Future outlook

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


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.


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.


Archive of future outlooks

Half year financial report 2023
Interim report 1.1.-31.3.2023

Financial statements release 2022
Interim report 1.1.-30.9.2022
Half year financial report 2022
Interim report 1.1.-31.3.2022
Stock exchange release 25.4.2022

Financial statements release 2021
Interim report 1.1.-30.9.2021
Stock echange release 14.10.2021
Half year financial report 2021

Stock exchange release 14.6.2021
Interim report 1.1.-31.3.2021
Stock exchange release 15.4.2021

Financial statements release 2020
Interim report 1.1.-30.9.2020
Stock exchange release 17.9.2020
Half year financial report 2020
Stock exchange release 10.7.2020
Interim report 1.1.-31.3.2020
Stock exchange release 18.3.2020

Financial statements release 2019
Interim report 1.1.-30.9.2019
Half year financial report 2019
Interim report 1.1.-31.3.2019

Financial statements release 2018
Interim report 1.1.-30.9.2018
Half year financial report 2018
Interim report 1.1.-31.3.2018

Financial statements release 2017
Interim report 1.1.-30.9.2017
Half year financial report 2017
Interim report 1.1.-31.3.2017

Financial statements release 2016
Interim report 1.1.-30.9.2016

Half year financial report 2016
Stock exchange release 1.6.2016

Interim report 1.1.-31.3.2016
Stock exchange release 12.4.2016

Financial statements release 2015
Interim report 1.1.-30.9.2015
Interim report 1.1.-30.6.2015
Interim report 1.1.-31.3.2015

Stock exchange release 16.3.2015

Financial statements release 2014
Interim report 1.1.-30.9.2014
Interim report 1.1.-30.6.2014
Interim report 1.1.-31.3.2014

Financial statements release 2013
Interim report 1.1.-30.9.2013
Interim report 1.1.-30.6.2013
Interim report 1.1.-31.3.2013

Financial statements release 2012
Interim report 1.1.-30.9.2012
Interim report 1.1.-30.6.2012
Interim report 1.1.-31.3.2012

Financial statements release 2011
Interim report 1.1.-30.9.2011
Interim report 1.1.-30.6.2011
Interim report 1.1.-31.3.2011

Financial statements release 2010
Interim report 1.1.-30.9.2010
Interim report 1.1.-30.6.2010
Interim report 1.1.-31.3.2010

Financial statements release 2009
Interim report 1.1.-30.9.2009
Interim report 1.1.-30.6.2009
Interim report 1.1.-31.3.2009

Financial statements release 2008
Interim report 1.1.-30.9.2008
Interim report 1.1.-30.6.2008
Interim report 1.1.-31.3.2008

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