Kreate: Key road project is moving to implementation as expected
Summary
- Kreate announced the transition of the Mt 180 Kurkela-Kuusisto highway project to the implementation phase, adding almost 78 MEUR to its Q1 order book, aligning with previous expectations.
- The project, a major infrastructure investment in Southwest Finland, includes 3.5 kilometers of new road, improvements to Kurkelantie, and construction or renewal of nine bridges, with completion aimed for November 2027.
- The order strengthens Kreate's order book, which was at a record high of approximately 401 MEUR at the end of 2025, and supports forecasts of strong revenue growth for 2026-2027.
- The project represents about 8% of the revenue forecast for 2026-2027, significantly contributing to Kreate's volume development over the next two years.
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Translation: Original published in Finnish on 3/10/2026 at 7:49 am EET.
Kreate announced on Monday that it has agreed with the Finnish Transport Infrastructure Agency on the transition of the Mt 180 Kurkela-Kuusisto highway project to the implementation phase. The project will strengthen Kreate's Q1 order book by almost 78 MEUR. The contract was in line with our expectations, as the project has been in the company's development phase portfolio, and we had anticipated it would move to implementation in early 2026. The contract sum is also well in line with the previously communicated value of approximately 80 MEUR. The release does not cause changes to our forecasts, as the project has already been accounted for in Kreate's strong growth forecast for the coming years.
Order book strengthens as expected
The Mt 180 Kurkela–Kuusisto project is one of the most significant infrastructure investments in Southwest Finland, and its construction will officially begin in mid-March. The project includes approximately 3.5 kilometers of new road, the improvement of Kurkelantie to a dual-carriageway and four-lane road over a distance of 1.3 kilometers, and the construction or renewal of nine bridges. During the development phase, plans have been optimized to improve mass balance and enhance structural solutions, among other things, which we believe will support the project's cost-effectiveness and thus its feasibility. The goal is to open the new route to traffic as early as November 2027, so we believe the project schedule is tight.
The almost 78 MEUR order is a significant addition to Kreate's order book, which was at a record high of approximately 401 MEUR at the end of 2025. The order book grew by as much as 127% in 2025 from the comparison period, explained by both a strong order intake at the end of the year and the SRV Infra acquisition. The project strengthens visibility into Kreate's volume development in the coming years and supports our forecast of strong revenue growth for 2026-2027. The project represents approximately 8% of our revenue forecast for 2026-2027, making it a significant driver for the company's volume development over the next two years.
Kreate Group operates in the infrastructure sector. The company offers a wide range of services in the development of demanding industrial projects. Examples of services include bridge repair and construction, track construction for trains and rails, and mass excavation and crushing of rock for new motorway extensions. The largest operations are conducted around the Nordic market.
Read more on company pageKey Estimate Figures08.02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 315.2 | 445.0 | 490.9 |
| growth-% | 14.4 % | 41.2 % | 10.3 % |
| EBIT (adj.) | 10.0 | 16.1 | 19.5 |
| EBIT-% (adj.) | 3.2 % | 3.6 % | 4.0 % |
| EPS (adj.) | 0.71 | 1.17 | 1.42 |
| Dividend | 0.60 | 0.65 | 0.70 |
| Dividend % | 4.8 % | 4.7 % | 5.1 % |
| P/E (adj.) | 17.6 | 11.7 | 9.6 |
| EV/EBITDA | 7.7 | 6.1 | 5.3 |
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