GRK Infra (GRK) Q3 2025 earnings summary

Executive summary

• Revenue grew 28.9% year-over-year to EUR 663.8 million for January–September 2025, driven by successful large projects and strong performance across all operating countries.

• Adjusted operating profit rose to EUR 48.5 million, up 68% year-over-year, reflecting improved profitability and stable overheads.

• The order backlog stood at EUR 683.2 million at the end of September, with additional major alliance projects in the development phase.

• Strategic expansion in Sweden, new regional leadership, and a new Stockholm office support long-term growth.

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

Financial highlights

• Revenue for 1–9/2025: EUR 663.8 million (up from EUR 515.0 million year-over-year); Q3 2025 revenue rose 14.7% to EUR 257.4 million.

• Adjusted operating profit: EUR 48.5 million (EUR 28.8 million year-over-year); operating profit: EUR 46.6 million.

• Earnings per share: EUR 0.95 (up from EUR 0.60 year-over-year); basic and diluted EPS for the period were EUR 0.95.

• Return on capital employed (ROCE): 225.6%; equity ratio: 51.2% (up from 40.6%).

• Net working capital: EUR -104.1 million; operating free cash flow: EUR 86.3 million; net debt: EUR -194.6 million; cash and cash equivalents: EUR 217.4 million.

Outlook and guidance

• Revenue for 2025 is estimated at EUR 820–870 million, with adjusted operating profit expected at EUR 57–64 million.

• Growth in public infrastructure, green transition, and defence projects is anticipated in Finland, Sweden, and Estonia.

• Guidance assumes large projects proceed as planned and margins are realized as forecasted.