Analyst Comment
GRK wins another medium-sized road project in Finland
Summary
- GRK secured a 25 MEUR contract for improving national road 21 in Enontekiö, enhancing its Q4 order flow and year-end order book.
- The project, commissioned by the Finnish Transport Infrastructure Agency, will begin planning immediately, with construction from late winter 2026 to fall 2028, spreading revenue over several years.
- This contract aligns with GRK's recent pattern of winning medium-sized projects, such as the Mäkelänkatu renovation and a bridge project in Sweden, supporting existing forecasts without altering estimates.
- Maintaining a steady influx of similar projects is crucial for GRK to offset the revenue gap expected after the completion of the Stegra project in Sweden by late 2026.
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Translation: Original published in Finnish on 15/10/2025 at 7:53 am EEST.
GRK won a contract worth approximately 25 MEUR for the improvement of national road 21 in Enontekiö. This is a medium-sized project for the company and aligns with our expectations for GRK's ability to consistently secure new projects. While the order is positive news that strengthens the company's Q4 order flow and year-end order book, it does not lead to any changes in our estimates.
Contract registered in Q4 order book
GRK announced on Tuesday that it had been selected to implement the improvement of national road 21 in Enontekiö. The client of the approximately 25 MEUR contract is the Finnish Transport Infrastructure Agency. The agreement was signed on October 14, 2025, at which time the project was registered in GRK's order book. Project planning will start immediately, but actual construction is scheduled from late winter 2026 to fall 2028. Thus, the project revenue will be distributed over several years.
Order news fulfills expectations built into forecasts
This is a typical medium-sized project for a company of GRK's size. In recent weeks, the company has consistently announced orders of a similar magnitude, such as the Mäkelänkatu renovation project valued at around 25 MEUR and a 17 MEUR bridge contract in Sweden. We expect the company to continue winning projects of this size, so the news supports our existing projections but does not cause direct pressure to change them. It is important for GRK to continuously replenish the order book to fill the revenue gap left by the large Stegra project in Sweden, currently estimated to end in late 2026.
GRK Infra operates in the infrastructure sector. The company's core competence includes the implementation of various infrastructure projects, project management of large and small projects and extensive railway expertise. Customers include the state, municipalities and cities as well as the private sector. In addition to the parent company GRK Infra Oyj, the GRK Group includes companies in each country of operation: GRK Suomi Oy in Finland, GRK Eesti AS in Estonia and GRK Sverige AB in Sweden.
Read more on company pageKey Estimate Figures10.09.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 728.4 | 826.3 | 779.2 |
| growth-% | 33.4 % | 13.4 % | -5.7 % |
| EBIT (adj.) | 45.6 | 57.0 | 50.3 |
| EBIT-% (adj.) | 6.3 % | 6.9 % | 6.5 % |
| EPS (adj.) | 0.93 | 1.12 | 0.98 |
| Dividend | 0.20 | 0.60 | 0.65 |
| Dividend % | 2.0 % | 3.5 % | 3.8 % |
| P/E (adj.) | 10.9 | 15.2 | 17.3 |
| EV/EBITDA | 5.2 | 8.0 | 8.5 |
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