Future outlook

29.01.2024

Interim financial report Q3/2023, published on 26 October 2023

GUIDANCE FOR 2023 (SPECIFIED)

Kesko Group’s profit guidance is given for the year 2023, in comparison with the year 2022. Kesko estimates that its comparable operating profit in 2023 will be in the range of €680–730 million. Before, the company estimated that the comparable operating profit would be in the range of €680–760 million.

The guidance specification is based on developments in the first 9 months of 2023, as well as updated estimates concerning weaker construction market development. Key uncertainties impacting Kesko’s outlook are developments in inflation and interest rate levels, and Russia’s ongoing offensive war in Ukraine.

OUTLOOK FOR 2024

Kesko’s operating environment is estimated to remain challenging in 2024. Kesko’s operating profit is expected to remain at a good level also in 2024 despite the challenges in the company’s operating environment.

In grocery trade, B2C trade and the foodservice market are expected to remain stable, and inflation is expected to slow down in 2024. Profitability in grocery trade is estimated to remain good also in 2024.

In building and technical trade, the market is expected to continue to decline in 2024. The economic cycle will have the biggest impact on new residential building, while the decline in other building construction, renovation building, and infrastructure construction is expected to be smaller. The cycle is expected to turn in 2025. Profitability in building and technical trade is estimated to fall short of the 2023 level, but to still remain at a reasonably good level in 2024.

In car trade, orders for new cars are expected to fall short of the 2023 level. Demand for used cars and services is estimated to stay at a good level. Profitability in car trade is estimated to decrease from the excellent level of 2023, but to continue to remain at a good level in 2024.

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