Kreate Group

We expected the second phase of the project, which was in the development stage, to move into implementation during H1/2026.

Kreate's growth will accelerate significantly this year as the company grows organically in both Finland and Sweden, supported by a strengthening order backlog. In addition, growth is boosted by the completed SRV Infra acquisition.

The news supports our view of strong growth in the Swedish business in 2026-2027.

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.