Sales rose 6.6 percent to EUR 3,227.3 million (3,026.6). The outcome can be compared with Vara Research's analyst consensus of 3,231.1.
Operating profit was EUR 204 million (202.1). The operating margin was 6.3 percent (6.7).
Adjusted operating profit amounted to EUR 208.1 million (201.5), compared with an expected EUR 213.1 million, with an adjusted operating margin of 6.4 percent (6.7).
Profit before tax was EUR 174.7 million (172.5).
Earnings per share amounted to EUR 0.35 (0.35). Adjusted earnings per share were EUR 0.36 (0.34), which is 2.7 percent lower than the analyst consensus of EUR 0.37.
Cash flow from operating activities amounted to EUR 287.7 million (285.6).
Kesko now expects a comparable operating profit of €640–690 million for 2025, compared to the previous forecast of €640–700 million. The company expects improved results compared to 2024, but describes the market situation as still challenging.
The adjustment reflects a slower recovery in construction and technical trade in the third quarter. Uncertainties remain regarding consumer confidence, investments, and geopolitical risks.
Kesko expects a broad increase in earnings in 2026. The company estimates that profitability will improve in all divisions and countries in 2026, supported by a stronger market situation.
Food trade is expected to strengthen, with an operating margin well above 6 percent despite investments in pricing and the store network. Building and technical trade is predicted to recover moderately after a weak 2025, and car trade is expected to increase slightly from low levels.
| Kesko, MEUR | Q3-2025 | Consensus | Change from consensus | Q3-2024 | Change |
| Net sales | 3,227.3 | 3,231.1 | -0.1 | 3,026.6 | 6.6 |
| Operating profit | 204 | 202.1 | 0.9 | ||
| Operating margin | 6.3 | 6.7 | |||
| Adjusted operating profit | 208.1 | 213.1 | -2.3 | 201.5 | 3.3 |
| Adjusted operating margin | 6.4 | 6.6 | 6.7 | ||
| Profit before tax | 174.7 | 172.5 | 1.3 | ||
| Earnings per share, EUR | 0.35 | 0.35 | 0.0 | ||
| Adjusted earnings per share, EUR | 0.36 | 0.37 | -2.7 | 0.34 | 5.9 |
| Cash flow from operating activities | 287.7 | 285.6 | 0.7 |
