Kreate won a contract in a metro project in Sweden
Summary
- Kreate Sverige has signed a contract with Region Stockholm to construct a 300-meter access tunnel for a new metro line in Älvsjö, valued at approximately 8.5 MEUR.
- This contract marks Kreate's transition from subcontractor to main contractor in Sweden, aligning with its strategic goal to expand its Swedish business and achieve 650 MSEK in revenue by 2027.
- The project, scheduled to begin in January 2026 and last 1.5 years, supports the forecast of strong revenue growth in Sweden for 2026-2027, representing about 7% of the company's Swedish revenue forecast for that period.
- Despite its strategic importance, the contract's scale is moderate compared to Kreate's overall revenue forecasts, thus not necessitating immediate forecast adjustments.
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Translation: Original published in Finnish on 1/8/2026 at 6:30 am EET.
Kreate announced on Wednesday that Kreate Sverige and Region Stockholm have signed a contract for the construction of the first work tunnel for Stockholm's new metro line in Älvsjö. The contract is valued at around 8.5 MEUR and represents an important breakthrough for the company in the role of main contractor for a metro project in Sweden. The contract does not create immediate pressure to change our forecasts, but it supports our view of strong growth in the Swedish business in 2026-2027.
New venture as a general contractor in a metro project in Sweden
Kreate Sverige will construct a roughly 300-meter-long access tunnel for the project, which will enable the construction of a new metro station in Älvsjö. The contract includes retaining wall construction, earth excavation, open-pit blasting, and rock cutting reinforcement. The contract is valued at 91 MSEK, or around 8.5 MEUR, and was added to the company's order book for the end of 2025. Work will begin in January 2026 and will last approximately one and a half years.
Strategic progress in Sweden
Previously, Kreate Sverige has operated as a subcontractor at ten stations in the Stockholm metro expansion. The transition from subcontractor to main contractor is one of Kreate's key strategic objectives for its Swedish business, supporting the company's revenue growth in the region. The company aims to achieve revenue of 650 MSEK (~57 MEUR) in Sweden by the end of the 2024-2027 strategy period. The contract now secured is concrete proof of the company's ability to win demanding infrastructure projects as a main contractor in the Swedish market as well. We see it as possible that the company will update its growth target for Sweden later this year.
Support for our forecast of strong revenue growth in Sweden for 2026-2027
The contract, valued at roughly 8.5 MEUR, is spread over the years 2026–2027. While the project is strategically important, its scale is moderate compared to Kreate's Group-level revenue forecasts (2026e: 391.6 MEUR), and therefore does not create an immediate need for forecast changes. On the other hand, for the company's Swedish business, the contract is more significant, representing ~7% of our revenue forecast for the company's Swedish operations in 2026-2027.