Kesko Oyj

Profit and sales beat across all divisions (headline: Technical trade drove the improvement) - Q3 2026 net sales: ~EUR 3.4bn, up EUR +167m. - Q3 2026 comparable operating profit: EUR 231.4m; operating margin 6.8%. - Rolling 12 months: net sales > EUR 13bn (first time ever) and rolling operating profit EUR 702.1m (margin 5.4%). - All divisions grew in both sales and comparable operating profit, with the biggest jump in Building & Technical Trade (esp. technical trade / Onninen).

Division highlights (good performance, where it came from) - Grocery trade (K Group): net sales ~EUR 1.7bn (+EUR 45m). - K Group gained market share; customers moving to bigger baskets / more main-meal categories. - Q3 comparable operating profit EUR 118.9m (+EUR 1.4m YoY), margin ~7%; profitability remained solid despite ongoing investments. - Building & Technical Trade: net sales >EUR 1.3bn, +EUR 94m. - Division comparable operating profit EUR 93.8m; operating margin 7.1% (+EUR 22.1m YoY). - Technical trade (Onninen) strong: Q3 technical trade sales +10.5% (comparable), profit grew in all countries. - Building & home improvement (K-Rauta/Byggmakker etc.): profit was softer in Finland (muted consumer/B2C), but improved in Denmark, Sweden, Norway. - Car trade: Q3 net sales EUR 384m (+EUR 29m); comparable operating profit EUR 23.5m (+EUR 0.8m YoY). - Demand for new cars picked up; order book strong (up ~70% YoY in units). Delivery timing is a constraint (3–4 months typical; longer for some models).

Cash flow, leverage and cost control (financial position improving) - Operating cash flow (Q3): EUR 331.4m, strengthened notably due to higher earnings. - Capex: EUR 95m, lower vs Q3 2025 (continued store network investment; some logistics capital already past). - Net debt / EBITDA: 1.5, improved from 1.7 at prior quarter; well below maximum target 2.5. - Expense discipline: cost ratio 15.7%; personnel costs increased (salary review in Finland in autumn vs spring last year), but control remained good.