Kesko Oyj

Liikevuoto laski hieman. Sitten tosiaan niin kerrottiin silloin 15.6. että me tullaan vahvistamaan merkittävästi meidän toimintoja Pohjoismaissa teknisessä tukkukaupassa. Ilmoitettiin, että ostetaan Daalilta Ruotsin, Norjan ja Tanskan liiketoiminnot. Ja tosiaan näiden ostettavien yhteyden yhteenlaskettu liikevaihto oli viime vuonna 2,1 miljardia euroa. And we have increased the rate of income and estimate that the ratio has increased by 670-730 million euros. Previously it was 650-750 million euros, so this range was reduced to 40 million euros and 20 million euros in both directions. The exchange rate has increased by 190 million euros. There was of course some growth from the Danish stock market. From now on, it will not affect the numbers at all, so the background figures will also be there. The slide rate is almost 13 billion euros. The net profit, as stated, rose to 17.3 million euros and the net profit percentage rose to 5.7 million euros, a drop of 680 million euros and a drop of 5.3 percent over the past 12 months. The net profit remained the same. In the construction and housing technology market, it improved, and in the retail and car market, it slightly weakened. The position of the economy is good. The flow of money has improved and there is good management of the utility business, especially in the background. Investments have opened up more closely. On the next page, the net interest rates without leasing debts, especially net interest rates per use rate, improved by 1.7 last year and it was 1.9 during Q1, so we are also going in a better direction. There is nothing more surprising in investments. We have announced that we are going to invest 250 million euros in the Finnish retail network. We will continue to do so. There is always a bit of thinking about what happened last year and what happened this year, but no changes. The company purchases last year were from Tanska and this year there will be no company purchases. We can say that the costs are in good control. The cost relationship has improved from 17.1 to 16.9. The increase in costs comes from the new companies that have been purchased. Not just the staff, but a lot has come to our payrolls. All in all, the costs are in good control. Then let's go to the operations. The stock market has continued to grow at a good level. The turnover grew by 15 million, sliding up to 6.5 billion over the next 12 months. The net profit was a great 0.7 million euros, and in fact, when Kespro calculated 2.2 million euros, the net profit from other activities, i.e. net profit from net profit, improved a little. The profit percentage is strong, 6.8, slightly 6.5, i.e. very strong figures. Well, then in the central grocery store, in fact, about the results, and I already went through it, it must also be remembered that now the main event was held, that is, most of the closing was held in March and in the quarter-finals everything was then in April, i.e. in the second half of the month. The growth of wholesale goods in Finland was 2% and our wholesale goods sales increased by 4.3%, so we won a significant market share in Q2. Customer service has increased further and customer satisfaction has clearly increased in all chains. The turnover of Kespura was 0.6%, but Kespura still won market share. The sales of K-City goods increased by 4.4% and the market actually wins market share very well. Food network sales increased by 11.3% and its share of K-group retail sales is 4%. Inflation rate in Finland for food is 1.2%, for us it is 0.9%. And certainly this is due to our price system that we sell more affordable products. The question of quality products and services in the K-group market is still at a good level. The growth of market share is great. If we look at the clouds, a year ago in August we won market share for the first time in a long time, but then in September we lost a little bit, so the third quarter of last year was a loss of minus 0.1. Last year, in Q4, all shares won market share. They won market share of 0.5. And in the first quarter of this year, market share won 0.5. All shares won. And in Q2, it was particularly strong, so we won market share of 0.8, which then drives to 0.6 in the first quarter of the year. Ilauduttavaa on se, että tosiaan kaikki kokoluokat voitti markkinaosuutta ja suurin se kasvu ja missä me voitiin eniten markkinaosuutta oli tämä supermarket-kokoluokka, joka on sitten Suomessa se suurin luokka kaiken kaikkiaan. Myös City Marriottin käyttötavaramyynti voitti markkinaosuutta ensimmäisellä vuosipuoliskolla ja tämä on meidän tavoite, voittaa markkinaosuutta ja kuitenkin sillä lailla, että kannattavuus on hyvä selvästi yli 6%. These are our investments in the quality and price of the network at the core of our strategy. 22 new businesses have been opened during the first half of the year. The impact of the network on the market this year is considered to be neutral. In the case of construction and financial technology, sales growth and revenue improved as a result of the opening of a company-owned business. In addition, the company-owned business was stronger this time around. The turnover has increased by 176 million shares as a support for the company and is now close to 5 billion euros. And indeed, a great return improvement of 20.3 million euros and a return percentage of 4.1 to 5%. And the return improvement is also close to 4.1. In the central construction and financial technology market, Indeed, trade growth has increased in all business sectors and in all countries. The Q2 was a record in terms of trade growth and the results improved, especially in terms of the growth of the technical trade. So what does this market look like? Well, we can say that the question of the market has been raised in industrial projects, infrastructure construction, but then there is a lot of talk about housing, new housing, especially in Finland, so it hasn't changed yet. The growth is coming from elsewhere, from these industrial projects, infrastructure, data centers and the like. In Finland, sales increased significantly and sales improved significantly. In Finland, the growth came especially due to the strengthening of market share. In the KRA, sales increased especially in the corporate market and the results were on a good level. In Norway, the sales of Pygmagre increased significantly, the sales of Onnisen improved and the sales of Pygmagre decreased slightly. Tanska was really positive, sales strengthened and the results improved, and of course after all these companies, they are always so self-sufficient, and the fact that we have now taken all four companies from Tanska into account, it is nice to see this strengthening of the results. The same goes for Sweden. Sweden has for a long time, of course, always had some kind of problems with the retail market, but Kbyk is doing very well now, taking market share and sales growth very significantly, and the results improved. Of course, the level of the results is still to be measured. Onnistulla on vahva myyninkasvu ja tulosparannut Puolassa hyvin. Pieni lasku Baltiassa ja johtuen lähinnä siellä on tehty paljon investointeja muun muassa logistiikkakeskuksiin. Luottoriskit hyvin hallinnassa, vain 0,7 miljoonaa alaskirjattu. Keskosennukain tulososu oli myös vahva 5,4 miljoonaa ja siitä tuo kesäkuu puuttuu sitten, että on huhti- ja toukokuusiina mukana. Viime vuonna vastaava oli 0 miljoonaa euroa. This chart has been shown quite precisely two years ago in the summer, the first time we showed this, and this shows that the development of quarter sales compared to the quarter of the previous year in comparison to K-Rauda and Onnis in terms of Finnish sales. And of course, they describe quite well the market situation when K-Rauda is about 50% of the market, Moninenkin is about 47%. And what we see is, of course, the blue bar is the Onnis line, and there is a slightly different trend, and it has been explained at the bottom, so competitive sales in Q2, the sales volume was 0.6 and Onnis had a plus 16. Onninen on otettu erittäin merkittävästi markkinaosuutta. Onnisen luku ei kuvaa sitä markkinan kehitystä, vaan nimenomaan meidän. K-Rauta myös sillä lailla ilahduttavasti, että pikkusen parempi kuin markkinakehitys on otettu markkinaosuutta. Nähdään tietysti, että parisen vuotta jo on tietyllä lailla rakentamisen käppyrä tuossa, niin siinä ne pyörii nollan vähän molemmin puolin, pikkusen paremmalla puolella. Isoa merkittävää muutosta ei ole tietysti vielä näkynyt. and more in the technical stock market. If we look at the whole market, we are likely to reach at least 5-6% growth in that quarter. Onninen has been part of the center since 2016. Onninen made a 1.2% profit in a very good market. As part of the center, the success rate reached almost 7.6% in the last 22 years. And now we are talking about, we could say, a historically weak market situation. The success rate of 4% has now been clarified. It is good to compare this moment to 2006-2017. The sales growth is very long-term and organic. Electroscandia has been bought in Norway, but on the other hand, the same-sized business has been divested in Sweden in 2008. So a strong growth in the central sector, if we look at the past 26 years, technical trade has increased in all countries and growth is expected to continue. The market in Finland and Norway is still low, but it has improved compared to the past. In Sweden, Poland, and the Baltics, the market is normalizing. If we take a closer look at Finland and the first half of the year, the market has still been growing, as I showed, but the market has grown significantly for us. It has grown in all product areas, for all customer groups, and that is of course always a positive thing. And the product areas where particularly strong growth is coming from are energy solutions, solar panels, heat pumps, electricity reserves, supporting the regulation of electricity prices. Then the new one that has been focused on, in addition to working clothes and protective equipment, is this growth area, a well-produced growth area. And I could say that Onni has been able to make a good profit in the challenging market with its efficient investments and digitalization. Then on the 15th of June, we announced that we will buy from Saint-Gobain Daal, Daali, Sweden, Norway and the business operations of Tansk. The exchange rate of these three countries last year was about 2.1 billion euros and the use rate was 146 million euros. And when these are combined as numbers, at the moment, building the housing technology and Daalin these units, we are talking about 6.8 billion last year, but as we know, this year, especially, our numbers have strengthened. Sales figures, Daalin figures, we can't comment. The company Daal has an iconic brand. A company over 160 years old, good market position, strong own marks, modern automated central reserves, solid sales networks and digital sales channels. All in all, we know that we have had long-term strategies in the field of corporate trading and building economic technology. Especially in the Nordic countries, we have made a couple of 30 corporate trades, and I can say that this is This is the best option that can ever be bought. We are very satisfied with it, namely these countries, namely this technical stock market. And I can say that we have quite strong displays, that we know the business, we know the local strategy, and this is a good proof of that. Well, then in this market itself, the final decisions of the capital structure have not yet been made, and they will be decided during Q3. The competition has begun and the trade is expected to be carried out by the beginning of the year 2027. It is not surprising that we are going in the same way as the plan has been. Car trade in Q2. Sales increased as used cars were launched. Trade, well, small growth of a million euros, but especially in used cars there was a strong growth. The net profit has dropped by 3.2 million euros. However, if we take into account the situation in the car industry, the net profit margin of 5.2% is quite strong. The same thing that was said during Q1 is that the factor that affected the results is that the number of used cars and sales has increased, and the net profit margin is clearly lower in new cars, so it affects the net profit. The market demand for new cars is still low. In Q2, the registered sales were minus 2.7% and for us it was minus 13.8%. But there is no such concern, there is more of a question of timing. For example, last year we had very strong sales for car rentals. who were in the second half of the season and now the situation is very good. The order count of new cars has increased by 40% compared to last year's June or the year change. So 40% is the order count now. And now we will start operating those cars and then they will be sold at the end of the year. The development of consumer goods and sales is still strong. The market is 2.8 and we have 11.9, or the market is minus 2.8. Service sales have increased and in the sports market the turnover has increased compared to last year's turnover. Well, the outlook for the results, guidelines and the future. The income policy has been finalized. As I said earlier, it was 650-750 million euros at the beginning of the year and after the end of the year. And now, according to our estimates, when we have received a six-month income and the outlook has improved a bit in the end of the year, the gap between the two has been narrowed to 20 million euros. It has been a very expected year, and the key factors affecting this are, of course, consumer confidence and the development of investment desire, how consumer confidence is being realized, how it has improved in Finland, how it is being realized and used, and of course, the tensions of geopolitical crises, which have been quite a lot lately. Well, then the outlook for the future, so I will read this through here, so nothing has changed here, so this is in advance, so we are still waiting for the operating environment, the market to improve in all our areas, in all the operating countries this year, and also the central business exchange and the retail business exchange is estimated to improve in the year 2026 in all areas and in all operating countries. and for a very long time we have been in that situation. There is a car market, for the first six months we have been slightly lower than last year, but as I said, the supply chain is so strong that we believe it will improve there. Last year it was better, and then it seems that we have a difference of more than a million euros in Norway, and there again the last few months have been quite strong, so we strongly believe that this will still happen. Finally, the growth of the central business has improved, and the development of the technical trade has been particularly strong. In the daily goods trade, the market has still been winning and profitability has been good, regardless of the investments. In the construction and financial technology trade, the growth of the technical trade has been clear, and the car trade has also developed well. In the car trade, the development of good sales, the development of used cars, and the strong supply chain of new cars have been realized in the next few years. And indeed, this major business deal in central history, the technical trade agreement between Dalin, Sweden, Norway and Denmark, has not been planned. Then, we talked about this close crisis during Q1, so it has not had any significant impact on Q2, and we can see, for example, that the inflation rate of our food is 0.9. In the coming year, the players believe that these are still massive impacts. And indeed, estimates show that the operating environment of the central sector, trade exchange and trade fairs will improve in 2026. This is the last quarter and the entire first half of the year summed up, and now it's probably time for questions, Hanna.

Aivan oikein, aivan oikein. Nyt on kysymysten aika. Kysymyksiä voi esittää edelleen chatin kautta. Siinä on tosiaan se pieni viive, että kannattaa laittaa hyvissä ajoinnin kerkeän mukaan. Mutta aloitetaan kysymykset täältä.

Oli tosiaan niin, että meidän piti tulla tänne keskelle. Aina keskelle piti tulla.