Kreate secures more work on the Helsinki-Riihimäki project
Summary
- Kreate has secured a 40 MEUR contract with the Finnish Transport Infrastructure Agency for the Helsinki–Riihimäki project, to be recorded in the Q4 2025 order book.
- The project, involving railway and electrical works, rock excavation, and bridge construction, will commence in January 2026 and conclude in October 2028.
- With this contract, Kreate's total contracts for the Helsinki–Riihimäki project approach 100 MEUR, highlighting its competitiveness and strategic focus on rail construction.
- The new contract supports growth expectations for Kreate's revenue from 2026 to 2028, accounting for about 3% of the revenue estimate for those years.
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Translation: Original published in Finnish on 12/19/2025 at 7:55 am EET.
Kreate announced on Thursday that it had signed a contract with the Finnish Transport Infrastructure Agency for the Helsinki–Riihimäki project, valued at around 40 MEUR. The contract will be recorded in the company's Q4 order book. The project will support Kreate’s volume development in the coming years, accounting for around 3% of our revenue estimate for the company for 2026–2028.
New 40 MEUR contract strengthens order book
Kreate has signed a contract with the Finnish Transport Infrastructure Agency for the railway project between Purola in Järvenpää and Nuppulinna in Tuusula, which is part of the larger Helsinki–Riihimäki project. Valued at around 40 MEUR, it is the largest contract to date for Kreate in the Helsinki–Riihimäki project. The multifaceted project includes railway and electrical railway works, as well as demanding rock excavation, foundation work, noise barriers, and bridge repair and construction.
Work on the project will begin in January 2026 and conclude in October 2028. The contract will be recorded in Kreate's order book for the fourth quarter of 2025. Kreate’s order book stood at 242 MEUR at the end of September.
Total value of contracts won for the Helsinki-Riihimäki project already close to 100 MEUR
The contract is a continuation of Kreate's previous contracts on the same railway section, as the company has worked on six other contracts in this area. With the new agreement, the total value of contracts won by Kreate in the Helsinki–Riihimäki project will rise to nearly 100 MEUR. This supports our view of the company's strong competitiveness in demanding infrastructure construction and demonstrates the client's confidence in the company. The project aligns with Kreate's strategy, which identifies rail construction as a key growth area. Furthermore, as is typical of Kreate, the project utilizes the company's diverse expertise as it includes several types of construction, such as bridge construction, in which the company holds a leading position in Finland.
The contract win does not cause any immediate pressure to change our forecasts, but it supports our expectations of growth in the company's revenue in the coming years. The project is scheduled for 2026–2028 and accounts for approximately 3% of our total revenue estimate for those years.
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 Figures2025-10-29
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 275.5 | 309.7 | 391.6 |
| growth-% | -13.9 % | 12.4 % | 26.4 % |
| EBIT (adj.) | 8.2 | 10.0 | 15.8 |
| EBIT-% (adj.) | 3.0 % | 3.2 % | 4.0 % |
| EPS (adj.) | 0.43 | 0.73 | 1.03 |
| Dividend | 0.50 | 0.51 | 0.52 |
| Dividend % | 7.0 % | 3.9 % | 4.0 % |
| P/E (adj.) | 16.5 | 17.7 | 12.6 |
| EV/EBITDA | 6.1 | 9.6 | 7.4 |
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