Comparable operating profit rose to €231.4 million from €208.1 million a year earlier, led by building and technical trade 2. 2026 guidance is now €690-730 million, up from €670-730 million, excluding Dahl 3.
Kesko Oyj · Q3 2026 · Reported 29 Oct 2026
Item | 7–9/2026 | 7–9/2025 | 1–9/2026 | 1–9/2025 |
|---|---|---|---|---|
Net sales, € million | 3,394.50 | 3,227.30 | 9,802.60 | 9,243.80 |
Operating profit, comparable, € million | 231.40 | 208.10 | 527.50 | 480.40 |
Operating margin, comparable, % | 6.80 | 6.40 | 5.40 | 5.20 |
Operating profit, € million | 235.70 | 204 | 523.30 | 471.20 |
Profit before tax, € million | 201.90 | 174.70 | 426.70 | 380.90 |
Cash flow from operating activities, € million | 331.40 | 287.70 | 771.30 | 587.10 |
Capital expenditure, € million | 95 | 140.70 | 335.90 | 596.20 |
Earnings per share, basic and diluted, € | 0.41 | 0.35 | 0.86 | 0.77 |
Earnings per share, comparable, € basic | 0.40 | 0.36 | 0.87 | 0.78 |
2026 comparable operating profit guidance is €690–730 million, up from €670–730 million previously. The guidance excludes the impact of the Dahl acquisition.
Expected Dahl acquisition completion date: 2 November 2026.
Building and technical trade delivered most of the profit gain
Group comparable operating profit rose €23.3 million to €231.4 million in July-September, and building and technical trade contributed €22.1 million of that, reaching €93.8 million from €71.7 million 5. Grocery added only €1.4 million, to €118.9 million, and its comparable margin slipped to 7.0% from 7.1% 49.
Technical trade net sales grew 11.3%, or 10.5% in comparable terms, and the CEO credited technical trade for the profit surge 4. The share of result from the Kesko Senukai joint venture was €14.1 million against €7.4 million in 1-9/2025, and the report says the increase partly reflects a change in the accounting treatment of supplier bonuses 5. The report attributes the increase to good sales development as well as that accounting change.
Grocery and car trade were steadier, with weak spots
Grocery net sales rose 2.7% to €1,689.9 million, and management says K Group grocery sales grew 1.8% against a market up about 0.6% 28. Kespro foodservice sales fell 1.0%, which the report ties to a weak foodservice market and which held back division profit 4.
Car trade net sales rose 8.1% to €384.2 million and comparable operating profit edged up to €23.5 million from €22.7 million 14. Over nine months, car trade comparable profit fell to €58.1 million from €62.3 million, which the report attributes to a higher share of lower-margin used car sales 15. The order book for new cars is up nearly 70% year on year 4.
Cash flow improved, and items affecting comparability were small
Operating cash flow was €331.4 million in the quarter against €287.7 million a year earlier, helped by profit growth and €16.2 million of dividends from joint ventures 8. For nine months it was €771.3 million against €587.1 million, helped by better working capital efficiency and €38.3 million of dividends from associates and joint ventures 8. Interest-bearing net debt excluding leases was €1,317.0 million, against €1,368.0 million a year earlier and €1,308.9 million at year-end 2025, with the ratio to EBITDA at 1.5 against 1.8 a year earlier 8.
Reported operating profit of €235.7 million was €4.3 million above the comparable figure, mainly because structural arrangements contributed +€3.9 million 5. Reported EPS was €0.41 against €0.35, and comparable EPS €0.40 against €0.36 2. Net finance costs rose to €36.3 million from €30.6 million, which the report links to higher debt and lease interest 6.
Guidance narrowed upward just ahead of the largest acquisition in Kesko's history
Management now expects 2026 comparable operating profit of €690-730 million, previously €670-730 million, and the range excludes any Dahl impact 3. Nine-month comparable operating profit is €527.5 million, and the 2025 full-year figure was €654.9 million 2.
The Dahl acquisition is expected to complete on 2 November 2026, and the report calls it the largest in Kesko's history. A rights issue of approximately €500-700 million is planned to finance it 27. Management expects net sales and comparable operating profit to improve in all divisions in 2027 3.
What to watch next
Whether the €690-730 million guidance for 2026 comparable operating profit holds once Dahl is consolidated, since the range excludes it 3.
The size, terms and timing of the planned €500-700 million rights issue after the 2 November completion, and its effect on leverage 27.
Whether Kespro's weak foodservice market and the used car mix keep holding back grocery and car trade profit, and whether technical trade growth persists as new housing construction stays muted 515.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.