit rose to €296.1m in H1 (up €23.8m year-over-year), with Q2 profit at €194.0m.

• All business segments saw revenue growth; technical trade and construction were the main drivers.

• Major acquisition of Dahls' technical trade operations in Sweden, Norway, and Denmark announced for €1.2bn.

• Used car sales boosted auto trade revenue, though profit declined due to lower margins.

Financial highlights

• Q2 2026 revenue: €3,379.1m, up 4.2% year-over-year; H1 revenue: €6,408.1m, up 6.5%.

• Comparable operating profit: €194.0m in Q2, €296.1m in H1.

• EPS (undiluted): €0.32 in Q2; H1 comparable EPS: €0.47, reported EPS: €0.45.

• Operating cash flow: €362.1m in Q2, €439.9m in H1.

• Effective tax rate: 19.8%.

Outlook and guidance

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

• Operating environment expected to improve in 2026, but remains challenging.

• Profitability expected to improve across all segments and geographies.

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

• Grocery trade margin expected to remain well above 6% despite investments.