Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Ankkuri-Energia Oy | Helsinki, Finland | 100.00 | 100.00 |
Asunto Oy Kirkkonummen V\u00e4steruddintie 33 | Kirkkonummi, Finland | 100.00 | 100.00 |
Asunto Oy Porvoon Taiteilija | Porvoo, Finland | 100.00 | 100.00 |
Byggmakker Handel AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Davidsen Koncernen A/S | Vojens, Denmark | 90.00 | 90.00 |
Fiesta Real Estate AS | Tallinn, Estonia | 100.00 | 100.00 |
Intersport Finland Oy | Helsinki, Finland | 100.00 | 100.00 |
Kalatukku E. Eriksson Oy | Helsinki, Finland | 100.00 | 100.00 |
K Auto Oy | Helsinki, Finland | 100.00 | 100.00 |
Kesko AB | Stockholm, Sweden | 100.00 | 100.00 |
KESKO EIENDOM AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Kesko Export Oy | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6osakeyhti\u00f6 Varkauden Kauppakatu 29 | Varkaus, Finland | 52.29 | 52.29 |
Kiinteist\u00f6 Oy Aittokulma | Jyv\u00e4skyl\u00e4, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoontori | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asemakuja 2 | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asematori | Espoo, Finland | 54.12 | 54.12 |
Kiinteist\u00f6 Oy Etel\u00e4koivulan Kauppakeskus | Pori, Finland | 78.45 | 78.45 |
Kiinteist\u00f6 Oy Harjantauksentie 11 | Kotka, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Helsingin It\u00e4keskus | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Hiukkavaaran Kauppa | Oulu, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Hyvink\u00e4\u00e4n Onnela | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Iso-Valkeinen | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kittil\u00e4n S\u00e4\u00e4st\u00f6kulma | Helsinki, Finland | 100.00 | 100.00 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Kiinteist\u00f6 Oy Kokkolan Kaanaanmaantie 2-4 | Kokkola, Finland | 64.78 | 64.78 |
Kiinteist\u00f6 Oy Kuopion Tulliportinkatu 33 | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Mariannen Liiketila | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Pontsonkulma | Helsinki, Finland | 94.60 | 94.60 |
Kiinteist\u00f6 Oy Ravattulan Kauppakeskus | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Riistaveden Keskustie 15 | Helsinki, Finland | 79.50 | 79.50 |
Kiinteist\u00f6 Oy Sunan Hallitalo | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Tarkkaiikka | Oulu, Finland | 100.00 | 100.00 |
Klintcenter Ab | Mariehamn, \u00c5land | 100.00 | 100.00 |
Koskelan Ostokeskus Oy | Oulu, Finland | 58.64 | 58.64 |
K-Liikenneasema Oy | Helsinki, Finland | 100.00 | 100.00 |
Onninen Oy | Helsinki, Finland | 100.00 | 100.00 |
Peltosaaren Liikekeskus Oy | Riihim\u00e4ki, Finland | 59.67 | 59.67 |
Reinin Liha Oy | Helsinki, Finland | 100.00 | 100.00 |
Saunakallion Ostoskeskus Oy | J\u00e4rvenp\u00e4\u00e4, Finland | 100.00 | 100.00 |
Vallmo Tikkuri Oy | Helsinki, Finland | 100.00 | 100.00 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
BREIFL\u00c5TVEIEN 15/21 AS | Skedsmokorset, Norway | 100.00 | |
Davidsen A/S | Vojens, Denmark | 90.00 | |
Davidsen Ejendomme A/S | Vojens, Denmark | 90.00 | |
Davidsen Midt A/S | Skive, Denmark | 90.00 | |
Davidsen Nord A/S | Nyk\u00f8bing Mors, Denmark | 90.00 | |
Davidsen \u00d8st A/S | K\u00f8ge, Denmark | 90.00 | |
Davidsen \u00d8st Ejendomme A/S | K\u00f8ge, Denmark | 90.00 | |
Ejendomsselskabet Hedelandsvej 10-12 Herning ApS | Skive, Denmark | 90.00 | |
Ejendomsselskabet Neptunvej 1 Ikast ApS | Skive, Denmark | 90.00 | |
Espoontorin Pys\u00e4k\u00f6intitalo Oy | Espoo, Finland | 82.46 | |
J\u00d8SSANGVEGEN 5 AS | J\u00f8rpeland, Norway | 100.00 | |
K Auto AC Oy | Helsinki, Finland | 100.00 | |
K Auto PC Oy | Helsinki, Finland | 100.00 | |
K Auto Leasing Oy | Helsinki, Finland | 100.00 | |
K Auto Retail Oy | Helsinki, Finland | 100.00 | |
KESKO EIENDOM BERGEN AS | Oppeg\u00e5rd, Norway | 100.00 | |
Kesko Onninen International Trading Co., Ltd | Shanghai, China | 100.00 | |
Kestra Kiinteist\u00f6palvelut Oy | Helsinki, Finland | 100.00 | |
Kiinteist\u00f6 Oy Tikkurilan Kauppakeskus | Vantaa, Finland | 98.84 | |
Kiinteist\u00f6 Oy Raha-asema | Vantaa, Finland | 60.00 | |
KR Fastigheter i J\u00e4rf\u00e4lla AB | Sollentuna, Sweden | 100.00 | |
KR Fastigheter i T\u00e4by AB | Sollentuna, Sweden | 100.00 | |
K-Bygg F\u00f6rs\u00e4ljning AB | Segeltorp, Sweden | 100.00 | |
K-Bygg Sverige AB | \u00d6stersund, Sweden | 100.00 | |
K-Rauta Holding Finland Oy | Helsinki, Finland | 100.00 | |
Mark & Infra i Sverige AB | T\u00e4by, Sweden | 100.00 | |
MIN BUTIK ApS | Vojens, Denmark | 90.00 | |
Olarin Autokiinteist\u00f6 Oy | Espoo, Finland | 100.00 | |
Onninen AS | Skedsmo, Norway | 100.00 | |
Onninen AS | Tallinn, Estonia | 100.00 | |
Onninen SIA | Riga, Latvia | 100.00 | |
Onninen Sp. z o.o. | Warsaw, Poland | 100.00 | |
Onninen UAB | Vilnius, Lithuania | 100.00 | |
\u00d8RBRADDEN 3/5 AS | Vefsn, Norway | 100.00 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Sport1 Flokkmann Mosj\u00f8en AS | Mosj\u00f8en, Norway | 100.00 | |
T-24 ApS | Kolding, Denmark | 90.00 | |
VESTRE ROSTEN 97 AS | Oppeg\u00e5rd, Norway | 100.00 | |
Zenitec Sweden AB | H\u00e4stvdeda, Sweden | 100.00 | |
\u00d6vik L\u00e5steknik AB | \u00d6rnsk\u00f6ldsvik, Sweden | 100.00 |
Summary of financials of significant joint ventures, \u20ac million | 31.12.2025 | 31.12.2024 |
Current assets | 420.9 | 416.7 |
Non-current assets | 334.5 | 402.1 |
Current liabilities | 268.6 | 293.4 |
Non-current liabilities | 209.8 | 268.8 |
The above-mentioned balance sheet items contain the following items: | ||
Cash and cash equivalents | 87.4 | 26.3 |
Current interest-bearing liabilities | 36.3 | 46.6 |
Non-current interest-bearing liabilities | 209.6 | 268.7 |
Summary of financials of significant joint ventures, \u20ac million | 1.1.\u201331.12.2025 | 1.1.\u201331.12.2024 |
Net sales | 1,127.1 | 1,199.6 |
Profit attributable to owners of the parent | 39.0 | 41.8 |
Group share of profit for the period | 19.5 | 20.9 |
Share of result of the joint venture consolidated in the consolidated financial statements | 19.5 | 20.9 |
The above-mentioned income statement items contain the following items: | ||
Depreciation, amortisation and impairment | -47.7 | -56.1 |
Interest income | 4.7 | 1.1 |
Interest expense | -7.2 | -12.9 |
Income tax | -6.4 | -4.5 |
Dividends received from joint ventures | - | -16.4 |
Reconciliation for balance sheet value of joint ventures, \u20ac million | 2025 | 2024 |
Net assets of joint ventures | 277.1 | 256.6 |
Minority interest in net assets | 1.5 | 20.6 |
Group interest in net assets | 137.5 | 117.7 |
Goodwill | 19.2 | 19.2 |
Fair value allocations | 15.0 | 15.0 |
Balance sheet value of joint ventures | 171.3 | 151.8 |
Summary of financials of a significant associate, \u20ac million | 2025 | 2024 |
Current assets | 17.0 | 20.0 |
Non-current assets | 487.7 | 495.4 |
Current liabilities | 6.9 | 6.8 |
Non-current liabilities | 453.4 | 467.9 |
Equity attributable to equity holders of the parent | 44.5 | 40.8 |
Net sales | 52.0 | 54.2 |
Profit for the period | 3.7 | 0.7 |
Comprehensive income for the period, total | 3.7 | 0.7 |
Reconciliation for balance sheet value of an associate, \u20ac million | 2025 | 2024 |
Net assets of the associate | 44.5 | 40.8 |
Group interest in net assets | 14.8 | 13.6 |
Balance sheet value of the associate | 14.8 | 13.6 |
Summary of financials of other associates, \u20ac million | 2025 | 2024 |
Group share of profit for the period | 2.4 | 3.0 |
Group share of comprehensive income for the period | 2.4 | 3.0 |
77.0 | 74.3 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Graanin Liikekeskus Oy | Mikkeli, Finland | 50.00 | 50.00 |
Kesko Senukai Lithuania UAB | Vilnius, Lithuania | 50.00 | 50.00 |
Kiinteist\u00f6 Oy It\u00e4aukio | Lahti, Finland | 26.20 | 26.20 |
Kiinteist\u00f6 Oy Janakkalan Linnatuuli | Janakkala, Finland | 29.86 | 29.86 |
Kiinteist\u00f6 Oy Joensuun Kaupunginportti | Joensuu, Finland | 22.77 | 22.77 |
K-Tilipalvelu Oy | Helsinki, Finland | 30.00 | 30.00 |
Mercada Oy | Helsinki, Finland | 33.33 | 33.33 |
Munkki Holding Oy | Helsinki, Finland | 50.00 | 50.00 |
V\u00e4hitt\u00e4iskaupan Takaus Oy | Helsinki, Finland | 42.84 | 42.84 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Proffsenteret AS | Honef\u00f8ss, Norway | 34.11 | |
Proffsenteret Eiendom AS | Honef\u00f8ss, Norway | 34.11 | |
KS Holding UAB | Vilna, Liettua | 50.01 |
Summary of financials of a significant associate, \u20ac million | 2025 | 2024 |
Current assets | 17.0 | 20.0 |
Non-current assets | 487.7 | 495.4 |
Current liabilities | 6.9 | 6.8 |
Non-current liabilities | 453.4 | 467.9 |
Equity attributable to equity holders of the parent | 44.5 | 40.8 |
Net sales | 52.0 | 54.2 |
Profit for the period | 3.7 | 0.7 |
Comprehensive income for the period, total | 3.7 | 0.7 |
Reconciliation for balance sheet value of an associate, \u20ac million | 2025 | 2024 |
Net assets of the associate | 44.5 | 40.8 |
Group interest in net assets | 14.8 | 13.6 |
Balance sheet value of the associate | 14.8 | 13.6 |
Summary of financials of other associates, \u20ac million | 2025 | 2024 |
Group share of profit for the period | 2.4 | 3.0 |
Group share of comprehensive income for the period | 2.4 | 3.0 |
77.0 | 74.3 |
Summary of financials of significant joint ventures, \u20ac million | 31.12.2025 | 31.12.2024 |
Current assets | 420.9 | 416.7 |
Non-current assets | 334.5 | 402.1 |
Current liabilities | 268.6 | 293.4 |
Non-current liabilities | 209.8 | 268.8 |
The above-mentioned balance sheet items contain the following items: | ||
Cash and cash equivalents | 87.4 | 26.3 |
Current interest-bearing liabilities | 36.3 | 46.6 |
Non-current interest-bearing liabilities | 209.6 | 268.7 |
Summary of financials of significant joint ventures, \u20ac million | 1.1.\u201331.12.2025 | 1.1.\u201331.12.2024 |
Net sales | 1,127.1 | 1,199.6 |
Profit attributable to owners of the parent | 39.0 | 41.8 |
Group share of profit for the period | 19.5 | 20.9 |
Share of result of the joint venture consolidated in the consolidated financial statements | 19.5 | 20.9 |
The above-mentioned income statement items contain the following items: | ||
Depreciation, amortisation and impairment | -47.7 | -56.1 |
Interest income | 4.7 | 1.1 |
Interest expense | -7.2 | -12.9 |
Income tax | -6.4 | -4.5 |
Dividends received from joint ventures | - | -16.4 |
Reconciliation for balance sheet value of joint ventures, \u20ac million | 2025 | 2024 |
Net assets of joint ventures | 277.1 | 256.6 |
Minority interest in net assets | 1.5 | 20.6 |
Group interest in net assets | 137.5 | 117.7 |
Goodwill | 19.2 | 19.2 |
Fair value allocations | 15.0 | 15.0 |
Balance sheet value of joint ventures | 171.3 | 151.8 |
\u20ac million | 2025 | 2024 |
Net sales | -0.2 | -0.1 |
Other operating incom | 2.0 | 3.6 |
Materials and services | 0.0 | -0.5 |
Other operating expenses | -5.1 | -1.5 |
Total | -3.2 | 1.5 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | Grocery trade | Building and technical trade | Car trade | Common functions | Total |
Division net sales | 6,447.4 | 4,685.8 | 1,364.8 | 2.1 | 12,500.2 |
of which intersegment sales | -15.9 | -0.6 | -8.3 | -0.7 | -25.5 |
Net sales from external customers | 6,431.5 | 4,685.2 | 1,356.5 | 1.5 | 12,474.7 |
Change in net sales in local currency excluding acquisitions and disposals, % | 1.0 | 1.4 | 12.0 | - | 2.3 |
Change in net sales, % | 1.0 | 7.7 | 12.9 | - | 4.7 |
Other division income | 832.1 | 129.2 | 28.0 | 14.1 | 1,003.4 |
of which intersegment income | -0.6 | -1.7 | 0.4 | -2.1 | -4.0 |
Other operating income from external customers | 831.5 | 127.5 | 28.3 | 12.0 | 999.4 |
Depreciation and amortisation | -120.2 | -53.7 | -36.6 | -28.6 | -239.1 |
Depreciation and impairment charges for right-of-use assets | -226.9 | -101.2 | -24.4 | -6.6 | -359.1 |
Share of result of joint ventures | - | 19.5 | - | - | 19.5 |
Operating profit | 416.6 | 159.2 | 82.4 | -26.9 | 631.3 |
Items affecting comparability | -1.5 | -19.4 | -0.7 | -2.0 | -23.6 |
Comparable operating profit | 418.1 | 178.6 | 83.1 | -24.8 | 654.9 |
Finance income and costs | -125.4 | ||||
Share of result of associates | 4.4 | ||||
Profit before tax | 510.3 |
\u20ac million | Grocery trade | Building and technical trade | Car trade | Common functions | Eliminations | Total |
Property, plant, equipment and intangible assets | 1,823.8 | 1,451.4 | 341.2 | 73.7 | -1.3 | 3,688.8 |
Right-of-use assets | 1,308.9 | 475.9 | 69.7 | 52.0 | - | 1,906.5 |
Interests in associates and joint ventures and other investments | 6.1 | 181.4 | 0.1 | 91.9 | -0.6 | 278.9 |
Pension assets | 18.4 | 5.3 | - | 123.8 | - | 147.4 |
Inventories | 291.3 | 663.4 | 249.3 | - | - | 1,204.0 |
Trade receivables | 361.8 | 584.5 | 68.4 | 2.1 | -2.1 | 1,014.8 |
Other non-interest-bearing receivables | 70.8 | 236.0 | 27.9 | 40.0 | -37.2 | 337.5 |
Interest-bearing receivables | 1.0 | - | - | 58.0 | - | 59.0 |
Assets included in capital employed | 3,882.0 | 3,597.9 | 756.6 | 441.6 | -41.1 | 8,636.9 |
Unallocated items | ||||||
Deferred tax assets | 20.0 | |||||
Cash and cash equivalents | 166.2 | |||||
Total assets | 3,882.0 | 3,597.9 | 756.6 | 441.6 | -41.1 | 8,823.1 |
Trade payables | 536.7 | 769.3 | 62.6 | 20.3 | -0.7 | 1,388.3 |
Other non-interest-bearing liabilities | 321.5 | 317.6 | 131.5 | 54.0 | -18.2 | 806.5 |
Provisions | 0.3 | 6.4 | 11.6 | 0.5 | - | 18.8 |
Liabilities included in capital employed | 858.5 | 1,093.3 | 205.7 | 74.9 | -18.9 | 2,213.5 |
Unallocated items | ||||||
Interest-bearing liabilities | 1,474.6 | |||||
Lease liabilities | 2,098.0 | |||||
Other non-interest-bearing liabilities | 108.7 | |||||
Deferred tax liabilities | 101.6 | |||||
Total liabilities | 858.5 | 1,093.3 | 205.7 | 74.9 | -18.9 | 5,996.4 |
Total capital employed as at 31 December | 3,023.5 | 2,504.6 | 550.9 | 366.7 | -22.2 | 6,423.4 |
Average capital employed | 2,974.7 | 2,430.6 | 536.7 | 371.8 | -6.2 | 6,307.7 |
Return on capital employed, %, comparable | 14.1 | 7.3 | 15.5 | - | - | 10.4 |
Number of personnel as at 31 December | 8,143 | 8,075 | 1,809 | 964 | 18,991 | |
Average number of personnel converted into full-time employees | 6,264 | 6,853 | 1,638 | 911 | 15,665 |
\u20ac million | Grocery trade | Building and technical trade | Car trade | Common functions | Total |
Division net sales | 6,381.4 | 4,351.6 | 1,209.4 | 1.5 | 11,943.9 |
of which intersegment sales | -16.1 | 0.2 | -7.3 | -0.7 | -23.9 |
Net sales from external customers | 6,365.3 | 4,351.8 | 1,202.1 | 0.8 | 11,920.1 |
Change in net sales in local currency excluding acquisitions and disposals, % | 0.4 | -6.0 | -4.0 | - | -2.3 |
Change in net sales, % | 0.5 | 3.8 | -4.2 | - | 1.2 |
Other division income | 813.0 | 144.1 | 29.0 | 12.7 | 998.7 |
of which intersegment income | -0.9 | -2.0 | 0.1 | -1.3 | -4.1 |
Other operating income from external customers | 812.0 | 142.1 | 29.1 | 11.3 | 994.6 |
Depreciation and amortisation | -108.6 | -76.9 | -31.4 | -31.0 | -247.9 |
Depreciation and impairment charges for right-of-use assets | -243.9 | -100.8 | -24.2 | -6.6 | -375.5 |
Share of result of joint ventures | - | 20.9 | - | - | 20.9 |
Operating profit | 420.9 | 116.3 | 69.3 | -26.9 | 579.5 |
Items affecting comparability | -17.2 | -52.8 | -0.0 | -0.5 | -70.6 |
Comparable operating profit | 438.0 | 169.1 | 69.3 | -26.4 | 650.1 |
Finance income and costs | -111.7 | ||||
Share of result of associates | 3.8 | ||||
Profit before tax | 471.5 |
\u20ac million | Grocery trade | Building and technical trade | Car trade | Common functions | Eliminations | Total |
Property, plant, equipment and intangible assets | 1,697.0 | 1,215.9 | 286.5 | 82.4 | -1.3 | 3,280.5 |
Right-of-use assets | 1,258.9 | 472.3 | 78.6 | 57.9 | - | 1,867.7 |
Interests in associates and joint ventures and other investments | 6.2 | 160.8 | 0.1 | 88.1 | -0.6 | 254.5 |
Pension assets | 18.6 | 5.0 | - | 103.8 | - | 127.5 |
Inventories | 285.8 | 586.0 | 229.7 | - | - | 1,101.5 |
Trade receivables | 363.5 | 524.1 | 71.1 | 2.1 | -2.9 | 957.9 |
Other non-interest-bearing receivables | 71.5 | 197.5 | 24.2 | 45.5 | -31.5 | 307.2 |
Interest-bearing receivables | 1.1 | - | - | 61.9 | - | 63.0 |
Non-current assets classified as held for sale | - | 6.6 | - | 0.0 | - | 6.6 |
Assets included in capital employed | 3,702.7 | 3,168.1 | 690.1 | 441.7 | -36.3 | 7,966.3 |
Unallocated items | ||||||
Deferred tax assets | 16.9 | |||||
Other financial assets | 15.0 | |||||
Cash and cash equivalents | 473.1 | |||||
Total assets | 3,702.7 | 3,168.1 | 690.1 | 441.7 | -36.3 | 8,471.2 |
Trade payables | 603.4 | 736.3 | 52.3 | 14.6 | -2.2 | 1,404.4 |
Other non-interest-bearing liabilities | 312.6 | 269.7 | 113.4 | 45.5 | -22.7 | 718.5 |
Provisions | 1.1 | 5.2 | 12.6 | 0.5 | - | 19.5 |
Liabilities related to non-current assets classified as held for sale | - | 0.1 | - | - | - | 0.1 |
Liabilities included in capital employed | 917.1 | 1,011.4 | 178.3 | 60.6 | -24.9 | 2,142.4 |
Unallocated items | ||||||
Interest-bearing liabilities | 1,345.3 | |||||
Lease liabilities | 2,051.0 | |||||
Other non-interest-bearing liabilities | 121.3 | |||||
Deferred tax liabilities | 76.3 | |||||
Total liabilities | 917.1 | 1,011.4 | 178.3 | 60.6 | -24.9 | 5,736.3 |
Total capital employed as at 31 December | 2,785.6 | 2,156.7 | 511.8 | 381.1 | -11.4 | 5,823.8 |
Average capital employed | 2,734.9 | 2,172.8 | 503.0 | 350.7 | -2.7 | 5,758.7 |
Return on capital employed, %, comparable | 16.0 | 7.8 | 13.8 | - | - | 11.3 |
Number of personnel as at 31 December | 8,257 | 7,341 | 1,752 | 959 | 18,309 | |
Average number of personnel converted into full-time employees | 6,346 | 6,538 | 1,556 | 908 | 15,347 |
\u20ac million | 2025 | 2024 |
Gains on disposal | +15.7 | +11.4 |
Losses on disposal | -2.8 | -1.6 |
Impairment charges | -13.7 | -40.0 |
Structural arrangements | -22.8 | -40.4 |
Items in operating profit affecting comparability, total | -23.6 | -70.6 |
\u20ac million | 2025 | 2024 |
Operating profit, comparable | ||
Operating profit | 631.3 | 579.5 |
Net of | ||
Items in operating profit affecting comparability | -23.6 | -70.6 |
Operating profit, comparable | 654.9 | 650.1 |
Return on capital employed, comparable, % | ||
Operating profit, comparable | 654.9 | 650.1 |
Capital employed, average | 6,307.7 | 5,758.7 |
Return on capital employed, comparable, % | 10.4 | 11.3 |
Comparable change in net sales | ||
Net sales, grocery trade | 6,447.4 | 6,381.4 |
Effect of structural arrangements | -1.1 | |
Change in net sales, comparable, % | 1.0 | |
Net sales, building and technical trade | 4,685.8 | 4,351.6 |
Foreign exchange effects | -2.3 | |
Effect of acquisitions and divestments and structural arrangements | -302.8 | -31.0 |
Change in net sales, comparable, % | 1.4 | -6.0 |
Net sales, car trade | 1,364.8 | 1,209.4 |
Effect of acquisitions and divestments | -10.2 | |
Change in net sales, comparable, % | 12.0 | |
Net sales, Group | 12,474.7 | 11,920.1 |
Foreign exchange effects | -2.3 | |
Effect of acquisitions and divestments | -314.0 | -31.0 |
Change in net sales, comparable, % | 2.3 | -2.3 |
Operating profit, comparable |
Operating profit +/\u2013 items affecting comparability |
Return on capital employed, %, comparable |
Comparable operating profit x 100 / (Non-current assets + Inventories + Receivables + Other current assets - Non-interest-bearing liabilities) on average for the reporting period |
2025 \u20ac million | Finland | Other Nordic countries | Baltic countries | Others | Eliminations | Total |
Net sales | 9,762.3 | 2,188.4 | 153.5 | 378.4 | -7.9 | 12,474.7 |
Assets included in capital employed | 6,358.0 | 1,828.3 | 274.4 | 176.2 | 8,636.9 | |
Average number of personnel converted into full-time employees | 10,400 | 3,961 | 357 | 948 | 15,665 |
2024 \u20ac million | Finland | Other Nordic countries | Baltic countries | Others | Eliminations | Total |
Net sales | 9,542.7 | 1,889.3 | 127.4 | 368.1 | -7.4 | 11,920.1 |
Assets included in capital employed | 6,019.5 | 1,546.6 | 232.1 | 168.1 | 7,966.3 | |
Average number of personnel converted into full-time employees | 10,345 | 3,687 | 359 | 957 | 15,347 |
\u20ac million | 2025 | 2024 |
Materials and services | -10,470.9 | -9,959.5 |
External services | -231.7 | -224.6 |
Total | -10,702.7 | -10,184.1 |
\u20ac million | 2025 | 2024 |
Salaries and fees | -745.4 | -686.2 |
Social security costs | -56.5 | -54.8 |
Pension costs | ||
Defined benefit plans | 2.1 | 0.2 |
Defined contribution plans | -103.4 | -94.7 |
Share based payments | -8.7 | -7.0 |
Total | -911.9 | -842.5 |
\u20ac million | 2025 | 2024 |
Marketing costs | -202.1 | -201.0 |
Property and store site maintenance expenses | -196.2 | -198.5 |
ICT expenses | -125.3 | -123.4 |
Lease payments in the income statement | -7.4 | -8.5 |
Losses on disposal of property, plant, equioment and intangible assets | -2.7 | -2.1 |
Realized losses on derivative contracts and changes in fair value | -5.1 | -1.5 |
Other operating expenses | -147.0 | -149.6 |
Total | -685.8 | -684.5 |
\u20ac million | 2025 | 2024 |
Audit | -1.5 | -1.3 |
Other statutory services | -0.1 | -0.1 |
Tax consultation | -0.0 | - |
Other services | -0.1 | -0.1 |
Total | -1.7 | -1.5 |
\u20ac million | 2025 | 2024 |
Service fees | 780.2 | 779.2 |
Lease income | 50.8 | 50.6 |
Gains on disposal of property, plant, equipment and intangible assets | 13.9 | 12.6 |
Realised gains on derivative contracts and changes in fair value | 2.0 | 3.6 |
Others | 152.4 | 148.6 |
Total | 999.4 | 994.6 |
\u20ac million | 2025 | 2024 |
Service fees | 780.2 | 779.2 |
Lease income | 50.8 | 50.6 |
Gains on disposal of property, plant, equipment and intangible assets | 13.9 | 12.6 |
Realised gains on derivative contracts and changes in fair value | 2.0 | 3.6 |
Others | 152.4 | 148.6 |
Total | 999.4 | 994.6 |
\u20ac million | 2025 | 2024 |
Salaries and fees | -745.4 | -686.2 |
Social security costs | -56.5 | -54.8 |
Pension costs | ||
Defined benefit plans | 2.1 | 0.2 |
Defined contribution plans | -103.4 | -94.7 |
Share based payments | -8.7 | -7.0 |
Total | -911.9 | -842.5 |
\u20ac million | 2025 | 2024 |
Present value of defined benefit obligation | -200.6 | -214.6 |
Fair value of plan assets | 347.9 | 342.1 |
Net assets recognised in the balance sheet | 147.4 | 127.5 |
Movement in the net assets recognised in the balance sheet | ||
As at 1 January | 127.5 | 79.6 |
Income/expense recognised in the income statement | 2.1 | 0.2 |
Remeasurement | 17.4 | 46.9 |
Contributions to plan and plan costs | 0.2 | 0.7 |
As at 31 December | 147.4 | 127.5 |
\u20ac million | Present value of defined benefit obligation | Fair value of plan assets | Total |
As at 1 January 2025 | -214.6 | 342.1 | 127.5 |
Current service cost | -1.4 | -1.4 | |
Gains or losses on settlement | -0.4 | -0.4 | |
Interest expense/income | -6.9 | 11.4 | 4.5 |
Plan costs | - | -0.5 | -0.5 |
-8.8 | 10.9 | 2.1 | |
Remeasurement | |||
Return on plan assets | 9.7 | 9.7 | |
7.7 | 7.7 | ||
Experience gains/losses | 0.1 | 0.1 | |
7.8 | 9.7 | 17.4 | |
Contributions to plan | - | 0.2 | 0.2 |
Benefit payments | 14.4 | -14.4 | - |
As at 31 December 2025 | -201.0 | 348.5 | 147.4 |
\u20ac million | Present value of defined benefit obligation | Fair value of plan assets | Total |
As at 1 January 2024 | -241.0 | 320.3 | 79.6 |
Current service cost | -1.9 | -1.9 | |
Gains or losses on settlement | 0.1 | 0.1 | |
Interest expense/income | -7.2 | 9.8 | 2.5 |
Plan costs | -0.5 | -0.5 | |
-9.0 | 9.3 | 0.2 | |
Remeasurement | |||
Return on plan assets | 20.4 | 20.4 | |
26.2 | 26.2 | ||
Experience gains/losses | 0.3 | 0.3 | |
26.5 | 20.4 | 46.9 | |
Contributions to plan | 0.7 | 0.7 | |
Benefit payments | 14.9 | -14.9 | - |
As at 31 December 2024 | -214.6 | 342.1 | 127.5 |
\u20ac million | Quoted | Unquoted | Total |
Europe | |||
Equity instruments | 30.7 | 30.7 | |
Debt instruments | 56.5 | 6.0 | 62.5 |
Investment funds | 77.4 | 16.1 | 93.6 |
Properties | 86.0 | 86.0 | |
United States | |||
Equity instruments | |||
Investment funds | 57.5 | 57.5 | |
Other countries | |||
Investment funds | 23.9 | 23.9 | |
Total | 215.4 | 138.9 | 354.2 |
\u20ac million | Quoted | Unquoted | Total |
Europe | |||
Equity instruments | 29.2 | 29.2 | |
Debt instruments | 50.6 | 7.6 | 58.2 |
Investment funds | 74.0 | 15.4 | 89.5 |
Properties | 85.6 | 85.6 | |
United States | |||
Equity instruments | |||
Investment funds | 61.7 | 61.7 | |
Other countries | |||
Investment funds | 23.6 | 23.6 | |
Total | 209.9 | 137.8 | 347.8 |
\u20ac million | 2025 | 2024 |
Kesko Corporation shares included in fair value | - | - |
Properties leased by Kesko Group included in fair value | 86.0 | 85.6 |
2025 | 2024 | |
Discount rate | 3.78% | 3.35% |
Salary growth rate | 2.36% | 2.27% |
Inflation | 1.89% | 1.99% |
Pension growth rate | 2.08% | 1.80% |
Average service expectancy, years | 4 | 4 |
2025 | 2024 | |
Weighted average duration of pension obligations, years | 10 | 11 |
Expected maturity analysis of undiscounted pension obligations, \u20ac million | ||
Less than 1 year | 15.3 | 15.6 |
Between 1\u221210 years | 112.8 | 114.5 |
Between 10\u221220 years | 94.4 | 96.1 |
Between 20\u221230 years | 61.3 | 62.0 |
Over 30 years | 38.3 | 40.1 |
Total | 322.3 | 328.3 |
Actuarial assumption | Change in assumption | Impact on defined benefit obligation, increase | Impact on defined benefit obligation, decrease |
2025 | |||
Discount rate | 0.50% | -5.16% | 5.69% |
Salary growth rate | 0.50% | 0.54% | -0.53% |
Pension growth rate | 0.50% | 4.90% | -4.50% |
2024 | |||
Discount rate | 0.50% | -5.35% | 5.86% |
Salary growth rate | 0.50% | 0.65% | -0.46% |
Pension growth rate | 0.50% | 5.10% | -4.70% |
Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 | 2025 | 2024 | |
Jorma Rauhala | President and CEO as of 1.2.2024 | 2,008.0 | 1,186.6 |
Mikko Helander | President and CEO until 31.1.2024 | - | 2,084.5 |
Group Management Board | other members | 3,975.0 | 3,895.9 |
Esa Kiiskinen | Board Chairman | 133.8 | 122.0 |
Timo Ritakallio | 85.8 | 62.0 | |
Tiina Alahuhta-Kasko | Board member as of 24.3.2025 | 60.4 | - |
Jannica Fagerholm | Board member | 87.0 | 79.8 |
Pauli Jaakola | Board member as of 26.3.2024 | 61.0 | 55.4 |
Piia Karhu | Board member | 64.0 | 60.2 |
Jussi Per\u00e4l\u00e4 | Board member | 61.0 | 56.6 |
Peter Fagern\u00e4s | Board Deputy Chairman until 24.3.2025 | 2.4 | 73.8 |
Toni Pokela | Board member until 26.3.2024 | - | 1.2 |
Total | 6,538.4 | 7,678.1 |
2025 | 2024 | |
Grocery trade | 6,264 | 6,346 |
Building and technical trade | 6,853 | 6,538 |
Car trade | 1,638 | 1,556 |
Common operations | 911 | 908 |
Total | 15,665 | 15,347 |
\u20ac million | 2025 | 2024 |
Marketing costs | -202.1 | -201.0 |
Property and store site maintenance expenses | -196.2 | -198.5 |
ICT expenses | -125.3 | -123.4 |
Lease payments in the income statement | -7.4 | -8.5 |
Losses on disposal of property, plant, equioment and intangible assets | -2.7 | -2.1 |
Realized losses on derivative contracts and changes in fair value | -5.1 | -1.5 |
Other operating expenses | -147.0 | -149.6 |
Total | -685.8 | -684.5 |
\u20ac million | 2025 | 2024 |
Audit | -1.5 | -1.3 |
Other statutory services | -0.1 | -0.1 |
Tax consultation | -0.0 | - |
Other services | -0.1 | -0.1 |
Total | -1.7 | -1.5 |
\u20ac million | 2025 | 2024 |
Current tax | -93.0 | -114.8 |
Tax for prior years | 1.0 | -0.3 |
Change in deferred taxes | -13.5 | 23.1 |
Total | -105.5 | -92.0 |
\u20ac million | 2025 | 2024 |
Profit before tax | 510.3 | 471.5 |
Tax at parent's tax rate 20.0% | -102.1 | -94.3 |
Effect of foreign subsidiaries' different tax rates | -0.3 | 0.1 |
Effect of tax-free income | 1.3 | 2.4 |
Effect of expenses not deductible for tax purposes | -6.6 | -11.6 |
Effect of unrecognised deferred tax assets | -3.9 | 0.1 |
Effect of consolidation of share of result of associates and joint ventures | 4.8 | 4.9 |
Tax for prior years | 1.0 | -0.3 |
Adjustment and revaluation of deferred tax for previous years | 0.3 | 6.7 |
Effect of changes in tax rates | 0.0 | -0.0 |
Others | -0.0 | 0.0 |
Tax charge | -105.5 | -92.0 |
Effective tax rate % | 20.7 | 19.5 |
\u20ac million | 2025 | 2024 |
Deferred tax assets | 20.0 | 16.9 |
Deferred tax liabilities | 101.6 | 76.3 |
Total | -81.7 | -59.4 |
\u20ac million | 1 Jan. 2025 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2025 |
Deferred tax assets | ||||||
Tangible and intangible assets | 8.2 | -3.3 | - | 0.1 | 2.7 | 7.7 |
Inventory | 7.2 | -2.9 | - | 0.1 | 2.0 | 6.4 |
Leases | 37.3 | 3.8 | -0.0 | 0.1 | -0.0 | 41.1 |
Provisions | 4.5 | 0.2 | - | 0.0 | 0.0 | 4.8 |
Tax loss carry-forwards | 15.4 | -0.0 | - | 0.9 | 0.4 | 16.7 |
Other temporary differences | 8.9 | -1.3 | -0.6 | 0.1 | 0.2 | 7.2 |
Total | 81.5 | -3.5 | -0.6 | 1.2 | 5.3 | 83.9 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 105.3 | 9.0 | - | -0.1 | 11.7 | 125.8 |
Pensions | 25.5 | 0.4 | 3.5 | -0.0 | - | 29.4 |
Untaxed earnings | 5.1 | 0.6 | - | 0.1 | -1.4 | 4.3 |
Other temporary differences | 5.1 | 0.0 | 0.2 | 0.0 | 0.6 | 5.9 |
Total | 140.9 | 10.0 | 3.7 | 0.1 | 10.8 | 165.5 |
Net deferred tax asset (+)/liability (-) | -59.4 | -81.7 |
\u20ac million | 1 Jan. 2024 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2024 |
Deferred tax assets | ||||||
Tangible and intangible assets | 7.1 | 1.5 | - | -0.1 | -0.3 | 8.2 |
Inventory | 7.0 | 0.4 | - | -0.2 | - | 7.2 |
Leases | 36.6 | 0.9 | - | -0.2 | - | 37.3 |
Provisions | 4.8 | -0.3 | - | 0.0 | 0.0 | 4.5 |
Tax loss carry-forwards | 10.5 | 5.2 | - | -0.3 | -0.0 | 15.4 |
Other temporary differences | 7.2 | 0.8 | 0.9 | -0.0 | 0.2 | 8.9 |
Total | 73.1 | 8.5 | 0.9 | -0.8 | -0.1 | 81.5 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 97.6 | -8.8 | - | -0.6 | 17.1 | 105.3 |
Pensions | 15.9 | 0.1 | 9.5 | -0.0 | - | 25.5 |
Untaxed earnings | 10.4 | -5.2 | - | -0.2 | - | 5.1 |
Other temporary differences | 6.3 | -0.8 | -1.0 | 0.0 | 0.5 | 5.1 |
Total | 130.2 | -14.7 | 8.5 | -0.8 | 17.6 | 140.9 |
Net deferred tax asset (+)/liability (-) | -57.2 | -59.4 |
\u20ac million | 2025 Before tax | Tax charge/ credit | After tax | 2024 Before tax | Tax charge/ credit | After tax |
Items that will not be reclassified subsequently to profit or loss | ||||||
Actuarial gains and losses | 17.7 | -3.5 | 14.1 | 47.0 | -9.4 | 37.6 |
Items that may be reclassified subsequently to profit or loss | ||||||
Currency translation differences on foreign operations | 19.0 | 19.0 | -31.6 | -31.6 | ||
Share of other comprehensive income of associates and joint ventures | - | - | 0.5 | 0.5 | ||
Cash flow hedge revaluation | 4.1 | -0.8 | 3.3 | -9.5 | 1.8 | -7.7 |
Total | 40.7 | -4.4 | 36.4 | 6.3 | -7.6 | -1.2 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
- | - | 0.0 | 0.2 | 0.0 | 156.0 | 156.3 |
\u20ac million | 2025 | 2024 |
Deferred tax assets | 20.0 | 16.9 |
Deferred tax liabilities | 101.6 | 76.3 |
Total | -81.7 | -59.4 |
\u20ac million | 1 Jan. 2025 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2025 |
Deferred tax assets | ||||||
Tangible and intangible assets | 8.2 | -3.3 | - | 0.1 | 2.7 | 7.7 |
Inventory | 7.2 | -2.9 | - | 0.1 | 2.0 | 6.4 |
Leases | 37.3 | 3.8 | -0.0 | 0.1 | -0.0 | 41.1 |
Provisions | 4.5 | 0.2 | - | 0.0 | 0.0 | 4.8 |
Tax loss carry-forwards | 15.4 | -0.0 | - | 0.9 | 0.4 | 16.7 |
Other temporary differences | 8.9 | -1.3 | -0.6 | 0.1 | 0.2 | 7.2 |
Total | 81.5 | -3.5 | -0.6 | 1.2 | 5.3 | 83.9 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 105.3 | 9.0 | - | -0.1 | 11.7 | 125.8 |
Pensions | 25.5 | 0.4 | 3.5 | -0.0 | - | 29.4 |
Untaxed earnings | 5.1 | 0.6 | - | 0.1 | -1.4 | 4.3 |
Other temporary differences | 5.1 | 0.0 | 0.2 | 0.0 | 0.6 | 5.9 |
Total | 140.9 | 10.0 | 3.7 | 0.1 | 10.8 | 165.5 |
Net deferred tax asset (+)/liability (-) | -59.4 | -81.7 |
\u20ac million | 1 Jan. 2024 | Income statement charge | Tax charged/ credited to equity | Exchange differ- ences | Other changes | 31 Dec. 2024 |
Deferred tax assets | ||||||
Tangible and intangible assets | 7.1 | 1.5 | - | -0.1 | -0.3 | 8.2 |
Inventory | 7.0 | 0.4 | - | -0.2 | - | 7.2 |
Leases | 36.6 | 0.9 | - | -0.2 | - | 37.3 |
Provisions | 4.8 | -0.3 | - | 0.0 | 0.0 | 4.5 |
Tax loss carry-forwards | 10.5 | 5.2 | - | -0.3 | -0.0 | 15.4 |
Other temporary differences | 7.2 | 0.8 | 0.9 | -0.0 | 0.2 | 8.9 |
Total | 73.1 | 8.5 | 0.9 | -0.8 | -0.1 | 81.5 |
Deferred tax liabilities | ||||||
Tangible and intangible assets | 97.6 | -8.8 | - | -0.6 | 17.1 | 105.3 |
Pensions | 15.9 | 0.1 | 9.5 | -0.0 | - | 25.5 |
Untaxed earnings | 10.4 | -5.2 | - | -0.2 | - | 5.1 |
Other temporary differences | 6.3 | -0.8 | -1.0 | 0.0 | 0.5 | 5.1 |
Total | 130.2 | -14.7 | 8.5 | -0.8 | 17.6 | 140.9 |
Net deferred tax asset (+)/liability (-) | -57.2 | -59.4 |
\u20ac million | 2025 Before tax | Tax charge/ credit | After tax | 2024 Before tax | Tax charge/ credit | After tax |
Items that will not be reclassified subsequently to profit or loss | ||||||
Actuarial gains and losses | 17.7 | -3.5 | 14.1 | 47.0 | -9.4 | 37.6 |
Items that may be reclassified subsequently to profit or loss | ||||||
Currency translation differences on foreign operations | 19.0 | 19.0 | -31.6 | -31.6 | ||
Share of other comprehensive income of associates and joint ventures | - | - | 0.5 | 0.5 | ||
Cash flow hedge revaluation | 4.1 | -0.8 | 3.3 | -9.5 | 1.8 | -7.7 |
Total | 40.7 | -4.4 | 36.4 | 6.3 | -7.6 | -1.2 |
\u20ac million | 2026 | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
- | - | 0.0 | 0.2 | 0.0 | 156.0 | 156.3 |
2025 | 2024 | |
Profit for the period attributable to equity holders of the parent, \u20acmillion | 404.2 | 379.1 |
Number of shares | ||
Weighted average number of shares outstanding | 398,084,475 | 397,921,553 |
Diluted weighted average number of shares outstanding | 398,084,475 | 397,921,553 |
Earnings per share from profit attributable to equity holders of the parent | ||
Basic and diluted, Group total, \u20ac | 1.02 | 0.95 |
\u20ac million | 2025 | 2024 |
Adjustment of non-cash transactions in the income statement and items presented elsewhere in the statement of cash flows: | ||
Change in provisions | -1.0 | 0.7 |
Share of results of associates and joint ventures | -23.9 | -24.7 |
Impairments | 13.7 | 40.5 |
Credit losses | 3.7 | 7.1 |
Gains on disposal of property, plant, equipment and intangible assets and business operations | -14.0 | -12.7 |
Losses on disposal of property, plant, equipment and intangible assets and business operations | 4.6 | 4.8 |
Share-based compensation | 1.6 | 2.6 |
Defined benefit pensions | -2.1 | -0.3 |
Others | 0.6 | 4.2 |
Total | -16.8 | 22.2 |
\u20ac million | 2025 | 2024 |
Total acquisition of property, plant, equipment and intangible assets | 550.0 | 527.6 |
Total acquisition of subsidiaries and investments in associates and other investments | 185.7 | 148.3 |
Total capital expenditure | 735.7 | 675.9 |
of which cash payments | 646.5 | 614.7 |
Loans relating to acquired companies and cash equivalents | 41.9 | 49.9 |
Payments arising from prior period investing activities | -19.8 | -30.2 |
Capital expenditure financed with liabilities | 67.1 | 41.5 |
Total | 735.7 | 675.9 |
\u20ac million | 2025 | 2024 |
Adjustment of non-cash transactions in the income statement and items presented elsewhere in the statement of cash flows: | ||
Change in provisions | -1.0 | 0.7 |
Share of results of associates and joint ventures | -23.9 | -24.7 |
Impairments | 13.7 | 40.5 |
Credit losses | 3.7 | 7.1 |
Gains on disposal of property, plant, equipment and intangible assets and business operations | -14.0 | -12.7 |
Losses on disposal of property, plant, equipment and intangible assets and business operations | 4.6 | 4.8 |
Share-based compensation | 1.6 | 2.6 |
Defined benefit pensions | -2.1 | -0.3 |
Others | 0.6 | 4.2 |
Total | -16.8 | 22.2 |
\u20ac million | 2025 | 2024 |
Total acquisition of property, plant, equipment and intangible assets | 550.0 | 527.6 |
Total acquisition of subsidiaries and investments in associates and other investments | 185.7 | 148.3 |
Total capital expenditure | 735.7 | 675.9 |
of which cash payments | 646.5 | 614.7 |
Loans relating to acquired companies and cash equivalents | 41.9 | 49.9 |
Payments arising from prior period investing activities | -19.8 | -30.2 |
Capital expenditure financed with liabilities | 67.1 | 41.5 |
Total | 735.7 | 675.9 |
2025 | |
\u20ac million | Acquisitions in Denmark |
Acquisition price of the shares | 185.8 |
Fair values of assets acquired and liabilities assumed at the date of acquisition | |
Intangible assets | 7.2 |
Property, plant, equipment, right-of-use assets and investments | 96.6 |
Inventories | 61.4 |
Receivables | 62.3 |
Deferred tax asset | 1.1 |
Cash and cash equivalents | 6.5 |
Total assets | 235.2 |
Trade payables, other payables and provisions | 72.3 |
Interest-bearing liabilities including lease liabilities | 46.6 |
Deferred tax liability | 9.7 |
Total liabilities | 128.6 |
Net assets acquired, total | 106.6 |
Goodwill | 79.2 |
Acquisition price of the shares | 185.8 |
Cash flow impact of acquisition | |
Considerations paid | -185.8 |
Cash and cash equivalents acquired | 6.5 |
Cash flow impact of acquisitions | -179.3 |
2024 | |
\u20ac million | Davidsen Koncernen A/S |
Acquisition price | 147.9 |
Fair values of assets acquired and liabilities assumed at the date of acquisition | |
Intangible assets | 39.3 |
Property, plant, equipment, right-of-use assets and investments | 106.7 |
Inventories | 52.8 |
Receivables | 47.3 |
Deferred tax asset | 0.0 |
Cash and cash equivalents | 21.7 |
Total assets | 267.9 |
Trade payables, other payables, provisions | 71.5 |
Interest-bearing liabilities including lease liabilities | 54.2 |
Deferred tax liability | 17.2 |
Total liabilities | 142.9 |
Net assets acquired, total | 125.0 |
Non-controlling interests | -12.5 |
Goodwill | 35.4 |
Acquisition price of the shares | 147.9 |
Cash flow impact of acquisition | |
Consideration paid | -168.0 |
Cash and cash equivalents acquired | 21.7 |
Cash flow impact of acquisition | -146.3 |
2025 \u20ac million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2025 |
Cost | ||||||
Cost as at 1 January | 421.8 | 2,203.4 | 738.1 | 35.2 | 272.6 | 3,671.0 |
Exchange differences | 0.3 | 1.2 | 1.3 | 0.3 | 0.1 | 3.3 |
Additions | 42.3 | 185.3 | 178.8 | 2.2 | 128.1 | 536.7 |
Acquisitions | 12.7 | 75.4 | 4.8 | - | - | 92.8 |
Deductions | -15.2 | -49.1 | -78.8 | -3.0 | -1.8 | -147.9 |
Transfers between items | 19.1 | 204.6 | 26.2 | 1.0 | -247.0 | 3.9 |
Cost as at 31 December | 481.0 | 2,620.8 | 870.3 | 35.7 | 151.9 | 4,159.8 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -6.8 | -832.7 | -405.9 | -22.4 | -1,267.8 | |
Exchange differences | 0.0 | -0.7 | -0.6 | -0.1 | -1.4 | |
Accumulated depreciation on deductions | - | 8.8 | 44.6 | 2.6 | 55.9 | |
Accumulated depreciation on transfers | - | -8.6 | 4.7 | 1.4 | -2.5 | |
Depreciation and impairment charges for the year | -2.3 | -112.7 | -72.2 | -2.2 | -189.4 | |
Accumulated depreciation and impairment charges as at 31 December | -9.1 | -945.8 | -429.5 | -20.8 | -1,405.2 | |
Carrying amount as at 1\u00a0January | 415.0 | 1,370.7 | 332.2 | 12.8 | 272.6 | 2,403.3 |
Carrying amount as at 31\u00a0December | 471.9 | 1,675.0 | 440.9 | 14.9 | 151.9 | 2,754.6 |
2024 \u20ac million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2024 |
Cost | ||||||
Cost as at 1 January | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
Exchange differences | -0.9 | -1.8 | -2.5 | -0.2 | 0.0 | -5.4 |
Additions | 27.5 | 193.2 | 122.5 | 1.5 | 150.2 | 494.9 |
Acquisitions | 5.1 | 86.4 | 2.9 | 0.0 | - | 94.4 |
Deductions | -5.0 | -12.0 | -87.2 | -4.0 | -7.3 | -115.5 |
Transfers between items | 3.8 | 71.4 | 1.8 | 0.6 | -102.6 | -25.0 |
Cost as at 31 December | 421.8 | 2,203.4 | 738.1 | 35.2 | 272.6 | 3,671.0 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Exchange differences | 0.1 | 1.0 | 1.7 | 0.1 | 2.9 | |
Accumulated depreciation on deductions | 0.8 | 1.1 | 48.8 | 3.4 | 54.2 | |
Accumulated depreciation on transfers | - | 4.3 | 10.2 | 0.0 | 14.5 | |
Depreciation and impairment charges for the year | -0.5 | -98.3 | -66.3 | -2.2 | -167.3 | |
Accumulated depreciation and impairment charges as at 31 December | -6.8 | -832.7 | -405.9 | -22.4 | -1,267.8 | |
Carrying amount as at 1\u00a0January | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
Carrying amount as at\u00a031\u00a0December | 415.0 | 1,370.7 | 332.2 | 12.8 | 272.6 | 2,403.3 |
2025 \u20ac million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2025 |
Cost | ||||||
Cost as at 1 January | 421.8 | 2,203.4 | 738.1 | 35.2 | 272.6 | 3,671.0 |
Exchange differences | 0.3 | 1.2 | 1.3 | 0.3 | 0.1 | 3.3 |
Additions | 42.3 | 185.3 | 178.8 | 2.2 | 128.1 | 536.7 |
Acquisitions | 12.7 | 75.4 | 4.8 | - | - | 92.8 |
Deductions | -15.2 | -49.1 | -78.8 | -3.0 | -1.8 | -147.9 |
Transfers between items | 19.1 | 204.6 | 26.2 | 1.0 | -247.0 | 3.9 |
Cost as at 31 December | 481.0 | 2,620.8 | 870.3 | 35.7 | 151.9 | 4,159.8 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -6.8 | -832.7 | -405.9 | -22.4 | -1,267.8 | |
Exchange differences | 0.0 | -0.7 | -0.6 | -0.1 | -1.4 | |
Accumulated depreciation on deductions | - | 8.8 | 44.6 | 2.6 | 55.9 | |
Accumulated depreciation on transfers | - | -8.6 | 4.7 | 1.4 | -2.5 | |
Depreciation and impairment charges for the year | -2.3 | -112.7 | -72.2 | -2.2 | -189.4 | |
Accumulated depreciation and impairment charges as at 31 December | -9.1 | -945.8 | -429.5 | -20.8 | -1,405.2 | |
Carrying amount as at 1\u00a0January | 415.0 | 1,370.7 | 332.2 | 12.8 | 272.6 | 2,403.3 |
Carrying amount as at 31\u00a0December | 471.9 | 1,675.0 | 440.9 | 14.9 | 151.9 | 2,754.6 |
2024 \u20ac million | Land and waters | Buildings | Machinery and equipment | Other tangible assets | Prepay- ments and construc- tion in progress | Total 2024 |
Cost | ||||||
Cost as at 1 January | 391.2 | 1,866.2 | 700.6 | 37.4 | 232.3 | 3,227.7 |
Exchange differences | -0.9 | -1.8 | -2.5 | -0.2 | 0.0 | -5.4 |
Additions | 27.5 | 193.2 | 122.5 | 1.5 | 150.2 | 494.9 |
Acquisitions | 5.1 | 86.4 | 2.9 | 0.0 | - | 94.4 |
Deductions | -5.0 | -12.0 | -87.2 | -4.0 | -7.3 | -115.5 |
Transfers between items | 3.8 | 71.4 | 1.8 | 0.6 | -102.6 | -25.0 |
Cost as at 31 December | 421.8 | 2,203.4 | 738.1 | 35.2 | 272.6 | 3,671.0 |
Accumulated depreciation and impairment charges | ||||||
Accumulated depreciation and impairment charges as at 1 January | -7.2 | -740.7 | -400.3 | -23.9 | -1,172.0 | |
Exchange differences | 0.1 | 1.0 | 1.7 | 0.1 | 2.9 | |
Accumulated depreciation on deductions | 0.8 | 1.1 | 48.8 | 3.4 | 54.2 | |
Accumulated depreciation on transfers | - | 4.3 | 10.2 | 0.0 | 14.5 | |
Depreciation and impairment charges for the year | -0.5 | -98.3 | -66.3 | -2.2 | -167.3 | |
Accumulated depreciation and impairment charges as at 31 December | -6.8 | -832.7 | -405.9 | -22.4 | -1,267.8 | |
Carrying amount as at 1\u00a0January | 384.1 | 1,125.5 | 300.3 | 13.5 | 232.3 | 2,055.6 |
Carrying amount as at\u00a031\u00a0December | 415.0 | 1,370.7 | 332.2 | 12.8 | 272.6 | 2,403.3 |
2025 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2025 |
Cost | |||||
Cost as at 1 January | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Exchange difference | 10.5 | -0.1 | 0.5 | - | 11.0 |
Additions | - | - | 7.4 | 3.0 | 10.4 |
Acquisitions | 79.2 | - | 7.2 | - | 86.3 |
Deductions | - | - | -6.8 | -0.0 | -6.8 |
Transfers between items | - | - | -12.9 | -2.0 | -14.9 |
Cost as at 31 December | 818.6 | 124.2 | 313.1 | 4.1 | 1,260.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -85.9 | -10.8 | -200.0 | -296.7 | |
Exchange difference | -0.1 | -0.1 | -0.3 | -0.4 | |
Accumulated amortisation and impairment charges on disposals | 14.0 | 14.0 | |||
Accumulated amortisation and impairment charges on transfers | 7.1 | 7.1 | |||
Amortisation and impairment charges for the year | -11.0 | -0.3 | -38.5 | -49.7 | |
Accumulated amortisation and impairment charges as at 31 December | -97.0 | -11.1 | -217.7 | -325.8 | |
Carrying amount as at 1 January | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
Carrying amount as at 31 December | 721.6 | 113.1 | 95.4 | 4.1 | 934.2 |
2024 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2024 |
Cost | |||||
Cost as at 1 January | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
Exchange difference | -19.6 | -1.5 | -3.5 | - | -24.6 |
Additions | - | - | 14.2 | 2.0 | 16.2 |
Acquisitions | 38.5 | 29.8 | 9.9 | - | 78.2 |
Deductions | - | - | -8.1 | -0.2 | -8.3 |
Transfers between items | - | 6.8 | -2.9 | 3.9 | |
Cost as at 31 December | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -46.4 | -10.0 | -177.0 | -233.5 | |
Exchange difference | 0.4 | 0.5 | 2.1 | 3.0 | |
Accumulated amortisation and impairment charges on disposals | - | 14.3 | 14.3 | ||
Accumulated amortisation and impairment charges on transfers | 0.0 | -0.0 | -0.0 | ||
Amortisation and impairment charges for the year | -40.0 | -1.3 | -39.3 | -80.6 | |
Accumulated amortisation and impairment charges as at 31 December | -85.9 | -10.8 | -200.0 | -296.7 | |
Carrying amount as at 1 January | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
Carrying amount as at 31 December | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
\u20ac million | Trade- marks 2025 | Goodwill 2025 | Trade- marks 2024 | Goodwill 2024 |
Grocery trade | ||||
Grocery trade, chain operations | - | 76.1 | - | 76.1 |
Grocery trade, Kespro | 5.3 | 2.0 | 5.3 | 2.0 |
Building and technical trade | ||||
Technical trade | 58.3 | 137.1 | 58.3 | 147.9 |
Byggmakker, Norway | 19.7 | 150.0 | 19.8 | 150.7 |
K-Bygg, Sweden | - | 195.9 | - | 185.0 |
Davidsen, Denmark | 29.7 | 114.4 | 29.8 | 35.4 |
Car trade | - | 46.1 | - | 46.1 |
Total | 113.1 | 721.6 | 113.2 | 643.0 |
\u20ac million | Pre-tax discount rate 2025 | Terminal growth rate 2025 | Pre-tax discount rate 2024 | Terminal growth rate 2024 |
Grocery trade | ||||
Grocery trade, chain operations | 6.7% | 0.5% | 6.5% | 0.5% |
Grocery trade, Kespro | 6.4% | 1.5% | 6.3% | 1.5% |
Building and technical trade | ||||
Technical trade | 8.4% | 2.0% | 9.1% | 2.0% |
Byggmakker, Norway | 8.2% | 2.0% | 8.7% | 2.0% |
K-Bygg, Sweden | 7.4% | 2.0% | 7.0% | 2.0% |
Davidsen, Denmark | 7.7% | 2.0% | 7.2% | 2.0% |
Car trade | 8.2% | 2.0% | 8.5% | 2.0% |
2025 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2025 |
Cost | |||||
Cost as at 1 January | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Exchange difference | 10.5 | -0.1 | 0.5 | - | 11.0 |
Additions | - | - | 7.4 | 3.0 | 10.4 |
Acquisitions | 79.2 | - | 7.2 | - | 86.3 |
Deductions | - | - | -6.8 | -0.0 | -6.8 |
Transfers between items | - | - | -12.9 | -2.0 | -14.9 |
Cost as at 31 December | 818.6 | 124.2 | 313.1 | 4.1 | 1,260.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -85.9 | -10.8 | -200.0 | -296.7 | |
Exchange difference | -0.1 | -0.1 | -0.3 | -0.4 | |
Accumulated amortisation and impairment charges on disposals | 14.0 | 14.0 | |||
Accumulated amortisation and impairment charges on transfers | 7.1 | 7.1 | |||
Amortisation and impairment charges for the year | -11.0 | -0.3 | -38.5 | -49.7 | |
Accumulated amortisation and impairment charges as at 31 December | -97.0 | -11.1 | -217.7 | -325.8 | |
Carrying amount as at 1 January | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
Carrying amount as at 31 December | 721.6 | 113.1 | 95.4 | 4.1 | 934.2 |
2024 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2024 |
Cost | |||||
Cost as at 1 January | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
Exchange difference | -19.6 | -1.5 | -3.5 | - | -24.6 |
Additions | - | - | 14.2 | 2.0 | 16.2 |
Acquisitions | 38.5 | 29.8 | 9.9 | - | 78.2 |
Deductions | - | - | -8.1 | -0.2 | -8.3 |
Transfers between items | - | 6.8 | -2.9 | 3.9 | |
Cost as at 31 December | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -46.4 | -10.0 | -177.0 | -233.5 | |
Exchange difference | 0.4 | 0.5 | 2.1 | 3.0 | |
Accumulated amortisation and impairment charges on disposals | - | 14.3 | 14.3 | ||
Accumulated amortisation and impairment charges on transfers | 0.0 | -0.0 | -0.0 | ||
Amortisation and impairment charges for the year | -40.0 | -1.3 | -39.3 | -80.6 | |
Accumulated amortisation and impairment charges as at 31 December | -85.9 | -10.8 | -200.0 | -296.7 | |
Carrying amount as at 1 January | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
Carrying amount as at 31 December | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
2025 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2025 |
Cost | |||||
Cost as at 1 January | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Exchange difference | 10.5 | -0.1 | 0.5 | - | 11.0 |
Additions | - | - | 7.4 | 3.0 | 10.4 |
Acquisitions | 79.2 | - | 7.2 | - | 86.3 |
Deductions | - | - | -6.8 | -0.0 | -6.8 |
Transfers between items | - | - | -12.9 | -2.0 | -14.9 |
Cost as at 31 December | 818.6 | 124.2 | 313.1 | 4.1 | 1,260.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -85.9 | -10.8 | -200.0 | -296.7 | |
Exchange difference | -0.1 | -0.1 | -0.3 | -0.4 | |
Accumulated amortisation and impairment charges on disposals | 14.0 | 14.0 | |||
Accumulated amortisation and impairment charges on transfers | 7.1 | 7.1 | |||
Amortisation and impairment charges for the year | -11.0 | -0.3 | -38.5 | -49.7 | |
Accumulated amortisation and impairment charges as at 31 December | -97.0 | -11.1 | -217.7 | -325.8 | |
Carrying amount as at 1 January | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
Carrying amount as at 31 December | 721.6 | 113.1 | 95.4 | 4.1 | 934.2 |
2024 \u20ac million | Goodwill | Trade- marks | Other intangible assets | Prepay- ments | Total 2024 |
Cost | |||||
Cost as at 1 January | 710.1 | 96.0 | 298.2 | 4.2 | 1,108.5 |
Exchange difference | -19.6 | -1.5 | -3.5 | - | -24.6 |
Additions | - | - | 14.2 | 2.0 | 16.2 |
Acquisitions | 38.5 | 29.8 | 9.9 | - | 78.2 |
Deductions | - | - | -8.1 | -0.2 | -8.3 |
Transfers between items | - | 6.8 | -2.9 | 3.9 | |
Cost as at 31 December | 729.0 | 124.3 | 317.6 | 3.1 | 1,174.0 |
Accumulated amortisation and impairment charges | |||||
Accumulated amortisation and impairment charges as at\u00a0 1 January | -46.4 | -10.0 | -177.0 | -233.5 | |
Exchange difference | 0.4 | 0.5 | 2.1 | 3.0 | |
Accumulated amortisation and impairment charges on disposals | - | 14.3 | 14.3 | ||
Accumulated amortisation and impairment charges on transfers | 0.0 | -0.0 | -0.0 | ||
Amortisation and impairment charges for the year | -40.0 | -1.3 | -39.3 | -80.6 | |
Accumulated amortisation and impairment charges as at 31 December | -85.9 | -10.8 | -200.0 | -296.7 | |
Carrying amount as at 1 January | 663.7 | 86.0 | 121.2 | 4.2 | 875.1 |
Carrying amount as at 31 December | 643.0 | 113.5 | 117.7 | 3.1 | 877.3 |
\u20ac million | Trade- marks 2025 | Goodwill 2025 | Trade- marks 2024 | Goodwill 2024 |
Grocery trade | ||||
Grocery trade, chain operations | - | 76.1 | - | 76.1 |
Grocery trade, Kespro | 5.3 | 2.0 | 5.3 | 2.0 |
Building and technical trade | ||||
Technical trade | 58.3 | 137.1 | 58.3 | 147.9 |
Byggmakker, Norway | 19.7 | 150.0 | 19.8 | 150.7 |
K-Bygg, Sweden | - | 195.9 | - | 185.0 |
Davidsen, Denmark | 29.7 | 114.4 | 29.8 | 35.4 |
Car trade | - | 46.1 | - | 46.1 |
Total | 113.1 | 721.6 | 113.2 | 643.0 |
\u20ac million | Trade- marks 2025 | Goodwill 2025 | Trade- marks 2024 | Goodwill 2024 |
Grocery trade | ||||
Grocery trade, chain operations | - | 76.1 | - | 76.1 |
Grocery trade, Kespro | 5.3 | 2.0 | 5.3 | 2.0 |
Building and technical trade | ||||
Technical trade | 58.3 | 137.1 | 58.3 | 147.9 |
Byggmakker, Norway | 19.7 | 150.0 | 19.8 | 150.7 |
K-Bygg, Sweden | - | 195.9 | - | 185.0 |
Davidsen, Denmark | 29.7 | 114.4 | 29.8 | 35.4 |
Car trade | - | 46.1 | - | 46.1 |
Total | 113.1 | 721.6 | 113.2 | 643.0 |
\u20ac million | Pre-tax discount rate 2025 | Terminal growth rate 2025 | Pre-tax discount rate 2024 | Terminal growth rate 2024 |
Grocery trade | ||||
Grocery trade, chain operations | 6.7% | 0.5% | 6.5% | 0.5% |
Grocery trade, Kespro | 6.4% | 1.5% | 6.3% | 1.5% |
Building and technical trade | ||||
Technical trade | 8.4% | 2.0% | 9.1% | 2.0% |
Byggmakker, Norway | 8.2% | 2.0% | 8.7% | 2.0% |
K-Bygg, Sweden | 7.4% | 2.0% | 7.0% | 2.0% |
Davidsen, Denmark | 7.7% | 2.0% | 7.2% | 2.0% |
Car trade | 8.2% | 2.0% | 8.5% | 2.0% |
2025 \u20ac million | Land and buildings | Machinery and equipment | Total |
Carrying amount as at 1 January | 1,839.5 | 28.2 | 1,867.7 |
Additions | 450.7 | 8.6 | 459.4 |
Acquisitions | 0.0 | 2.9 | 2.9 |
Transfer between items | 0.0 | 0.0 | 0.0 |
Depreciation | -343.1 | -12.1 | -355.2 |
Impairment charges | -3.9 | - | -3.9 |
Deductions | -68.3 | -0.1 | -68.4 |
Exchange differences | 3.9 | 0.2 | 4.1 |
Carrying amount as at 31 December | 1,878.8 | 27.7 | 1,906.5 |
2024 \u20ac million | Land and buildings | Machinery and equipment | Total |
Carrying amount as at 1 January | 1,799.9 | 17.0 | 1,816.9 |
Additions | 444.0 | 13.5 | 457.5 |
Acquisitions | 2.7 | 9.7 | 12.3 |
Depreciation | -348.5 | -11.0 | -359.5 |
Impairment charges | -12.8 | - | -12.8 |
Deductions | -36.9 | -0.2 | -37.1 |
Exchange differences | -8.9 | -0.4 | -9.3 |
Carrying amount as at 31 December | 1,839.5 | 28.2 | 1,867.7 |
\u20ac million | 2025 | 2024 |
Operating profit | ||
Depreciation and impairment charges on right-of-use assets | -359.1 | -375.5 |
Lease payments for short-term leases | -3.7 | -4.3 |
Lease payments for low-value assets | -3.1 | -3.5 |
Variable lease payments | -0.6 | -0.7 |
Financial expenses | ||
Interest expense for lease liabilities | -89.4 | -78.6 |
Total | -455.9 | -462.6 |
\u20ac million | 2025 | 2024 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Repayments of lease liabilities | -358.5 | -370.9 |
Lease payments in the income statement | -7.4 | -8.5 |
Total | -455.2 | -458.0 |
\u20ac million | 2025 | 2024 |
Lease income for operating leases | 79.8 | 75.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
\u20ac million | 2025 | 2024 |
Collateral given for own commitments | ||
Pledges | 9.0 | 9.0 |
Mortgages | 285.7 | 222.9 |
Guarantees | 13.1 | 12.3 |
Other commitments and contingent liabilities | 110.2 | 66.3 |
Collateral given for others | ||
Guarantees | - | - |
Other commitments and contingent liabilities | - | - |
\u20ac million | 2025 | 2024 |
Goods | 1,201.2 | 1,096.1 |
Prepayments | 2.8 | 5.4 |
Total | 1,204.0 | 1,101.5 |
Write-down of inventories to net realisable value | 65.2 | 70.2 |
\u20ac million | 2025 | 2024 |
Interest-bearing receivables | ||
Interest-bearing loans and receivables | 0.7 | 4.2 |
Total interest-bearing receivables | 0.7 | 4.2 |
Trade receivables | 1,014.8 | 957.9 |
Income tax assets | 18.0 | 12.9 |
Other non-interest-bearing receivables | ||
Non-interest-bearing loans and receivables | 28.4 | 38.0 |
Prepaid expenses and deferred income | 281.3 | 249.1 |
Total other non-interest-bearing receivables | 309.6 | 287.1 |
Total | 1,343.1 | 1,262.1 |
\u20ac million | 2025 | 2024 |
Trade receivables not due | 929.6 | 878.3 |
1\u20137 days past due trade receivables | 50.7 | 40.6 |
8\u201330 days past due trade receivables | 14.4 | 17.6 |
31\u201360 days past due trade receivables | 3.9 | 4.1 |
Over 60 days past due trade receivables | 16.2 | 17.2 |
Total | 1,014.8 | 957.9 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
\u20ac million | 2025 | 2024 |
Interest-bearing receivables | ||
Interest-bearing loans and receivables | 0.7 | 4.2 |
Total interest-bearing receivables | 0.7 | 4.2 |
Trade receivables | 1,014.8 | 957.9 |
Income tax assets | 18.0 | 12.9 |
Other non-interest-bearing receivables | ||
Non-interest-bearing loans and receivables | 28.4 | 38.0 |
Prepaid expenses and deferred income | 281.3 | 249.1 |
Total other non-interest-bearing receivables | 309.6 | 287.1 |
Total | 1,343.1 | 1,262.1 |
\u20ac million | 2025 | 2024 |
Trade receivables not due | 929.6 | 878.3 |
1\u20137 days past due trade receivables | 50.7 | 40.6 |
8\u201330 days past due trade receivables | 14.4 | 17.6 |
31\u201360 days past due trade receivables | 3.9 | 4.1 |
Over 60 days past due trade receivables | 16.2 | 17.2 |
Total | 1,014.8 | 957.9 |
Translation exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 325.5 | 428.2 | 108.6 | 346.9 |
Translation exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 164.0 | 418.7 | 95.6 | 355.1 |
Sensitivity analysis, impact on equity as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -29.6 | -38.9 | -9.9 | -31.5 |
Strengthening 10% | 36.2 | 47.6 | 12.1 | 38.5 |
Sensitivity analysis, impact on equity as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -14.9 | -38.1 | -8.7 | -32.3 |
Strengthening 10% | 18.2 | 46.5 | 10.6 | 39.5 |
Transaction exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 2.6 | -3.5 | -10.3 | -12.1 | -0.2 |
Hedging derivatives | - | -5.1 | 8.3 | 7.4 | 22.1 |
Open exposure | 2.6 | -8.6 | -2.0 | -4.7 | 21.9 |
Transaction exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 1.8 | 33.8 | -5.6 | -44.6 | -2.3 |
Hedging derivatives | - | -42.4 | 4.2 | 37.1 | 36.6 |
Open exposure | 1.8 | -8.6 | -1.4 | -7.6 | 34.3 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.2 | 0.4 | -2.0 |
Strengthening 10% | 0.3 | -1.0 | -0.2 | -0.5 | 2.4 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.1 | 0.7 | -3.1 |
Strengthening 10% | 0.2 | -1.0 | -0.2 | -0.8 | 3.8 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Cash flows of derivatives | ||||||||
Payables | ||||||||
Foreign currency derivatives | 60.2 | - | - | 60.2 | 123.3 | - | - | 123.3 |
Interest rate derivatives | 11.3 | 33.7 | 9.5 | 54.4 | 4.1 | 1.5 | 0.2 | 5.8 |
of which derivatives under hedge accounting | 10.5 | 33.4 | 9.5 | 53.4 | 3.1 | 0.5 | 0.2 | 3.8 |
Electricity derivatives | 1.9 | 1.1 | 0.0 | 3.0 | 2.4 | 3.0 | - | 5.5 |
Receivables | ||||||||
Foreign currency derivatives | 60.5 | - | - | 60.5 | 124.6 | - | - | 124.6 |
Interest rate derivatives | 12.5 | 37.3 | 12.0 | 61.8 | 5.9 | 3.6 | 0.5 | 10.1 |
of which derivatives under hedge accounting | 10.6 | 36.6 | 12.0 | 59.1 | 2.9 | 1.2 | 0.5 | 4.6 |
Electricity derivatives | 0.4 | 0.6 | 0.0 | 1.0 | 1.5 | 0.8 | 0.0 | 2.3 |
Supply chain financing arrangement | 2025 | 2024 |
Liabilities covered by the scheme | \u20ac million | \u20ac million |
Outstanding payables | 307.8 | 332.4 |
Payables for which suppliers had received payment | 304.9 | 326.0 |
Terms of payment | Payment term, days | Payment term, days |
Payables covered by the scheme | 14\u2013240 | 30\u2013240 |
Payables outside the scheme | 7\u2013365 | 0\u2013360 |
Financial assets at amortised cost \u20ac million | 2025 | 2024 |
Carrying amount as at 1 January | 15.0 | 15.4 |
Changes | -15.0 | -0.4 |
Carrying amount as at 31 December | - | 15.0 |
31 Dec. 2025, \u20ac million | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
Non-interest-bearing non- current receivables | 3.4 | 1.7 | 0.8 | 0.7 | 3.4 | 10.0 |
Loans and receivables from associates and joint ventures | 1.5 | - | - | - | 56.0 | 57.5 |
Other non-current receivables | 0.8 | - | - | - | - | 0.8 |
Total | 5.7 | 1.7 | 0.8 | 0.7 | 59.4 | 68.2 |
31 Dec. 2024, \u20ac million | 2026 | 2027 | 2028 | 2029 | 2030\u2013 | Total |
Non-interest-bearing non- current receivables | 2.6 | 2.3 | 0.2 | 0.0 | 1.9 | 7.1 |
Loans and receivables from associates and joint ventures | 0.5 | 1.5 | - | - | 56.0 | 58.0 |
Other non-current receivables | 0.8 | 0.0 | - | - | - | 0.8 |
Total | 3.8 | 3.9 | 0.2 | 0.0 | 57.9 | 65.9 |
2025 | 2024 | |||
\u20ac million | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity |
Fair value as at 1 Jan. excluding deferred taxes | 0.8 | -3.2 | -0.3 | 5.7 |
Acquisitions | - | - | 1.9 | - |
Booked to income statement | 0.4 | 1.5 | -1.3 | -0.2 |
Change in fair value | 2.5 | -0.3 | 0.4 | -8.6 |
Fair value as at 31 Dec. excluding deferred taxes | 3.7 | -2.0 | 0.8 | -3.2 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
\u20ac million | 2025 | 2024 |
Trade receivables not due | 929.6 | 878.3 |
1\u20137 days past due trade receivables | 50.7 | 40.6 |
8\u201330 days past due trade receivables | 14.4 | 17.6 |
31\u201360 days past due trade receivables | 3.9 | 4.1 |
Over 60 days past due trade receivables | 16.2 | 17.2 |
Total | 1,014.8 | 957.9 |
\u20ac million | Warranty provisions | Other provisions | Total |
Provisions as at 1 Jan. 2025 | 9.0 | 10.5 | 19.5 |
Foreign exchange effects | - | 0.2 | 0.2 |
Additional provisions | 6.7 | 5.9 | 12.6 |
Unused amounts reversed | -3.6 | -1.1 | -4.7 |
Amounts charged against provisions | -2.1 | -6.6 | -8.7 |
Provisions as at 31 Dec 2025 | 10.0 | 8.8 | 18.8 |
Analysis of total provisions | |||
Non-current | 3.4 | 1.0 | 4.3 |
Current | 6.6 | 7.8 | 14.5 |
\u20ac million | 2025 | 2024 |
Interest-bearing liabilities in the consolidated statement of financial position | 3,572.6 | 3,396.3 |
- Lease liabilities | 2,097.5 | 2,051.0 |
- Other current financial assets | - | 15.0 |
- Cash and cash equivalents | 166.2 | 473.1 |
Interest-bearing net debt excluding lease liabilities | 1,308.9 | 857.2 |
Operating profit | 631.3 | 579.5 |
+ depreciation, amortisation and impairment | 239.1 | 247.9 |
+ depreciation and impairment charges for right-of-use-assets | 359.1 | 375.5 |
- lease payments for right-of-use-assets | 431.6 | 453.2 |
EBITDA excluding the impact of IFRS 16 | 798.0 | 749.7 |
Interest bearing net debt/EBITDA excluding the impact of IFRS 16 | 1.6 | 1.1 |
\u20ac million | 2025 | 2024 |
Financial assets at amortised cost (maturing in less than 3\u00a0months) | - | 185.2 |
Cash and cash equivalents | 166.2 | 287.9 |
Other current financial assets | - | 15.0 |
Loans - repayable within one year (including overdraft) | -189.3 | -291.3 |
Lease liabilities - repayable within one year | -344.6 | -422.2 |
Loans - repayable after one year | -1,285.9 | -1,054.0 |
Lease liabilities - repayable after one year | -1,752.9 | -1,628.8 |
Interest bearing net debt | -3,406.4 | -2,908.2 |
\u20ac million | Carrying amount as at 1 Jan. 2025 | Cash flows | Business acquisitions and divestments | Net changes of lease liabilities | Foreign exchange adjustments | Carrying amount as at 31 Dec. 2025 |
Lease liabilities due within 1 year | -422.2 | 358.5 | -0.5 | -279.6 | -0.8 | -344.6 |
Lease liabilities due after 1 year | -1,628.8 | -1.4 | -119.2 | -3.4 | -1,752.9 | |
Loans due within 1 year | -291.3 | 122.1 | -20.1 | 0.0 | -189.3 | |
Loans due after 1 year | -1,054.0 | -197.6 | -34.3 | 0.1 | -1,285.9 | |
Other current financial assets | 15.0 | -15.0 | - | - | - | |
Cash and overdraft | 287.9 | -128.1 | 10.1 | -3.7 | 166.2 | |
Financial assets at amortised cost | 185.2 | -185.2 | - | - | - | |
Net debt | -2,908.2 | -45.4 | -46.2 | -398.8 | -7.8 | -3,406.4 |
\u20ac million | Carrying amount as at 1 Jan. 2024 | Cash flows | Business acquisitions and divestments | Net changes of lease liabilities | Foreign exchange adjustments | Carrying amount as at 31 Dec. 2024 |
Lease liabilities due within 1 year | -350.6 | 370.9 | -3.4 | -441.0 | 1.9 | -422.2 |
Lease liabilities due after 1 year | -1,647.2 | -8.7 | 19.1 | 8.0 | -1,628.8 | |
Loans due within 1 year | -98.5 | -191.5 | -1.3 | 0.0 | -291.3 | |
Loans due after 1 year | -690.7 | -343.1 | -20.3 | 0.0 | -1,054.0 | |
Other current financial assets | 15.4 | -0.4 | - | - | 15.0 | |
Cash and overdraft | 208.6 | 57.8 | 21.7 | -0.3 | 287.9 | |
Financial assets at amortised cost | 3.3 | 181.9 | - | - | 185.2 | |
Net debt | -2,559.8 | 75.7 | -11.9 | -421.9 | 9.7 | -2,908.2 |
Number of shares | |||||||
Share capital | A | B | Total | Share capital \u20ac million | Reserve of invested non-restricted equity \u20ac million | Share premium \u20ac million | Total \u20ac million |
As at 1 January 2024 | 126,948,028 | 270,821,483 | 397,769,511 | 197.3 | 197.8 | 266.9 | 662.0 |
Change in treasury shares | 186,897 | 186,897 | |||||
As at 31 December 2024 | 126,948,028 | 271,008,380 | 397,956,408 | 197.3 | 197.8 | 266.8 | 661.9 |
Change in treasury shares | 162,419 | 162,419 | |||||
As at 31 December 2025 | 126,948,028 | 271,170,799 | 398,118,827 | 197.3 | 197.8 | 266.8 | 661.9 |
Number of votes | 1,269,480,280 | 271,170,799 | 1,540,651,079 |
pcs | |
B shares held by the Company as at 31 Dec. 2024 | 2,122,600 |
Transfer, share-based compensation plan | -163,624 |
Returned during the period | 1,205 |
B shares held by the Company as at 31 Dec. 2025 | 1,960,181 |
Number of shares | |||||||
Share capital | A | B | Total | Share capital \u20ac million | Reserve of invested non-restricted equity \u20ac million | Share premium \u20ac million | Total \u20ac million |
As at 1 January 2024 | 126,948,028 | 270,821,483 | 397,769,511 | 197.3 | 197.8 | 266.9 | 662.0 |
Change in treasury shares | 186,897 | 186,897 | |||||
As at 31 December 2024 | 126,948,028 | 271,008,380 | 397,956,408 | 197.3 | 197.8 | 266.8 | 661.9 |
Change in treasury shares | 162,419 | 162,419 | |||||
As at 31 December 2025 | 126,948,028 | 271,170,799 | 398,118,827 | 197.3 | 197.8 | 266.8 | 661.9 |
Number of votes | 1,269,480,280 | 271,170,799 | 1,540,651,079 |
pcs | |
B shares held by the Company as at 31 Dec. 2024 | 2,122,600 |
Transfer, share-based compensation plan | -163,624 |
Returned during the period | 1,205 |
B shares held by the Company as at 31 Dec. 2025 | 1,960,181 |
Translation exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 325.5 | 428.2 | 108.6 | 346.9 |
Translation exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 164.0 | 418.7 | 95.6 | 355.1 |
Sensitivity analysis, impact on equity as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -29.6 | -38.9 | -9.9 | -31.5 |
Strengthening 10% | 36.2 | 47.6 | 12.1 | 38.5 |
Sensitivity analysis, impact on equity as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -14.9 | -38.1 | -8.7 | -32.3 |
Strengthening 10% | 18.2 | 46.5 | 10.6 | 39.5 |
Transaction exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 2.6 | -3.5 | -10.3 | -12.1 | -0.2 |
Hedging derivatives | - | -5.1 | 8.3 | 7.4 | 22.1 |
Open exposure | 2.6 | -8.6 | -2.0 | -4.7 | 21.9 |
Transaction exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 1.8 | 33.8 | -5.6 | -44.6 | -2.3 |
Hedging derivatives | - | -42.4 | 4.2 | 37.1 | 36.6 |
Open exposure | 1.8 | -8.6 | -1.4 | -7.6 | 34.3 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.2 | 0.4 | -2.0 |
Strengthening 10% | 0.3 | -1.0 | -0.2 | -0.5 | 2.4 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.1 | 0.7 | -3.1 |
Strengthening 10% | 0.2 | -1.0 | -0.2 | -0.8 | 3.8 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Cash flows of derivatives | ||||||||
Payables | ||||||||
Foreign currency derivatives | 60.2 | - | - | 60.2 | 123.3 | - | - | 123.3 |
Interest rate derivatives | 11.3 | 33.7 | 9.5 | 54.4 | 4.1 | 1.5 | 0.2 | 5.8 |
of which derivatives under hedge accounting | 10.5 | 33.4 | 9.5 | 53.4 | 3.1 | 0.5 | 0.2 | 3.8 |
Electricity derivatives | 1.9 | 1.1 | 0.0 | 3.0 | 2.4 | 3.0 | - | 5.5 |
Receivables | ||||||||
Foreign currency derivatives | 60.5 | - | - | 60.5 | 124.6 | - | - | 124.6 |
Interest rate derivatives | 12.5 | 37.3 | 12.0 | 61.8 | 5.9 | 3.6 | 0.5 | 10.1 |
of which derivatives under hedge accounting | 10.6 | 36.6 | 12.0 | 59.1 | 2.9 | 1.2 | 0.5 | 4.6 |
Electricity derivatives | 0.4 | 0.6 | 0.0 | 1.0 | 1.5 | 0.8 | 0.0 | 2.3 |
Supply chain financing arrangement | 2025 | 2024 |
Liabilities covered by the scheme | \u20ac million | \u20ac million |
Outstanding payables | 307.8 | 332.4 |
Payables for which suppliers had received payment | 304.9 | 326.0 |
Terms of payment | Payment term, days | Payment term, days |
Payables covered by the scheme | 14\u2013240 | 30\u2013240 |
Payables outside the scheme | 7\u2013365 | 0\u2013360 |
Financial assets at amortised cost \u20ac million | 2025 | 2024 |
Carrying amount as at 1 January | 15.0 | 15.4 |
Changes | -15.0 | -0.4 |
Carrying amount as at 31 December | - | 15.0 |
31 Dec. 2025, \u20ac million | 2027 | 2028 | 2029 | 2030 | 2031\u2013 | Total |
Non-interest-bearing non- current receivables | 3.4 | 1.7 | 0.8 | 0.7 | 3.4 | 10.0 |
Loans and receivables from associates and joint ventures | 1.5 | - | - | - | 56.0 | 57.5 |
Other non-current receivables | 0.8 | - | - | - | - | 0.8 |
Total | 5.7 | 1.7 | 0.8 | 0.7 | 59.4 | 68.2 |
31 Dec. 2024, \u20ac million | 2026 | 2027 | 2028 | 2029 | 2030\u2013 | Total |
Non-interest-bearing non- current receivables | 2.6 | 2.3 | 0.2 | 0.0 | 1.9 | 7.1 |
Loans and receivables from associates and joint ventures | 0.5 | 1.5 | - | - | 56.0 | 58.0 |
Other non-current receivables | 0.8 | 0.0 | - | - | - | 0.8 |
Total | 3.8 | 3.9 | 0.2 | 0.0 | 57.9 | 65.9 |
2025 | 2024 | |||
\u20ac million | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity |
Fair value as at 1 Jan. excluding deferred taxes | 0.8 | -3.2 | -0.3 | 5.7 |
Acquisitions | - | - | 1.9 | - |
Booked to income statement | 0.4 | 1.5 | -1.3 | -0.2 |
Change in fair value | 2.5 | -0.3 | 0.4 | -8.6 |
Fair value as at 31 Dec. excluding deferred taxes | 3.7 | -2.0 | 0.8 | -3.2 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
Translation exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 325.5 | 428.2 | 108.6 | 346.9 |
Translation exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK |
Net investment | 164.0 | 418.7 | 95.6 | 355.1 |
Sensitivity analysis, impact on equity as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -29.6 | -38.9 | -9.9 | -31.5 |
Strengthening 10% | 36.2 | 47.6 | 12.1 | 38.5 |
Sensitivity analysis, impact on equity as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK |
Weakening 10% | -14.9 | -38.1 | -8.7 | -32.3 |
Strengthening 10% | 18.2 | 46.5 | 10.6 | 39.5 |
Transaction exposure as at 31 Dec. 2025 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 2.6 | -3.5 | -10.3 | -12.1 | -0.2 |
Hedging derivatives | - | -5.1 | 8.3 | 7.4 | 22.1 |
Open exposure | 2.6 | -8.6 | -2.0 | -4.7 | 21.9 |
Transaction exposure as at 31 Dec. 2024 \u20ac million | DKK | NOK | PLN | SEK | USD |
Group's transaction risk | 1.8 | 33.8 | -5.6 | -44.6 | -2.3 |
Hedging derivatives | - | -42.4 | 4.2 | 37.1 | 36.6 |
Open exposure | 1.8 | -8.6 | -1.4 | -7.6 | 34.3 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2025, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.2 | 0.4 | -2.0 |
Strengthening 10% | 0.3 | -1.0 | -0.2 | -0.5 | 2.4 |
Sensitivity analysis, impact on pre-tax profit as at 31 Dec. 2024, \u20ac million | DKK | NOK | PLN | SEK | USD |
Weakening 10% | -0.2 | 0.8 | 0.1 | 0.7 | -3.1 |
Strengthening 10% | 0.2 | -1.0 | -0.2 | -0.8 | 3.8 |
2025 | 2024 | |||
\u20ac million | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity |
Fair value as at 1 Jan. excluding deferred taxes | 0.8 | -3.2 | -0.3 | 5.7 |
Acquisitions | - | - | 1.9 | - |
Booked to income statement | 0.4 | 1.5 | -1.3 | -0.2 |
Change in fair value | 2.5 | -0.3 | 0.4 | -8.6 |
Fair value as at 31 Dec. excluding deferred taxes | 3.7 | -2.0 | 0.8 | -3.2 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Cash flows of derivatives | ||||||||
Payables | ||||||||
Foreign currency derivatives | 60.2 | - | - | 60.2 | 123.3 | - | - | 123.3 |
Interest rate derivatives | 11.3 | 33.7 | 9.5 | 54.4 | 4.1 | 1.5 | 0.2 | 5.8 |
of which derivatives under hedge accounting | 10.5 | 33.4 | 9.5 | 53.4 | 3.1 | 0.5 | 0.2 | 3.8 |
Electricity derivatives | 1.9 | 1.1 | 0.0 | 3.0 | 2.4 | 3.0 | - | 5.5 |
Receivables | ||||||||
Foreign currency derivatives | 60.5 | - | - | 60.5 | 124.6 | - | - | 124.6 |
Interest rate derivatives | 12.5 | 37.3 | 12.0 | 61.8 | 5.9 | 3.6 | 0.5 | 10.1 |
of which derivatives under hedge accounting | 10.6 | 36.6 | 12.0 | 59.1 | 2.9 | 1.2 | 0.5 | 4.6 |
Electricity derivatives | 0.4 | 0.6 | 0.0 | 1.0 | 1.5 | 0.8 | 0.0 | 2.3 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Maturities of financial liabilities and related finance costs | ||||||||
Loans from financial institutions | 59.3 | 763.5 | 183.6 | 1,006.6 | 193.0 | 563.7 | 164.1 | 920.8 |
finance costs | 29.8 | 56.2 | 13.3 | 99.3 | 31.9 | 38.1 | 12.9 | 82.9 |
Bonds | - | 297.3 | - | 297.3 | - | - | 298.0 | 298.0 |
finance costs | 10.5 | 42.0 | - | 52.5 | 3.5 | 42.0 | 10.5 | 56.0 |
Pension loans | 8.9 | 11.5 | - | 20.3 | 12.0 | 20.3 | - | 32.3 |
finance costs | 0.3 | 0.2 | - | 0.5 | 0.4 | 0.5 | - | 0.9 |
Lease liabilities | 344.5 | 1,016.0 | 737.5 | 2,098.0 | 422.1 | 1,049.1 | 579.7 | 2,051.0 |
finance costs | 82.4 | 209.7 | 98.2 | 390.3 | 74.2 | 172.7 | 73.9 | 320.8 |
Payables to K-retailers | 59.5 | - | - | 59.5 | 64.7 | - | - | 64.7 |
finance costs | - | - | - | - | - | - | - | - |
Other interest-bearing liabilities | 61.6 | 29.3 | - | 90.8 | 21.5 | 7.9 | 0.0 | 29.4 |
finance costs | 0.7 | 2.9 | - | 3.5 | - | 0.4 | - | 0.4 |
Non-current non-interest-bearing liabilities | 0.6 | 42.1 | 18.3 | 61.0 | 0.6 | 22.7 | 19.1 | 42.4 |
Current non-interest-bearing liabilities | ||||||||
Trade payables | 1,388.3 | 1,388.3 | 1,404.4 | 1,404.4 | ||||
Accrued expenses | 507.7 | 507.7 | 442.4 | 442.4 | ||||
Other non-interest-bearing liabilities | 296.7 | 296.7 | 299.0 | 299.0 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
31 Dec. 2025 | 31 Dec. 2024 | |||||||
\u20ac million | < 1 year | 1\u20135 years | > 5 years | Total | < 1 year | 1\u20135 years | > 5 years | Total |
Cash flows of derivatives | ||||||||
Payables | ||||||||
Foreign currency derivatives | 60.2 | - | - | 60.2 | 123.3 | - | - | 123.3 |
Interest rate derivatives | 11.3 | 33.7 | 9.5 | 54.4 | 4.1 | 1.5 | 0.2 | 5.8 |
of which derivatives under hedge accounting | 10.5 | 33.4 | 9.5 | 53.4 | 3.1 | 0.5 | 0.2 | 3.8 |
Electricity derivatives | 1.9 | 1.1 | 0.0 | 3.0 | 2.4 | 3.0 | - | 5.5 |
Receivables | ||||||||
Foreign currency derivatives | 60.5 | - | - | 60.5 | 124.6 | - | - | 124.6 |
Interest rate derivatives | 12.5 | 37.3 | 12.0 | 61.8 | 5.9 | 3.6 | 0.5 | 10.1 |
of which derivatives under hedge accounting | 10.6 | 36.6 | 12.0 | 59.1 | 2.9 | 1.2 | 0.5 | 4.6 |
Electricity derivatives | 0.4 | 0.6 | 0.0 | 1.0 | 1.5 | 0.8 | 0.0 | 2.3 |
2025 | 2024 | |||
\u20ac million | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity | Interest rate hedging of interest- bearing loans | Hedging of the price of electricity |
Fair value as at 1 Jan. excluding deferred taxes | 0.8 | -3.2 | -0.3 | 5.7 |
Acquisitions | - | - | 1.9 | - |
Booked to income statement | 0.4 | 1.5 | -1.3 | -0.2 |
Change in fair value | 2.5 | -0.3 | 0.4 | -8.6 |
Fair value as at 31 Dec. excluding deferred taxes | 3.7 | -2.0 | 0.8 | -3.2 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
Supply chain financing arrangement | 2025 | 2024 |
Liabilities covered by the scheme | \u20ac million | \u20ac million |
Outstanding payables | 307.8 | 332.4 |
Payables for which suppliers had received payment | 304.9 | 326.0 |
Terms of payment | Payment term, days | Payment term, days |
Payables covered by the scheme | 14\u2013240 | 30\u2013240 |
Payables outside the scheme | 7\u2013365 | 0\u2013360 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
Changes in level 3 instruments, \u20ac million | 2025 | 2024 |
Shares and interests as at 1\u00a0January | 14.8 | 14.0 |
Purchases | 1.5 | 0.8 |
Gains and losses through profit or loss | -0.5 | -0.1 |
Changes in fair value | -0.0 | -0.0 |
Shares and interests as at 31\u00a0December | 15.7 | 14.8 |
Fair values of derivative contracts \u20ac million | 31 Dec. 2025 Positive fair value (balance sheet value) | 31 Dec. 2025 Negative fair value (balance sheet value) | 31 Dec. 2024 Positive fair value (balance sheet value) | 31 Dec. 2024 Negative fair value (balance sheet value) |
Interest rate derivatives | 56.8 | -51.9 | 9.3 | -5.6 |
Foreign currency derivatives | 0.4 | -0.1 | 1.6 | -0.2 |
Electricity derivatives | 1.0 | -3.0 | 2.3 | -5.5 |
Notional principal amounts of derivative contracts \u20ac million | 31 Dec. 2025 | 31 Dec. 2024 |
Interest rate derivatives | 1,135.3 | 467.0 |
Foreign currency derivatives | 60.6 | 124.9 |
Electricity derivatives | 47.7 | 45.4 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
Changes in level 3 instruments, \u20ac million | 2025 | 2024 |
Shares and interests as at 1\u00a0January | 14.8 | 14.0 |
Purchases | 1.5 | 0.8 |
Gains and losses through profit or loss | -0.5 | -0.1 |
Changes in fair value | -0.0 | -0.0 |
Shares and interests as at 31\u00a0December | 15.7 | 14.8 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
\u20ac million | 2025 | 2024 |
Interest income and other finance income | ||
Income on investments at amortised cost | 0.5 | 1.2 |
Interest income on loans and receivables | 13.7 | 16.0 |
Income on investments at fair value through profit or loss | 0.0 | 0.0 |
Other finance income | 0.6 | 0.5 |
Total interest income and other finance income | 14.9 | 17.7 |
Interest expense and other finance costs | ||
Interest expense on financial liabilities at amortised cost | -42.7 | -49.1 |
Interest expense on financial liabilities at fair value through profit or loss | -5.4 | - |
Losses on investments at amortised cost | - | 0.1 |
Losses on investments at fair value through profit or loss | -0.1 | -0.3 |
Other finance costs | -1.3 | -0.1 |
Total interest expense and other finance costs | -49.6 | -49.5 |
Interest expense for lease liabilities | -89.4 | -78.6 |
Exchange differences | ||
Exchange differences and changes in fair values of derivatives, loans denominated in foreign currencies not qualifying for hedge accounting, and cash at bank | -1.2 | -1.3 |
Total exchange differences | -1.2 | -1.3 |
Total finance income and costs | -125.4 | -111.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 148.0 | 1,137.8 | 1,285.9 | 1,299.3 | 148.0 | |||
Non-current lease liabilities | 1,752.9 | 1,752.9 | 1,752.9 | |||||
Non-current non-interest-bearing liabilities | 59.9 | 59.9 | 59.9 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.1 | 0.9 | 1.1 | 1.1 | 1.1 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 189.3 | 189.3 | 189.3 | |||||
Current lease liabilities | 344.6 | 344.6 | 344.6 | |||||
Trade payables | 1,388.3 | 1,388.3 | 1,388.3 | |||||
Other non-interest-bearing liabilities | 802.2 | 802.2 | 802.2 | |||||
Other non-interest-bearing liabilities, derivatives | 0.1 | 2.0 | 2.2 | 2.2 | 2.2 | |||
Total financial liabilities | 148.3 | 5,674.9 | 3.0 | 5,826.2 | 5,839.7 | 151.3 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial liabilities | ||||||||
Non-current interest-bearing liabilities | 1,054.0 | 1,054.0 | 1,055.7 | |||||
Non-current lease liabilities | 1,628.8 | 1,628.8 | 1,628.8 | |||||
Non-current non-interest-bearing liabilities | 39.6 | 39.6 | 39.6 | |||||
Non-current non-interest-bearing liabilities, derivatives | 0.0 | 2.8 | 2.8 | 2.8 | 2.8 | |||
Current financial liabilities | ||||||||
Current interest-bearing liabilities | 291.3 | 291.3 | 291.2 | |||||
Current lease liabilities | 422.2 | 422.2 | 422.2 | |||||
Trade payables | 1,404.4 | 1,404.4 | 1,404.4 | |||||
Other non-interest-bearing liabilities | 738.1 | 738.1 | 738.1 | |||||
Other non-interest-bearing liabilities, derivatives | 0.2 | 3.1 | 3.4 | 3.4 | 3.4 | |||
Total financial liabilities | 0.2 | 5,578.3 | 6.0 | 5,584.5 | 5,586.1 | 6.2 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 15.7 | - | 15.7 | 15.7 | 15.7 | |||
Non-current receivables | 62.8 | 62.8 | 62.8 | |||||
Non-current receivables, derivatives | 1.1 | 4.3 | 5.4 | 5.4 | 5.4 | |||
Current financial assets | ||||||||
Trade receivables | 1,014.8 | 1,014.8 | 1,014.8 | |||||
Other receivables | 309.3 | 309.3 | 309.3 | |||||
Other receivables, derivatives | 0.7 | 0.4 | 1.1 | 1.1 | 1.1 | |||
Cash and cash equivalents | - | 166.2 | - | 166.2 | 166.2 | - | ||
Total financial assets | 17.5 | 1,553.1 | 4.7 | 1,575.3 | 1,575.3 | 6.5 | 15.7 |
Balance, \u20ac million | Fair value through profit or loss | Amortised cost | Fair value through other comprehensive income | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 |
Non-current financial assets | ||||||||
Other investments | 14.8 | - | 14.8 | 14.8 | 14.8 | |||
Non-current receivables | 61.0 | 61.0 | 61.0 | |||||
Non-current receivables, derivatives | 3.0 | 1.9 | 4.9 | 4.9 | 4.9 | |||
Current financial assets | ||||||||
Trade receivables | 957.9 | 957.9 | 957.9 | |||||
Other receivables | 288.1 | 288.1 | 288.1 | |||||
Other receivables, derivatives | 1.6 | 1.7 | 3.3 | 3.3 | 3.3 | |||
Other financial assets | - | 15.0 | - | 15.0 | 15.0 | - | ||
Cash and cash equivalents | - | 473.1 | - | 473.1 | 473.1 | - | ||
Total financial assets | 19.4 | 1,795.0 | 3.6 | 1,817.9 | 1,817.9 | 8.2 | 14.8 |
\u20ac million | 2025 | 2024 |
Collateral given for own commitments | ||
Pledges | 9.0 | 9.0 |
Mortgages | 285.7 | 222.9 |
Guarantees | 13.1 | 12.3 |
Other commitments and contingent liabilities | 110.2 | 66.3 |
Collateral given for others | ||
Guarantees | - | - |
Other commitments and contingent liabilities | - | - |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Ankkuri-Energia Oy | Helsinki, Finland | 100.00 | 100.00 |
Asunto Oy Kirkkonummen V\u00e4steruddintie 33 | Kirkkonummi, Finland | 100.00 | 100.00 |
Asunto Oy Porvoon Taiteilija | Porvoo, Finland | 100.00 | 100.00 |
Byggmakker Handel AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Davidsen Koncernen A/S | Vojens, Denmark | 90.00 | 90.00 |
Fiesta Real Estate AS | Tallinn, Estonia | 100.00 | 100.00 |
Intersport Finland Oy | Helsinki, Finland | 100.00 | 100.00 |
Kalatukku E. Eriksson Oy | Helsinki, Finland | 100.00 | 100.00 |
K Auto Oy | Helsinki, Finland | 100.00 | 100.00 |
Kesko AB | Stockholm, Sweden | 100.00 | 100.00 |
KESKO EIENDOM AS | Oppeg\u00e5rd, Norway | 100.00 | 100.00 |
Kesko Export Oy | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6osakeyhti\u00f6 Varkauden Kauppakatu 29 | Varkaus, Finland | 52.29 | 52.29 |
Kiinteist\u00f6 Oy Aittokulma | Jyv\u00e4skyl\u00e4, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoontori | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asemakuja 2 | Espoo, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Espoon Asematori | Espoo, Finland | 54.12 | 54.12 |
Kiinteist\u00f6 Oy Etel\u00e4koivulan Kauppakeskus | Pori, Finland | 78.45 | 78.45 |
Kiinteist\u00f6 Oy Harjantauksentie 11 | Kotka, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Helsingin It\u00e4keskus | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Hiukkavaaran Kauppa | Oulu, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Hyvink\u00e4\u00e4n Onnela | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Iso-Valkeinen | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Kittil\u00e4n S\u00e4\u00e4st\u00f6kulma | Helsinki, Finland | 100.00 | 100.00 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Kiinteist\u00f6 Oy Kokkolan Kaanaanmaantie 2-4 | Kokkola, Finland | 64.78 | 64.78 |
Kiinteist\u00f6 Oy Kuopion Tulliportinkatu 33 | Kuopio, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Mariannen Liiketila | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Pontsonkulma | Helsinki, Finland | 94.60 | 94.60 |
Kiinteist\u00f6 Oy Ravattulan Kauppakeskus | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Riistaveden Keskustie 15 | Helsinki, Finland | 79.50 | 79.50 |
Kiinteist\u00f6 Oy Sunan Hallitalo | Helsinki, Finland | 100.00 | 100.00 |
Kiinteist\u00f6 Oy Tarkkaiikka | Oulu, Finland | 100.00 | 100.00 |
Klintcenter Ab | Mariehamn, \u00c5land | 100.00 | 100.00 |
Koskelan Ostokeskus Oy | Oulu, Finland | 58.64 | 58.64 |
K-Liikenneasema Oy | Helsinki, Finland | 100.00 | 100.00 |
Onninen Oy | Helsinki, Finland | 100.00 | 100.00 |
Peltosaaren Liikekeskus Oy | Riihim\u00e4ki, Finland | 59.67 | 59.67 |
Reinin Liha Oy | Helsinki, Finland | 100.00 | 100.00 |
Saunakallion Ostoskeskus Oy | J\u00e4rvenp\u00e4\u00e4, Finland | 100.00 | 100.00 |
Vallmo Tikkuri Oy | Helsinki, Finland | 100.00 | 100.00 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
BREIFL\u00c5TVEIEN 15/21 AS | Skedsmokorset, Norway | 100.00 | |
Davidsen A/S | Vojens, Denmark | 90.00 | |
Davidsen Ejendomme A/S | Vojens, Denmark | 90.00 | |
Davidsen Midt A/S | Skive, Denmark | 90.00 | |
Davidsen Nord A/S | Nyk\u00f8bing Mors, Denmark | 90.00 | |
Davidsen \u00d8st A/S | K\u00f8ge, Denmark | 90.00 | |
Davidsen \u00d8st Ejendomme A/S | K\u00f8ge, Denmark | 90.00 | |
Ejendomsselskabet Hedelandsvej 10-12 Herning ApS | Skive, Denmark | 90.00 | |
Ejendomsselskabet Neptunvej 1 Ikast ApS | Skive, Denmark | 90.00 | |
Espoontorin Pys\u00e4k\u00f6intitalo Oy | Espoo, Finland | 82.46 | |
J\u00d8SSANGVEGEN 5 AS | J\u00f8rpeland, Norway | 100.00 | |
K Auto AC Oy | Helsinki, Finland | 100.00 | |
K Auto PC Oy | Helsinki, Finland | 100.00 | |
K Auto Leasing Oy | Helsinki, Finland | 100.00 | |
K Auto Retail Oy | Helsinki, Finland | 100.00 | |
KESKO EIENDOM BERGEN AS | Oppeg\u00e5rd, Norway | 100.00 | |
Kesko Onninen International Trading Co., Ltd | Shanghai, China | 100.00 | |
Kestra Kiinteist\u00f6palvelut Oy | Helsinki, Finland | 100.00 | |
Kiinteist\u00f6 Oy Tikkurilan Kauppakeskus | Vantaa, Finland | 98.84 | |
Kiinteist\u00f6 Oy Raha-asema | Vantaa, Finland | 60.00 | |
KR Fastigheter i J\u00e4rf\u00e4lla AB | Sollentuna, Sweden | 100.00 | |
KR Fastigheter i T\u00e4by AB | Sollentuna, Sweden | 100.00 | |
K-Bygg F\u00f6rs\u00e4ljning AB | Segeltorp, Sweden | 100.00 | |
K-Bygg Sverige AB | \u00d6stersund, Sweden | 100.00 | |
K-Rauta Holding Finland Oy | Helsinki, Finland | 100.00 | |
Mark & Infra i Sverige AB | T\u00e4by, Sweden | 100.00 | |
MIN BUTIK ApS | Vojens, Denmark | 90.00 | |
Olarin Autokiinteist\u00f6 Oy | Espoo, Finland | 100.00 | |
Onninen AS | Skedsmo, Norway | 100.00 | |
Onninen AS | Tallinn, Estonia | 100.00 | |
Onninen SIA | Riga, Latvia | 100.00 | |
Onninen Sp. z o.o. | Warsaw, Poland | 100.00 | |
Onninen UAB | Vilnius, Lithuania | 100.00 | |
\u00d8RBRADDEN 3/5 AS | Vefsn, Norway | 100.00 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Sport1 Flokkmann Mosj\u00f8en AS | Mosj\u00f8en, Norway | 100.00 | |
T-24 ApS | Kolding, Denmark | 90.00 | |
VESTRE ROSTEN 97 AS | Oppeg\u00e5rd, Norway | 100.00 | |
Zenitec Sweden AB | H\u00e4stvdeda, Sweden | 100.00 | |
\u00d6vik L\u00e5steknik AB | \u00d6rnsk\u00f6ldsvik, Sweden | 100.00 |
Owned by the parent | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Graanin Liikekeskus Oy | Mikkeli, Finland | 50.00 | 50.00 |
Kesko Senukai Lithuania UAB | Vilnius, Lithuania | 50.00 | 50.00 |
Kiinteist\u00f6 Oy It\u00e4aukio | Lahti, Finland | 26.20 | 26.20 |
Kiinteist\u00f6 Oy Janakkalan Linnatuuli | Janakkala, Finland | 29.86 | 29.86 |
Kiinteist\u00f6 Oy Joensuun Kaupunginportti | Joensuu, Finland | 22.77 | 22.77 |
K-Tilipalvelu Oy | Helsinki, Finland | 30.00 | 30.00 |
Mercada Oy | Helsinki, Finland | 33.33 | 33.33 |
Munkki Holding Oy | Helsinki, Finland | 50.00 | 50.00 |
V\u00e4hitt\u00e4iskaupan Takaus Oy | Helsinki, Finland | 42.84 | 42.84 |
Owned by other Group companies | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Proffsenteret AS | Honef\u00f8ss, Norway | 34.11 | |
Proffsenteret Eiendom AS | Honef\u00f8ss, Norway | 34.11 | |
KS Holding UAB | Vilna, Liettua | 50.01 |
Owned by the parent and others | Domicile | Group's ownership interest, % | Parent's ownership interest, % |
Asunto Oy Harjutie | Espoo, Finland | 20.80 | 20.80 |
Asunto Oy Helsingin Strorken | Helsinki, Finland | 25.42 | 25.42 |
Asunto Oy Naantalin Tullinkulma | Naantali, Finland | 24.45 | 24.45 |
Asunto Oy Soukan It\u00e4inentorni | Espoo, Finland | 46.60 | 46.60 |
Asunto-Oy Punkalaitumen Pankkitalo | Punkalaidun, Finland | 33.82 | 33.82 |
It\u00e4keskuksen Pys\u00e4k\u00f6intitalo Oy | Helsinki, Finland | 36.16 | 36.16 |
Kiinteist\u00f6 Oy Iso Roobertinkatu 20-22 | Helsinki, Finland | 25.64 | 25.64 |
Kiinteist\u00f6 Oy Lahden Lyhytkatu 1 | Lahti, Finland | 50.00 | 50.00 |
Kiinteist\u00f6 Oy Lukonm\u00e4en Palvelukeskus | Tampere, Finland | 34.54 | 34.54 |
Kiinteist\u00f6 Oy Taidetehtaanparkki | Porvoo, Finland | 24.06 | 24.06 |
Kiinteist\u00f6 Oy Ulvilan Hansa | Ulvila, Finland | 43.47 | 43.47 |
Kiinteist\u00f6 Oy Vantaanportin Liikekeskus | Vantaa, Finland | 27.81 | 27.81 |
Lapin Tehdastalo Oy | Tampere, Finland | 21.24 | 21.24 |
Munkkivuoren Ostoskeskus Oy | Helsinki, Finland | 50.00 | |
Raksilan Paikoitus Oy | Oulu, Finland | 33.33 | 33.33 |
Talo Oy Kalevanpuisto | Kuopio, Finland | 47.60 | 47.60 |
Voisalmen Ostoskeskus Oy | Lappeenranta, Finland | 50.00 | 50.00 |
Income statement | Associates and joint ventures | Board and management | Pension Fund | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Sales of goods | 7.6 | 8.2 | 84.8 | 85.3 | - | - |
Sales of services | 5.1 | 4.6 | 0.7 | 0.7 | 0.2 | 0.3 |
Purchases of goods | - | - | -13.0 | -10.4 | - | - |
Purchases of services | -0.1 | -0.1 | - | - | - | - |
Other operating income | 1.2 | 1.2 | 16.4 | 16.5 | - | - |
Other operating costs | -4.2 | -4.3 | -0.2 | -0.2 | -0.1 | -0.1 |
Finance income | 5.7 | 6.0 | - | - | - | - |
Finance expenses | - | - | - | - | -0.1 | -0.2 |
Balance sheet | Associates and joint ventures | Board and management | Pension Fund | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Current receivables | 2.3 | 6.0 | 6.3 | 8.7 | 1.2 | - |
Non-current receivables | 57.5 | 58.0 | - | - | - | - |
Current liabilities | 8.1 | 7.8 | 1.3 | 1.2 | 4.7 | 6.4 |
Items related to leases | Associates and joint ventures | Board and management | Pension Fund | |||
\u20ac million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Cash flow from leases | 38.4 | 40.7 | - | - | 6.3 | 6.2 |
Lease liabilities | 282.1 | 197.1 | - | - | 31.8 | 36.7 |
Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 | 2025 | 2024 | |
Jorma Rauhala | President and CEO as of 1.2.2024 | 2,008.0 | 1,186.6 |
Mikko Helander | President and CEO until 31.1.2024 | - | 2,084.5 |
Group Management Board | other members | 3,975.0 | 3,895.9 |
Esa Kiiskinen | Board Chairman | 133.8 | 122.0 |
Timo Ritakallio | 85.8 | 62.0 | |
Tiina Alahuhta-Kasko | Board member as of 24.3.2025 | 60.4 | - |
Jannica Fagerholm | Board member | 87.0 | 79.8 |
Pauli Jaakola | Board member as of 26.3.2024 | 61.0 | 55.4 |
Piia Karhu | Board member | 64.0 | 60.2 |
Jussi Per\u00e4l\u00e4 | Board member | 61.0 | 56.6 |
Peter Fagern\u00e4s | Board Deputy Chairman until 24.3.2025 | 2.4 | 73.8 |
Toni Pokela | Board member until 26.3.2024 | - | 1.2 |
Total | 6,538.4 | 7,678.1 |
Monetary salaries, fees, fringe benefits and share-based compensation \u20ac1,000 | 2025 | 2024 | |
Jorma Rauhala | President and CEO as of 1.2.2024 | 2,008.0 | 1,186.6 |
Mikko Helander | President and CEO until 31.1.2024 | - | 2,084.5 |
Group Management Board | other members | 3,975.0 | 3,895.9 |
Esa Kiiskinen | Board Chairman | 133.8 | 122.0 |
Timo Ritakallio | 85.8 | 62.0 | |
Tiina Alahuhta-Kasko | Board member as of 24.3.2025 | 60.4 | - |
Jannica Fagerholm | Board member | 87.0 | 79.8 |
Pauli Jaakola | Board member as of 26.3.2024 | 61.0 | 55.4 |
Piia Karhu | Board member | 64.0 | 60.2 |
Jussi Per\u00e4l\u00e4 | Board member | 61.0 | 56.6 |
Peter Fagern\u00e4s | Board Deputy Chairman until 24.3.2025 | 2.4 | 73.8 |
Toni Pokela | Board member until 26.3.2024 | - | 1.2 |
Total | 6,538.4 | 7,678.1 |
Assumptions for share award calculations | PSP 2025\u20132028 | PSP 2024\u20132027 | PSP 2023\u20132026 | PSP 2022\u20132025 |
Grant dates | 4.2.2025 | 29.1.2024 | 1.2.2023 | 2.2.2022 |
Grant date fair value of share award, \u20ac | 17.54 | 16.51 | 20.62 | 27.71 |
Share price at grant date, \u20ac | 18.44 | 17.41 | 21.64 | 28.77 |
Shares transferred in** | 2027/2028 | 2026 | 2025 | 2024 |
Number of share awards granted, maximum, pcs* | 885,737 | 828,423 | 710,557 | 513,800 |
Changes in the number of shares granted, pcs | -8,850 | -107,350 | -201,770 | -28,475 |
Actual amount of share award, pcs* | - | - | 197,938 | 183,796 |
Number of plan participants at end of financial year | 60 | 59 | 52 | 60 |
Share price at balance sheet date, \u20ac | 19.25 | 18.18 | 17.93 | 20.62 |
Fulfilment of performance criteria, % | - | - | 38.9 | 41.5 |
Estimated number of share awards returned prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |
*Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares. ** The performance period of the new PSP President and CEO plan is three years. The payment of the shares will take place during 2028. |
Assumptions for share award calculations | KPSP and RSP 2025 | KPSP and RSP 2024 | KPSP and RSP 2023 | KPSP and RSP 2022 |
Grant dates | 4.2.2025 | 29.1.2024 | 1.2.2023 | 2.2.2022 |
Grant date fair value of share award, \u20ac | 17.54 | 16.51 | 20.62 | 27.71 |
Share price at grant date, \u20ac | 18.44 | 17.41 | 21.64 | 28.77 |
Shares transferred in | 2028 | 2027 | 2026 | 2025 |
Number of share awards granted, maximum, pcs* | 351,870 | 447,315 | 293,850 | 217,286 |
Changes in the number of shares granted, pcs | -13,325 | -30,428 | -26,323 | -36,451 |
Actual amount of share award, pcs* | - | 146,994 | 78,012 | 79,134 |
Number of plan participants at end of financial year | 166 | 149 | 140 | 126 |
Share price at balance sheet date, \u20ac | 19.25 | 18.18 | 17.93 | 20.62 |
Fulfilment of performance criteria, % | - | 35.8 | 31.7 | 22.3 |
Estimated number of share awards returned prior to the end of commitment period, % | 2.5 | 2.5 | 2.5 | 2.5 |
*Gross number of shares from which the applicable withholding tax is deducted and the remaining net amount is paid in shares. |