Kreate Group (KREATE) Q4 2025 earnings summary

Executive summary

• Achieved strong performance in 2025, with revenue up 14.4% year-over-year to EUR 315.2 million and record-high order backlog exceeding EUR 400 million, providing a solid foundation for 2026 growth.

• Strategic acquisitions, notably SRV Infra Oy, expanded business areas and contributed nearly EUR 80 million to growth and increased order backlog.

• Major project wins in Finland and Sweden, including the Helsinki–Riihimäki rail project, Vantaa light rail, Stockholm metro, Junatie metro bridge, and Kurkela-Kuusisto.

Financial highlights

• Revenue for 2025 reached EUR 315.2 million, up from EUR 275.5 million in 2024; Q4 revenue was EUR 94.6 million, up 25.3%.

• EBITA for 2025 was EUR 10.2 million (3.2% margin), up from EUR 8.8 million; Q4 EBITA was EUR 3.9 million (4.1% margin), including EUR 1.0 million in M&A-related costs.

• Free cash flow from operating activities was EUR 37.7 million, a significant increase from EUR 0.3 million in 2024.

• Net working capital at year-end was exceptionally strong at EUR -22.9 million.

• Interest-bearing net debt was EUR 35.9 million; equity ratio was 24.4%.

Outlook and guidance

• Revenue for 2026 is guided at EUR 430–470 million, with EBITA expected to rise to EUR 15–18 million.

• EUR 286 million of the order backlog is expected to be recognized in 2026, with additional pipeline projects potentially adding EUR 400 million.

• Dividend proposal of EUR 0.60 per share, payable in two installments in 2026.