Kreate Q4'25 flash comment: An all-around strong report
Summary
- Kreate's 2025 financial performance was strong, with revenue growing 14.4% to 315.2 MEUR, slightly exceeding both company guidance and analyst estimates.
- The company's order book reached a record high of 400.8 MEUR, bolstered by the acquisition of SRV Infra Oy and significant contract wins, indicating strong future growth potential.
- Guidance for 2026 projects revenue of 430-470 MEUR and EBITA of 15-18 MEUR, surpassing current analyst forecasts and supported by a new rock construction unit and growth in the Swedish market.
- The acquisition of SRV Infra strengthens Kreate's strategic position in underground construction, expanding its market in Finland and enhancing its role in Swedish metro projects.
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Translation: Original published in Finnish on 2/6/2026 at 9:00 am EET.
| Estimates | Q4'24 | Q4'25 | Q4'25e | 2025e | |
| MEUR/EUR | Comparison | Realized | Inderes | Inderes | |
| Revenue | 75.5 | 94.6 | 89.1 | 310 | |
| EBITA | 2.8 | 3.9 | 3.8 | 10.1 | |
| EBIT | 2.8 | 3.9 | 3.8 | 10 | |
| Profit before tax | 2 | 3.5 | 3.2 | 8.2 | |
| EPS (reported) | 0.2 | 0.26 | 0.28 | 0.73 | |
| DPS | 0.5 | 0.6 | 0.51 | 0.51 | |
| Revenue growth-% | -5.90% | 25.30% | 18.10% | 12.40% | |
| EBITA-% | 3.70% | 4.10% | 4.30% | 3.30% | |
On Friday, Kreate published its 2025 financial statement release, which was very strong overall. The company's revenue slightly exceeded expectations, and its order book reached a historic high due to an acquisition and robust order flow. The guidance provided for 2026 even surpasses our expectations for revenue, though our estimate for profitability is at the lower end of the range.
2025 ended with stronger growth than expected
Kreate's revenue in 2025 grew 14.4% to 315.2 MEUR, slightly exceeding both the company's own guidance range (290–310 MEUR) and our 310 MEUR estimate. Full-year EBITA was 10.2 MEUR (3.2% of revenue), in line with the guidance of 9–11 MEUR and our estimate of 10.1 MEUR. On the other hand, profitability was burdened by non-recurring costs of 1.0 MEUR related to an acquisition completed at the end of the year. Thus, when adjusted for these costs, the result was also clearly stronger than our estimates.
The company's board proposes a dividend of EUR 0.60 per share, which clearly exceeded our estimate of EUR 0.51 as well.
Order book and guidance point to strong growth
Kreate's order book swelled to a record high of 400.8 MEUR at the turn of the year, representing an increase of no less than 127% year‐on‐year. The order book was strengthened significantly by the acquisition of SRV Infra Oy, which was completed on December 31, 2025 and added nearly 80 MEUR to the order book. Additionally, the company won several significant contracts at the end of the year, including the Junatie metro bridge and the Kurkela–Kuusisto project, which are expected to be transferred to the order book in the first half of 2026.
The guidance for 2026 was the most positive surprise in the report. Kreate estimates that in 2026, its revenue is 430-470 MEUR and EBITA 15-18 MEUR. This guidance is significantly higher than our current forecasts (revenue 391.6 MEUR and EBITA 15.1 MEUR). In addition to the record-high order book, the guidance is based on support from the new rock construction unit and continued growth in the Swedish market.
The high order book and stronger-than-expected guidance will lead to positive changes in forecasts for the current and coming years.
Strategic position in underground construction strengthened
The acquisition of SRV Infra is a significant strategic step for Kreate, giving the company a strong foothold in underground rock construction in Finland. This expands the market suitable for Kreate in Finland by an estimated 200 MEUR. In Sweden, the company's strategic progress has also continued as planned. Kreate has successfully transitioned from a subcontractor to a main contractor role in challenging metro projects, supporting not only revenue growth but also the development of profitability.
Kreate Group operates in the infrastructure sector. The company offers a wide range of services in the development of demanding industrial projects. Examples of services include bridge repair and construction, track construction for trains and rails, and mass excavation and crushing of rock for new motorway extensions. The largest operations are conducted around the Nordic market.
Read more on company pageKey Estimate Figures08/01
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 275.5 | 309.7 | 391.6 |
| growth-% | -13.9 % | 12.4 % | 26.4 % |
| EBIT (adj.) | 8.7 | 10.0 | 15.1 |
| EBIT-% (adj.) | 3.2 % | 3.2 % | 3.9 % |
| EPS (adj.) | 0.49 | 0.73 | 1.02 |
| Dividend | 0.50 | 0.51 | 0.52 |
| Dividend % | 7.0 % | 1.9 % | 2.0 % |
| P/E (adj.) | 14.6 | 36.2 | 26.0 |
| EV/EBITDA | 6.1 | 16.5 | 13.2 |
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