The total operating result (FAS) of S Group’s regional cooperatives, SOK and their subsidiaries in January–December 2024 was EUR 499 million. The result improved by 11.7 per cent from the previous year. The retail sales, excluding taxes, of the regional cooperatives, SOK and their subsidiaries increased by 0.6 per cent in January–December, totalling nearly EUR 14.3 billion.

SOK Corporation’s operating result (IFRS) was EUR 115 million. Its performance was driven by S-Bank, which moved up to a new size category as the result of an acquisition.

“Our steady development continued in 2024. The challenging general market situation was reflected in price-driven demand and consumer caution. Despite the subdued economy, we managed to increase our customer numbers, and our sales momentum remained good relative to the market. We were also delighted by the strong development of all our online stores and the positive customer feedback on our reforms,” says Hannu Krook, the Chief Executive Officer of SOK.

A record amount of Bonus and a record number of new co-op members

The Bonus and other cash benefits paid to co-op members amounted to EUR 535 million. The proportion of Bonus reached a record level of EUR 453 million. A new record was also achieved in the number of new co-op members, with more than 120,000 people joining S Group’s cooperatives. More than 60 per cent of new members were under the age of 35.

“The growing number of co-op members reflects the appeal of the idea of the cooperatives. We have succeeded in delivering on our promise of an affordable shopping cart and in providing high-quality services that match customers’ needs. At the same time, we are an inspiring employer for our people. The results of our workplace community surveys are at a very good level and well above the Finnish general standard,” says Hannu Krook.

Investments of nearly EUR 1 billion bring vitality to the whole of Finland

S Group's investments rose to EUR 938 million in 2024, with an increase of 42 per cent from the previous year.

“Despite the difficult economic cycle, our investment rate has not slowed down. Last year, we invested nearly EUR 1 billion in Finland and the development of our services, which is a new record. In this way, the cooperatives owned by Finnish consumers bring work and vitality to the whole country, both directly and indirectly. Our strong investments and development work continue,” Krook emphasises.

Significant investments in 2024 included the online grocery shopping collection centres opened by HOK-Elanto and the Pirkanmaa Cooperative Society, the strong expansion of the ABC charging network, and S-Bank’s capitalisation for the implementation of the Handelsbanken acquisition. More than 130 new or refurbished grocery stores, dozens of restaurants and several hotels were added to the network of outlets. S Group’s newest wind farm in Luvia in Eurajoki was completed in January 2025.

A strong year in the supermarket trade: our grocery trade outperformed the market, and the ease of online shopping is pulling in customers

The sales of S Group’s supermarket trade grew by 2.7 per cent from the previous year. The operating result also developed favourably. In the grocery trade, sales grew more than the Finnish grocery market each month. Successful selection development and an affordable shopping cart appealed to price-conscious consumers. Major price reductions were implemented both in the early part of the year and at the end of the year, with lower prices for 400 Xtra products and around 200 brand products. Despite the challenging operating environment, the consumer goods trade at Prisma stores also outperformed the general market development.

Online stores took a growth leap. The S-kaupat.fi service for online grocery shopping is the clear market leader in Finland, and it continued to increase its sales, which grew by 18 per cent in 2024 from the previous year. The network includes more than 400 delivery locations, and the popular delivery by robot is available in more than 100 stores. In the consumer goods trade, the Prisma.fi online store doubled its sales from the previous year.

Good development for fuels retail and service stations

For S Group’s fuels retail and service stations, the operating result remained almost at the previous year’s level, despite the fact that the industry was challenged by the increased cost level and weaker purchasing power.

Traffic volumes in Finland grew slightly year-on-year, and the demand for the ABC chain’s services was at a good level. ABC charging has the largest power charging network in the country, and vehicle charging sales grew markedly from the previous year. Car wash sales were at a record high, and the development was also favourable for restaurants and stores. However, total sales for fuels retail and service stations decreased from 2023 as a result of the lower world market prices of fuels.

Department stores and speciality goods sales were driven by beauty and online stores

In department stores and speciality goods sales, total sales remained at the previous year’s level, but the operating result decreased slightly year-on-year. The general economic uncertainty was reflected in clothing sales in particular. Demand grew in beauty and cosmetics. The challenging economic situation highlighted the importance of campaigns. For example, the 3+1 Days campaigns of Sokos and the Emotion chain set sales records.

The multichannel service trend continued to strengthen in 2024. The network expanded when the KPO Cooperative Society opened a new Sokos store in Vaasa in the spring. The sales of the Sokos.fi online store increased by nearly 30 per cent from the previous year. With the expanding selection and faster deliveries, customer satisfaction in the online store also increased significantly during the year.

In the travel industry and hospitality business, S Group responded to consumers’ needs during a difficult economic cycle

In S Group’s hotels and restaurants, sales remained at the previous year’s level, and the operating result improved from the previous year. Long-term investment in the development of the network and concepts paid off. However, the decline in consumers’ purchasing power, rising cost levels and the unstable global political situation had an impact on the operating conditions of the sector and was reflected in mixed impacts.

In terms of restaurants, there was demand for affordable options in particular, such as cafés and fast-food restaurants. In tourism, demand is clearly polarised. In 2024, the appeal of Lapland and northern Finland was strong among both domestic and international customers. In the Helsinki metropolitan area, however, international tourism in particular has not returned to its pre-pandemic levels.

“Our outlook for the current year is reasonably positive, although consumer confidence and purchasing power are recovering slowly. The global political situation also involves uncertainties. However, our focus is longer-term than the quarter. We build services on a long-term basis and listen to our customers. We will also continue our ambitious climate and environmental work. Our carbon negativity target for our own operations will be met in 2025, and we are reaching the emissions reduction target of 90 per cent set for 2030 five years ahead of schedule,” says Hannu Krook.

Key figures in January–December 2024

Regional cooperatives, SOK and their subsidiaries January–December 2024:

• Retail sales before taxes totalled EUR 14,288 million (14,208 million in the previous year).

• The operating result (FAS) was EUR 499 million (447 million).

• Investments totalled EUR 938 million (659 million).

• The total number of co-op members at the end of the year was 2,653,671 (2,577,010).

• The cooperatives paid a total of EUR 453 million (449 million) in Bonus to co-op members.

• An average amount of 202 euros was paid to co-op members during the year, including Bonus, payment method benefit, return of surplus and interest on the membership fee.

• The number of personnel was 42,025 (41,413) at the end of the year. This figure is based on active employment relationships (including regional cooperatives, SOK Corporation and S-Bank personnel).

• The total number of outlets at the end of the year was 2,036 (2,007).

SOK Corporation (SOK + subsidiaries), January–December 2024:

• Net sales (IFRS) stood at EUR 9,328 million (9,022 million in the previous year).

• The operating result (IFRS) was EUR 115 million (102 million).

• Investments totalled EUR 140 million (52 million).

• The number of personnel was 6,228 (5,999) at the end of the year. This figure is based on active employment relationships.

The retail sales before taxes of regional cooperative enterprises, SOK and their subsidiaries 1–12/2024

Supermarket trade include S-Group’s grocery trade and Prisma’s consumer goods trade. *The figure includes sales in Estonia.

SOK Corporation’s financial statements bulletin for January–December 2024 will be published at S-ryhmä.fi on 13 February 2025. S Group’s annual and responsibility reviews and SOK Corporation’s financial statements for 2024, including notes, will be published in March 2025.