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GRK Infra (GRK) investor relations material
GRK Infra Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Order backlog reached a record €883.1M at the end of March 2026, up 22% from year-end, driven by strong project wins in Sweden and Estonia, supporting a positive outlook for 2026 despite revenue decline due to seasonality and lower Stegra project volumes.
Profitability improved, with an adjusted EBIT margin of 5.3% (up from 5.0% in Q1 2025), and successful avoidance of unprofitable projects.
Major new contracts include the Norrbotniabanan railway in Sweden (€55M) and national road 4 in Estonia (€38M), with significant project wins and ongoing development in all operating countries.
Strategy execution is progressing, with active exploration of M&A opportunities and a busy construction season expected, especially in Sweden.
Net profit for Q1 2026 was €6.1M.
Financial highlights
Q1 2026 revenue was €111.9M, down 35.9% year-over-year, mainly due to Sweden's decline and seasonality.
Adjusted EBIT margin for Q1 2026 was 5.3%, higher than the prior year.
Operating cash flow for Q1 2026 was €46.0M; net working capital at -€156.8M.
Equity ratio improved to 54.2% (up from 42.9% in Q1 2025); net debt was -€233.4M, indicating a strong net cash position.
Net profit: €6.1M; basic and diluted EPS: €0.15.
Outlook and guidance
2026 revenue guidance: €720–870M (2025: €872.3M).
Adjusted operating profit guidance: €45–60M (2025: €58.2M).
Growth target for 2028 raised to €950M in revenue.
Positive full-year outlook, supported by a robust order backlog and project pipeline.
Market expected to grow in all operating countries, with strong opportunities in electrical network construction and circular economy.
- Record revenue and profit growth in 2025, with strong outlook and dividend proposal for 2026.GRK
Q4 202516 Feb 2026 - Strong revenue and profit growth, robust cash flow, and a successful IPO drive expansion.GRK
Q3 202530 Oct 2025 - Revenue and profit surged in H1 2025, with strong outlook, robust backlog, and strategic expansion.GRK
Q2 20251 Sep 2025 - Revenue up 61% year-over-year, strong profitability, record order backlog, and successful IPO.GRK
Q1 20251 Sep 2025
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