Kesko Oyj

Q2 net sales were EUR 3.4 billion, up by EUR 190 million year over year. Comparable operating profit was EUR 194 million, with an operating margin of 5.7%; rolling 12-month operating profit was EUR 678.7 million and margin was 5.3%. Return on capital employed was 10.4%, and cash flow from operating activities was EUR 362 million. Net debt to EBITDA improved to 1.7 from 1.9, and capital expenditure was EUR 127.4 million, below Q2 2025. By division, Grocery Trade net sales were over EUR 1.6 billion and comparable operating profit was EUR 110.6 million; Building and Technical Trade net sales were over EUR 1.4 billion and comparable operating profit was EUR 71.2 million; Car Trade net sales were EUR 353 million and comparable operating profit was EUR 18.4 million. For 2026, Kesko now expects comparable operating profit of EUR 670 million to EUR 730 million, versus prior guidance of EUR 650 million to EUR 750 million.

Jorma Rauhala framed the quarter as a clear improvement in profit, repeatedly emphasizing that technical trade drove the upside while grocery and car trade were more mixed. He highlighted strong market share gains in grocery, record Q2 sales in technical trade, and the Dahl acquisition as a strategic step to strengthen Kesko's Nordic technical trade position. His tone was upbeat but cautious on the macro backdrop, saying the operating environment is still somewhat challenging and that guidance was only narrowed modestly because management wants to be careful.

Anu Hamalainen was not quoted directly in the transcript, but management covered the financials in detail. Cash flow from operating activities reached EUR 362 million thanks to effective working capital management, capex fell to EUR 127.4 million, and net debt to EBITDA improved to 1.7, comfortably below the 2.5 target. Management also said expenses rose mainly due to acquisitions, including nearly half of the increase from the Danish acquisitions, yet the cost ratio still improved to 16.9%.

Analysts focused on grocery margins, Dahl's earnings potential, the logic behind expecting car trade EBIT growth in H2, and why guidance was not narrowed more aggressively. Management said grocery margin strength reflected good execution, data use, and campaign efficiency, while declining to comment on a 2026 earnings figure for Dahl. On car trade, management pointed to a 40% stronger new-car order book as the reason H2 should improve. They also said consumer confidence has improved but remains low, and that they do not yet see a customer crunch or major competitive changes.