GRK Infra

In addition to a moderate valuation, the share offers a dividend yield of around 4-5% for the coming years, which we believe raises the total expected return to a very interesting level.

Adjusted EBIT of 5.9 MEUR clearly exceeded the 1.1 MEUR estimate, with the margin rising to 5.3%.

At the group level, the project accounts for around 2% of the estimated revenue for 2026–2029.

More favorable weather conditions and the progress of major projects boosted the result to an atypically high level in the comparison period.

We view this order as a strong indication of GRK’s competitiveness in the Swedish market, and the North Bothnia Line may also offer future opportunities.

The order strengthens our confidence in our projected growth in Estonia for 2026–2028.

GRK's profitability in Q4 was below our estimates, although the guidance for 2026 was quite well in line with our expectations.

The Q4 result was clearly below our forecasts in terms of profitability, while the 2026 guidance was largely in line with our expectations.