Kreate expands to Norway

Translation: Original published in Finnish on 03/30/2026 at 08:10 am EEST

Kreate announced on Friday that Kreate Sverige has signed an agreement with Skanska for the interior lining of the Gullberg Tunnel in Norway. The contract, including options, is worth around 6 MEUR, which is relatively small for Kreate's size, but in our opinion, it is a strategically very interesting entry into the Norwegian market. The project strengthens our view of Kreate's ability to scale its confirmed specialized expertise in Sweden to other Nordic countries. The contract will be recorded in the company's Q1 order book. The release does not lead to changes in our estimates, as the project size is moderate relative to Kreate's revenue, which we estimate to be 445 MEUR in 2026.

Strategic entry into the Norwegian market

The won contract is part of Northern Norway's largest road project in history, the OPS E10 Hålogalandsvegen. The contract includes the interior lining of the Gullberg tunnel (3.5 MEUR) and an option for the interior lining of the Hårberg tunnel (2.7 MEUR). Although the contract sum is small in absolute terms, we consider it an important reference and an opening into the Norwegian market for the company. According to Kreate, the volume of tunnel construction in Norway is 5-10 times higher than in Sweden, which offers the company growth potential also in the future.

The company will start operations in Norway through Kreate Sverige's branch office but is already exploring the possibility of establishing a subsidiary in the country. In our view, this signals Kreate's desire to establish a permanent foothold in Norway, which is a logical continuation of the company's expansion into Sweden. Expanding into the Norwegian market expands Kreate's geographical diversification, and reduces its dependence on Finland, although the focus  still remains strongly on its home country.

Scaling specialized expertise supports the growth outlook

Kreate has grown to be the largest player in tunnel lining in Sweden, and the company is now taking the same concept to Norway. Work on the newly announced contract will begin in spring 2026 and will be completed in late fall 2026. The project supports Kreate's strong growth estimate for 2026, when we expect revenue to grow by 41% year-on-year to 445 MEUR. We estimate that growth will be driven particularly by large projects moving into the order book in Finland, as well as the acquisition of SRV Infra (now   Kreate Rock), which gave the company a strong foothold in underground rock construction. We believe that the opening in Norway shows that Kreate can also pursue organic growth by leveraging its niche expertise across national borders. We also see it as a positive that the expansion is taking place within Kreate's area of specialized expertise, which limits the risk of negative surprises.