Kreate Group

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.

The project fits the company's profile well and, with its rapid schedule, will generate revenue quickly.

Kreate announced on Monday that it is acquiring all shares in SRV's subsidiary SRV Infra Oy. We believe the deal strengthens Kreate's profitable growth outlook in the coming years.

Kreate announced yesterday that it is acquiring all shares in SRV's subsidiary SRV Infra Oy. The enterprise value of the transaction is approximately 30 MEUR, and it will be carried out in cash. SRV Infra’s revenue in 2024 was 52.2 MEUR, and its EBIT was 2.6 MEUR. This acquisition will expand Kreate's offering in Finland into an entirely new business area, underground rock construction. The purchase price aligns with the company's own valuation, and we consider it neutral given the acquired company's high profitability and positive earnings trend. The transaction will require us to revise our estimates, which we will update in the coming days.

Kreate's revenue growth clearly exceeded our estimates in Q3. Due to strong volume development, profitability was also higher than our estimates in absolute terms, although relative profitability was slightly below our estimates.

Kreate published its Q3 report this morning, which was stronger than we expected. The company's revenue and earnings clearly exceeded our estimates, driven by record-high volume.

We expect revenue to have continued its steady growth in Q3, supported by a strong order book, and earnings to have improved moderately with rising volumes. Kreate's share has risen by some 15% since the Q2 earnings, as a result of which the valuation of the share has become neutral.

Kreate released its Q2 report this morning. Revenue growth exceeded our expectations in Q2, but the earnings level decreased slightly year-on-year and was also a bit below our forecast. On the positive side, the company's order backlog grew faster than expected, supporting revenue growth going forward.