GRK Infra (GRK) Q2 2025 earnings summary

Executive summary

• Revenue grew by 39.9% year-over-year to EUR 406.4 million in H1 2025, with all country units contributing and strong project execution ahead of schedule.

• Adjusted operating profit rose to EUR 25.1 million, up 365%, reflecting improved margins, stable expenses, and favorable weather.

• Order backlog remains robust at EUR 788.9 million, with significant new projects in development, especially in rail and tram infrastructure.

• Strategic acquisitions in electricity network construction and circular economy services expand capabilities and market reach.

• IPO completed in April 2025, raising EUR 34.4 million in gross proceeds and expanding the shareholder base.

Financial highlights

• Revenue for H1 2025: EUR 406.4 million (H1 2024: EUR 290.5 million), up 39.9%.

• Adjusted operating profit: EUR 25.1 million (H1 2024: EUR 5.4 million).

• EBITDA for H1 2025 was EUR 31.6 million (7.8% margin), up from EUR 12.1 million (4.2%) year-over-year.

• Net income reached EUR 18.8 million, up from EUR 4.5 million in H1 2024.

• Return on capital employed (ROCE) at 173.9%.

Outlook and guidance

• Revenue for 2025 expected in the range of EUR 730–800 million; adjusted operating profit guidance at EUR 45–55 million.

• Market activity remains high in Finland, with growth in public infrastructure supported by government stimulus.

• Opportunities identified in large city projects, green transition, and defence-related infrastructure.

• Profitability is expected to be more evenly distributed across quarters than in previous years.