GRK Infra

The target company is highly profitable and will increase GRK's share of private sector customers, thereby reducing its dependence on public projects.

Once launched, the project will support GRK’s volumes by approximately 190 MEUR in the coming years.

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.