GRK Infra (GRK) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of EUR 872.3 million in 2025, up 19.7% year-over-year, with growth in all operating countries driven by large projects, strong project execution, and expansion in environmental technology and electrical engineering through acquisitions.

• Adjusted operating profit margin improved to 6.7% (from 6.3%), exceeding long-term targets.

• Major projects, including Rail Baltica, Vantaa tramway, and large contracts in Finland, Sweden, and Estonia, contributed substantially to revenue.

• Order backlog at year-end was EUR 723 million, with several major projects in the development phase not yet included.

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

Financial highlights

• Full-year revenue grew 19.7% year-over-year to EUR 872.3 million, with growth in all operating countries.

• Adjusted operating profit for 2025 increased to EUR 58.2 million, with an adjusted EBIT margin of 6.7%.

• Full-year EBITDA rose to EUR 72.4 million (8.3% margin).

• Net income for 2025 was EUR 43.0 million, with basic EPS of EUR 1.07.

• Operating free cash flow was EUR 138.0 million, up from EUR 41.3 million in 2024.

Outlook and guidance

• Revenue for 2026 is estimated at EUR 720–870 million, with adjusted operating profit expected between EUR 45–60 million.

• Market growth anticipated in all operating countries, with particular opportunities in electrical network construction and circular economy.

• First quarter of 2026 expected to be weak due to seasonality and project phasing.

• Long-term revenue target raised to over EUR 950 million by 2028, focusing on organic growth and acquisitions.