Kesko Oyj
Sector unknown·KESKOB · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Nordics
Geography
DriverPositive impact: strengthens
“Outlook 2026 The operating environment for Kesko is estimated to improve in 2026 in all divisions and all operating countries. Kesko’s comparable operating profit is also estimated to improve in 2026 in all divisions and all operating countries.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Strategy Strategy, business model and value chain (SBM-1) Kesko’s strategy is focused on being the leading and most attractive trading sector company in Northern Europe. The objective is to ensure profitable growth, increase customer value, and strengthen market position across all three divisions: grocery trade, building and technical trade, and car trade.”
Annual report 2025A · The company itself
Market
“Building and technical trade The building and technical trade division operates in wholesale, retail and B2B trade in Finland, Sweden, Norway, Denmark, the Baltics and Poland. In Finland, Kesko operates the building and home improvement trade with the retailer business model. In Sweden, Norway and Denmark, Kesko operates as a retailer.”
Annual report 2025A · The company itself
Geography
“Business model and value chain In the trading sector value chain, Kesko’s role is to make products manufactured by suppliers available to customers through physical stores and digital channels. Kesko operates in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, and Poland.”
Annual report 2025A · The company itself
Construction
End markets
DriverPositive impact: strengthens
“The gradual recovery in the construction cycle continued, but the pace of recovery was weaker than expected especially in new housing construction. The growth in the division’s net sales was underpinned in particular by acquisitions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The figure was impacted by the slow recovery in the construction cycle and tight price competition, especially in technical trade.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Other capital expenditure included an investment of €40.4 million (€82.8 million) in the construction of Onninen and K-Auto’s shared logistics centre in Hyvinkää, Finland, completed in August.”
Annual report 2025A · The company itself
Market
“Building and technical trade The building and technical trade division operates in wholesale, retail and B2B trade in Finland, Sweden, Norway, Denmark, the Baltics and Poland. In Finland, Kesko operates the building and home improvement trade with the retailer business model. In Sweden, Norway and Denmark, Kesko operates as a retailer.”
Annual report 2025A · The company itself
Market
“Building and home improvement stores serve both consumers and professional builders.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Retail
End markets
DriverPositive impact: strengthens
“K Group grocery stores gained market share in July- December by 0.2 percentage points, and in the final quarter by 0.5 percentage points (PTY).”
Annual report 2025A · The company itself
Market
“Net sales for the grocery trade division increased by 1.0%. Sales to K Group grocery store chains grew by 1.9%.”
Annual report 2025A · The company itself
Market
“In grocery trade, B2C trade is estimated to pick up and the foodservice business to remain stable.”
Annual report 2025A · The company itself
Market
“Kesko’s wholesale to retailers accounted for 43% (45%) of the Group’s net sales in 2025. B2B trade accounted for 41% (37%) of the Group’s net sales in 2025.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Denmark
Geography
Market
“Building and technical trade The building and technical trade division operates in wholesale, retail and B2B trade in Finland, Sweden, Norway, Denmark, the Baltics and Poland. In Finland, Kesko operates the building and home improvement trade with the retailer business model. In Sweden, Norway and Denmark, Kesko operates as a retailer.”
Annual report 2025A · The company itself
Geography
“Business model and value chain In the trading sector value chain, Kesko’s role is to make products manufactured by suppliers available to customers through physical stores and digital channels. Kesko operates in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, and Poland.”
Annual report 2025A · The company itself
Geography
“The figures of the Danish building and home improvement trade companies acquired have been consolidated into the division’s figures as follows: Roslev Trælasthandel A/S as of 1 February 2025, CF Petersen & Søn A/S as of 1 May 2025, and Tømmergaarden A/S as of 1 June 2025.”
Annual report 2025A · The company itself
ESG and sustainability reporting
Regulation
DriverNegative impact: weakens
“Regulations and legislation Changes in national and international regulations, for example restrictions related to private label products or new sustainability requirements, could impact the operating conditions for business and profitability.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Relationships with suppliers and service providers Potential positive impact Downstream Short-, medium- and long-term Kesko‘s requirements for suppliers and service providers, such as commitment to the K Code of Conduct for business partners, promote an ethical and sustainable value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Key events during the financial year Kesko ranked as the world’s most sustainable company in the ’Consumer Staples’ category on the 2025 ‘Global 100 Most Sustainable Corporations’ listing.”
Annual report 2025A · The company itself
Hospitality and leisure
End markets
DriverPositive impact: strengthens
“Kespro’s market share is estimated to have continued to grow.”
Annual report 2025A · The company itself
Market
“Net sales for Kespro’s foodservice business decreased by 0.3%.”
Annual report 2025A · The company itself
Market
“In grocery trade, B2C trade is estimated to pick up and the foodservice business to remain stable.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Automotive
End markets
DriverNegative impact: weakens
“The combined market performance of first registrations of passenger cars and vans was -1.6% .”
Annual report 2025A · The company itself
Market
“Building and home improvement stores serve both consumers and professional builders.”
Annual report 2025A · The company itself
Agriculture and food production
End markets
Market
“Grocery trade The grocery trade division comprises the wholesale and B2B trade of groceries and the retailing of home and speciality goods in Finland.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“Kesko’s sustainability strategy is built on four focus areas: climate and nature, value chain, our people, and good governance. Key topics related to climate and nature include reducing greenhouse gas emissions throughout the value chain and promoting resource efficiency and the circular economy, particularly by increasing the recycling rate of waste and reducing food waste.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“Kesko’s sustainability strategy is built on four focus areas: climate and nature, value chain, our people, and good governance. Key topics related to climate and nature include reducing greenhouse gas emissions throughout the value chain and promoting resource efficiency and the circular economy, particularly by increasing the recycling rate of waste and reducing food waste.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
SMEs
End markets
Market
“Kesko’s wholesale to retailers accounted for 43% (45%) of the Group’s net sales in 2025. B2B trade accounted for 41% (37%) of the Group’s net sales in 2025.”
Annual report 2025A · The company itself
Textiles and nonwovens
Raw materials and inputs
StrategyPositive impact: strengthens
“In 2025, Kesko expanded its cotton guideline into a broader textile guideline and aims to reduce negative impacts in the supply chains of textile products.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“The total grocery retail market in Finland (incl. VAT) is estimated to have grown by approximately 2.5% (Finnish Grocery Trade Association PTY), and retail prices are estimated to have risen by some 2.1% (incl. VAT, Statistics Finland). K Group's grocery sales grew by 2.1% (incl. VAT).”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“The gradual recovery in the construction cycle continued, but the pace of recovery was weaker than expected especially in new housing construction. The growth in the division’s net sales was underpinned in particular by acquisitions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The combined market performance of first registrations of passenger cars and vans was -1.6% .”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Outlook 2026 The operating environment for Kesko is estimated to improve in 2026 in all divisions and all operating countries. Kesko’s comparable operating profit is also estimated to improve in 2026 in all divisions and all operating countries.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverPositive impact: strengthens
“The total grocery retail market in Finland (incl. VAT) is estimated to have grown by approximately 2.5% (Finnish Grocery Trade Association PTY), and retail prices are estimated to have risen by some 2.1% (incl. VAT, Statistics Finland). K Group's grocery sales grew by 2.1% (incl. VAT).”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The comparable operating profit for the grocery trade division totalled €418.1 million (€438.0 million), down by €19.9 million. The change in comparable operating profit was impacted by the implementation of the price programme in K Group grocery stores and a weak foodservice market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Low demand, a decrease in sales, and price competition could increase margin and cost pressures in all divisions.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Circular economy and recycling
Regulation
DriverNegative impact: weakens
“E5 Resource use and circular economy Resource outflows related to products and services: Packaging Actual negative impact Own operations Short-, medium- and long-term The logistics chain of products includes several types of packaging, from logistics packaging to individual product retail packaging. Waste Actual negative impact Own operations Short-, medium- and long-term Waste is generated in Kesko’s operations, especially in warehouse operations, logistics and in own retail operations. Food waste Actual negative impact Own operations Short-, medium- and long-term Food waste is generated in Kesko’s warehouse operations, logistics and cash-and-carry outlets.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Geopolitical and supply chain risks Instability in the international operating environment, changes in trade and economic policy, and potential disruptions in supply chains could impact product availability and business continuity.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverNegative impact: weakens
“Geopolitical and supply chain risks Instability in the international operating environment, changes in trade and economic policy, and potential disruptions in supply chains could impact product availability and business continuity.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Inflation
Macro
DriverNegative impact: weakens
“The comparable operating profit for the grocery trade division totalled €418.1 million (€438.0 million), down by €19.9 million. The change in comparable operating profit was impacted by the implementation of the price programme in K Group grocery stores and a weak foodservice market.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Social Kesko has 18,991 employees under employment contracts, and Kesko’s operations are connected to their employment, wellbeing, health and safety.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
DriverNegative impact: weakens
“E5 Resource use and circular economy Resource outflows related to products and services: Packaging Actual negative impact Own operations Short-, medium- and long-term The logistics chain of products includes several types of packaging, from logistics packaging to individual product retail packaging. Waste Actual negative impact Own operations Short-, medium- and long-term Waste is generated in Kesko’s operations, especially in warehouse operations, logistics and in own retail operations. Food waste Actual negative impact Own operations Short-, medium- and long-term Food waste is generated in Kesko’s warehouse operations, logistics and cash-and-carry outlets.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Consumer preference shifts
End markets
DriverNegative impact: weakens
“Health and safety: Product safety Potential negative impact Downstream Short-, medium- and long-term Deficiencies in the safety of the products sold by Kesko can have significant negative impacts on the health and safety of consumers and end-users.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Currency exposure
Macro
DriverMixed impact: mixed
“Net sales increased in comparable terms by 2.2% in Finland, while in the other operating countries, net sales increased by 2.6%.”
Annual report 2025A · The company itself
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Cybersecurity and data protection risks Cyber-attacks and data leaks could result in business disruptions, loss of data, and reputational damage.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
E-commerce
Technology
DriverPositive impact: strengthens
“Online grocery sales grew by 7.9%, and accounted for approximately 3.9% of K Group’s grocery sales (incl. VAT).”
Annual report 2025A · The company itself
Interest rates
Macro
DriverNegative impact: weakens
“Financing and cash flow Growing financing costs combined with potentially weakening cash flow from operating activities could impact business profitability and the company’s ability to invest.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Packaging regulation and deposit schemes
Regulation
DriverNegative impact: weakens
“Regulations and legislation Changes in national and international regulations, for example restrictions related to private label products or new sustainability requirements, could impact the operating conditions for business and profitability.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Business model and value chain In the trading sector value chain, Kesko’s role is to make products manufactured by suppliers available to customers through physical stores and digital channels. Kesko operates in Finland, Sweden, Norway, Denmark, Estonia, Latvia, Lithuania, and Poland.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 12.47 bn EUR |
| Revenue growth vs. the year before, same method | 4.7 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | N/A |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | N/A |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.