GRK Infra (GRK) Q1 2025 earnings summary

Executive summary

• Revenue increased 61% year-over-year to EUR 174.5 million in Q1/2025, with strong profitability and an adjusted operating margin of 5.0% versus 0.6% last year, driven by large projects and favorable weather.

• Adjusted operating profit rose to EUR 8.7 million from EUR 0.7 million in Q1/2024, reflecting improved project execution and successful tendering.

• The order backlog reached EUR 872.9 million, reflecting new wins in all operating countries and providing a strong foundation for future activity.

• The company completed a successful IPO and was listed on Nasdaq Helsinki in April 2025, raising EUR 45 million in gross proceeds and expanding its shareholder base.

• Growth was driven by large projects in Finland and Sweden, favorable weather, and effective project management.

Financial highlights

• Revenue: EUR 174.5 million in Q1/2025 (EUR 108.2 million in Q1/2024).

• Adjusted operating profit: EUR 8.7 million (EUR 0.7 million in Q1/2024).

• EBITDA rose to EUR 11.9 million (6.8% margin), up from EUR 4.0 million (3.7%) year-over-year.

• Earnings per share: EUR 0.14.

• Operating free cash flow: EUR 46.0 million; net debt improved to EUR -130.8 million.

Outlook and guidance

• Revenue for 2025 is estimated at EUR 650–730 million, with adjusted operating profit expected at EUR 36–45 million.

• Guidance is based on the current order backlog, new project acquisition, and project progress.

• Public infrastructure construction is expected to grow in Finland, Sweden, and Estonia, supported by government stimulus and major projects.