Source: Inderes

Translation: Original published in Finnish on 7/9/2026 at 7:45 am EEST.

Kreate will publish its Q2 report on Tuesday, July 14. The company's earnings release can be followed here at 11:00 am EEST. We expect the company's revenue and earnings to have grown strongly from the comparison period. Growth is driven by the consolidation of KFS Finland, the SRV Infra acquisition, and the company's strong order book. Our attention in the report will be particularly drawn to the development of the order book, which we expect to have risen to a record level, as well as the progress of the Swedish business and comments on market developments. The company raised its guidance for the current year for the second time in June, and thus we expect the company to reiterate its outlook.

In our forecasts, revenue more than doubles from the comparison period

We forecast Kreate’s Q2 revenue to have grown by 111% year-on-year to 155 MEUR (H1'25: 74 MEUR). Growth is driven by the consolidation of the KFS Finland joint venture as a subsidiary from the beginning of April, and the acquisition of SRV Infra at the end of 2025. Additionally, revenue is supported by the order book, which was at a record high of 689 MEUR at the end of Q1, and its realization. We expect the Swedish business to have continued its very strong growth, with revenue rising to 16 MEUR (Q2'25: 9 MEUR). Kreate has announced new projects totaling ~260 MEUR during the quarter. We believe this has led the order book to reach a new record high at the end of the quarter. Our estimate is based on our Q2 revenue forecast, announced orders, and order volume that is likely to fall below the disclosure threshold. During the quarter, the company announced that it had signed an agreement for the second implementation phase of the eastern section of the Vantaa light rail and that the Junatie metro bridge project would proceed to the implementation phase. The progression of these projects to the implementation phase was also in line with our expectations. In addition, the company announced that during the quarter it had won, among others, its largest contract in Sweden to date (30 MEUR), a contract for the construction of a water tower in Jyväskylä (26 MEUR), and the Viinikankatu and underground access route contract in Tampere (28 MEUR).

Earnings will also show a clear leap thanks to volume growth

We expect Kreate's Q2 EBITA to have improved significantly from the comparison period, reaching 5.4 MEUR (Q2'25: 2.2 MEUR). This corresponds to a margin of 3.5% (Q2'25: 3.0%). We estimate that the improvement in profitability is supported by significant volume growth and the support from KFS Finland and SRV Infra. On the other hand, we estimate that profitability is still somewhat weighed down by personnel investments made earlier in the year, through which the company has prepared for the implementation phases of major projects. In the lower lines, we expect net financial expenses to have remained moderate and forecast reported EPS to rise to EUR 0.41 (Q2'25: EUR 0.14).

Guidance raised in June and strong order book create a solid foundation

In mid-June, Kreate upgraded its full-year 2026 guidance for the second time. The company expects this year's revenue to be 600–650 MEUR and EBITA to be 21–26 MEUR. We naturally do not expect any changes to the guidance so soon after the upgrade. We believe that achieving the guidance is on solid ground due to the continued growth of the order book during Q2 and the positive progress of ongoing projects.

In addition to the figures and the development of the order book, we will pay particular attention to the company's comments on market development in the report. We are also monitoring the development of the company's Swedish business and measures to improve relative profitability amidst strong growth. In addition, we will be following comments on how the company has succeeded in recruiting skilled employees in a strong market situation.