Translation: Original published in Finnish on 02/02/2026 at 07:20 am EET

According to figures reported by PTY, the target markets relevant to Kesko and Tokmanni grew slightly in December. Sales growth was driven by a moderate increase in daily consumer goods, while the development in consumer durables was negative, following last year's trend. The December and full-quarter figures were broadly in line with our expectations. Therefore, we do not believe the news on market development warrants any estimate changes.

Kesko’s good development relative to the market continued

The grocery consumer market relevant to Kesko grew by 3% in December. Kesko's consumer sales grew by 4% in December, so the segment's performance was roughly in line with market development. The market share development, which has shown trend-like improvement in 2025, supports our view that Kesko's strategic focus areas, particularly price investments, as well as the expansion and renewal of the store network, are warranted.

Kesko's food service business, Kespro's target market, rose by 6% in December, which was slightly weaker than Kespro's own performance (8%). Thus, Kesko has likely gained market share in the Finnish food service market in December. The market development in December clearly differs from the full year, as the industry remained roughly at the level of the comparison period during 2025. However, the December delivery-day adjusted development is roughly in line with the full-year outcome, so no surprising turnaround has yet occurred in the market.

We believe Tokmanni has outperformed the market, especially in consumer durables

Tokmanni's target market, i.e., the revenue of department store and hypermarket chains, increased by one percent in December. The positive development in food products kept the target market's revenue afloat, as consumer durables' sales decreased by 3%. Within household goods, clothing sales decreased by 6%, while the revenue from leisure product groups declined by 2%.

The target market development in Q4 is slightly positive compared to the comparison period. We expect the Tokmanni segment's revenue to have grown by 3% in Q4, slightly stronger than the market. In our view, Tokmanni's development is supported by the more aggressive pricing and campaigning already seen in Q3. Therefore, for the time being, we see no need for estimate changes.