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olivLaw · European equity research

GRK Infra Oyj GRK.HE

Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland

19.60EUR−2.73% · 1 dayClose 05 Nov 2026

GRK Infra Oyj is a Finnish infrastructure construction group active in Finland, Sweden and Estonia, with exposure to rail and urban transit projects. The company listed on the stock exchange in April 2025 and updated its long-term targets. Revenue in fiscal 2025 was 872.3 million euro and net profit was 43 million euro.

At the close of 05 Nov 2026, GRK Infra Oyj (GRK.HE) stock was 19.60 EUR (−2.73% on the day), with market capitalisation 788.5 m EUR, P/E 18.3 on diluted EPS of 1.07 EUR over the last 12 months, dividend yield 0.97%, beta 0.55, 52-week range 11.97–27.60 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
788.5 m EUR
shares as of 31 Dec 2025
P/E (TTM)
18.3
Diluted EPS TTM 1.07 · TTM to 31 Dec 2025
E/P (TTM)
5.46%
TTM to 31 Dec 2025
Dividend yield
0.97%
DPS 12m 0.19
Beta (2y)
0.55
Volatility (1y) 39%
52-week range
11.9727.60

Price history

Loading chart…

Technical reading

RSI (14)
30.9
weak (30–45)
Bollinger (20, 2)
17.83 – 28.72
in the lower half of the band · %B 0.16 · band width 46.8%
SMA 50 / 200
24.02 / 17.97
mixed trend
MACD (12, 26, 9)
-1.45 / -0.93
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month−29.0%+0.4%−29.4 pp—
3 months−7.8%−3.3%−4.5 pp—
6 months+34.2%+4.0%+30.3 pp—
Year to date+36.7%+8.1%+28.6 pp—
1 year+52.1%+10.7%+41.4 pp−2.6%
3 yearsunavailable+50.1%unavailable+5.4%
5 yearsunavailable+43.6%unavailable—
Max drawdown (1y)
−29.3%
06 Oct 2026 → 30 Oct 2026
Max drawdown (5y)
−29.3%
06 Oct 2026 → 30 Oct 2026
Compound annual growth (5y)
unavailable
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 1-quarter history (min 13.4, median 13.4, max 13.4; quarters with earnings only).

Fiscal years

Fiscal year20242025
Revenue728.6 m872.3 m
Revenue YoYunavailable+19.7%
Net income36.9 m43.0 m
Net income YoYunavailable+16.7%
Diluted EPS0.931.07
Diluted EPS YoYunavailable+15.1%
net %5.1%4.9%
Free cash flow45.0 m142.6 m

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
248.6 m EUR
Financial debt
15.6 m EUR
Net debt
-232.9 m EUR
Equity
190.1 m EUR
Total assets
520.8 m EUR
Debt / equity
0.08x
Current ratio
1.40x
ROE
27.8%
ROA
10.1%
FCF margin
16.3%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2024
728.6 m
2025
872.3 m

esef· 10 Mar 2026verified

Operating income
2024
45.2 m
2025
53.5 m

esef· 10 Mar 2026verified

Interest expense
2024
2.8 m
2025
4.8 m

esef· 10 Mar 2026verified

Pre-tax income
2024
45.8 m
2025
52.7 m

esef· 10 Mar 2026verified

Income tax
2024
8.9 m
2025
9.7 m

esef· 10 Mar 2026verified

Net income
2024
36.9 m
2025
43.0 m

esef· 10 Mar 2026verified

Diluted EPS
2024
0.93
2025
1.07

esef· 10 Mar 2026verified

Dividend per share
2024
0.16
2025
0.19

esef· 10 Mar 2026derived

Balance sheet · EUR

Cash
2024
126.7 m
2025
248.6 m

esef· 10 Mar 2026verified

Receivables
2024
108.7 m
2025
126.0 m

esef· 10 Mar 2026verified

Inventories
2024
6.7 m
2025
8.7 m

esef· 10 Mar 2026verified

Current assets
2024
242.6 m
2025
418.6 m

esef· 10 Mar 2026verified

Property, plant & equipment, net
2024
72.3 m
2025
82.3 m

esef· 10 Mar 2026verified

Total assets
2024
334.5 m
2025
520.8 m

esef· 10 Mar 2026verified

Accounts payable
2024
106.1 m
2025
94.2 m

esef· 10 Mar 2026verified

Long-term debt
2024
16.7 m
2025
15.6 m

esef· 10 Mar 2026verified

Current liabilities
2024
184.7 m
2025
298.3 m

esef· 10 Mar 2026verified

Total liabilities
2024
215.2 m
2025
330.7 m

esef· 10 Mar 2026verified

Equity
2024
119.3 m
2025
190.1 m

esef· 10 Mar 2026verified

Shares outstanding at year end
2024
39.7 m
2025
40.2 m

esef· 10 Mar 2026derived

Cash flow · EUR

Operating cash flow
2024
61.5 m
2025
157.7 m

esef· 10 Mar 2026verified

Capex
2024
16.6 m
2025
15.1 m

esef· 10 Mar 2026verified

Free cash flow
2024
45.0 m ≈
2025
142.6 m ≈

esef· 10 Mar 2026derived

Investing cash flow
2024
-15.4 m
2025
-56.7 m

esef· 10 Mar 2026verified

Financing cash flow
2024
-15.2 m
2025
17.3 m

esef· 10 Mar 2026verified

Dividends paid
2024
6.2 m
2025
7.7 m

esef· 10 Mar 2026verified

Share repurchases
2024
5.0 m
2025
0

esef· 10 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
19.7%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
18.4%
computed by olivLawFY 2025
Net income growth (YoY)
16.7%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
15.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
217.3%
computed by olivLawFY 2025

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
6.1%
computed by olivLawFY 2025
Net margin
4.9%
computed by olivLawFY 2025
FCF margin
16.3%
computed by olivLawFY 2025

Returns

ROE
27.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
10.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
insufficient data
ROCE
24.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
17.8%
computed by olivLawFY 2025
Payout ratio (FCF)
5.4%
computed by olivLawFY 2025

Balance sheet

Net debt
-232.9 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.1x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
11.2x
computed by olivLawFY 2025

Liquidity

Current ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
1.4x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
157.7 m EUR
computed by olivLawFY 2025
Capital expenditure
15.1 m EUR
computed by olivLawFY 2025
Free cash flow
142.6 m EUR
computed by olivLawFY 2025
FCF conversion
331.3%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
49 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
788.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
555.6 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
18.3x
computed by olivLawFY 2025
P/E (TTM)
18.3x
computed by olivLawFY 2025
Earnings yield
5.5%
computed by olivLawFY 2025
P/B
4.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
10.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
0.6x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
5.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
18.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
1.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
1.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 52.1% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

19.60 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 788.5 m EUR

Key indicators

Market capitalisation
788.5 m EUR
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
18.3x
computed by olivLawFY 2025
P/B
4.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
27.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
4.9%
computed by olivLawFY 2025
Revenue growth (YoY)
19.7%
computed by olivLawFY 2025
Dividend yield
1.0%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: esefpublished 10 Mar 2026
verified 56derived 4

Score by group

52% · Insufficient data

Estimated value range

Low
39.00
EUR per share
Mid
47.44
EUR per share
High
61.98
EUR per share
Price: 19.60 EUR
The price is below the range
Potential to the central value: 142.0% (value / price − 1)
Margin of safety: 58.7% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.81 – 105.19 EUR.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)69.19 – 105.19 (Mid 83.01)
    WACC 8.4% · starting FCFF 146.5 m EUR · terminal value share of EV 75%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: no growth between −30% and +40% justifies the price
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E8.81 – 18.78 (Mid 11.87)
    23 companies used · median multiple 11.1x · quartiles 8.2x – 17.6x
    ALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
  • Dividend discount (DDM)outside the aggregate2.59 – 3.53 (Mid 2.99)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 52.1% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality4.9%51 (vs peers)12%
FCF conversion · Quality331.3%100 (on a fixed band)12%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet11.2x100 (on a fixed band)12%
Current ratio · Balance sheet1.4x50 (on a fixed band)8%
P/E (TTM) · Valuation18.3x39 (vs peers)20%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation18.1%100 (on a fixed band)16%
Shareholder yield (distributions) · Returns1.0%14 (on a fixed band)12%
Payout ratio (FCF) · Returns5.4%100 (on a fixed band)8%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet80/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality76/100 · 2/3 factors with a value
  • Returns48/100 · 2/2 factors with a value
  • Valuation66/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GRK Infra Oyj (GRK.HE). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 872.3 m EUR in 2025; YoY growth 19.7%; net margin 4.9%; ROE 27.8%.

The estimated value range is 39.00–61.98 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 47.44 EUR, the price of 19.60 EUR leaves a potential of 142.0% (value / price − 1) and a margin of safety of 58.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 331.3%
  • Interest coverage: 11.2x
  • FCF yield: 18.1%
  • Payout ratio (FCF): 5.4%
  • The price is below the estimated value range

What contradicts it

  • Shareholder yield (distributions): 1.0%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Listed companies from Finland · same country · compared with 39 companies

Multiples and returns vs the median

P/E
18.3x
vertical median 14.2x
above median (+29.4%)
EV/EBITDA
—
vertical median 6.3x
P/S
0.9x
vertical median 0.5x
above median (+87.7%)
P/B
4.1x
vertical median 1.4x
above median (+190.1%)
ROE
27.8%
vertical median 7.5%
above median (+270.4%)
Net margin
4.9%
vertical median 2.9%
above median (+68.7%)
EBIT margin
6.1%
vertical median 4.9%
above median (+24.1%)
Revenue YoY
19.7%
vertical median 0.8%
above median (+2,341.2%)
Net debt/EBITDA
—
vertical median -0.1x
Dividend yield
1.0%
vertical median 4.3%
below median (−77.5%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
FORTUM.HEFortum Oyj20.8 bn27.28.7%15.3%−14.0%+32% / +81%
ELISA.HEElisa Oyj5.6 bn16.327.0%15.2%+3.0%−8% / −15%
KEMIRA.HEKemira Oyj2.5 bn13.610.5%6.6%−6.6%−17% / +4%
KALMAR.HEKalmar Oyj2.4 bn14.724.1%9.4%+1.2%+0% / unavailable
KCR.HEKonecranes Oyj2.2 bn5.620.3%9.5%−0.9%−4% / +134%
EXEL.HEExel Composites Oyj1.8 bn—-18.5%-5.3%+3.6%+163% / +74%
BITTI.HEBittium Oyj1.2 bn55.817.5%17.9%+40.1%+73% / +603%
ALMA.HEAlma Media Oyj1.2 bn21.223.0%16.9%+4.6%+9% / +57%
FIA1S.HEFinnair Oyj927.4 m50.42.9%0.6%+1.9%+54% / +22%
GRK.HEGRK Infra Oyj788.5 m18.327.8%4.9%+19.7%+52% / unavailable
HARVIA.HEHarvia Oyj768.7 m29.321.0%13.3%+13.5%−1% / +64%
ATRAV.HEAtria Oyj451.7 m11.19.8%2.2%+3.3%+13% / +57%
ANORA.HEAnora Group Oyj317.6 m57.81.4%0.8%−4.9%+26% / +11%
CAPMAN.HECapMan Oyj300.2 m23.16.8%20.9%+9.4%−8% / −20%
ICP1V.HEIncap Oyj261.0 m18.710.4%6.5%−6.7%−3% / +37%
FSECURE.HEF-Secure Oyj243.7 m10.943.4%15.3%−0.4%−17% / −23%
ASPO.HEAspo Oyj219.4 m9.315.4%5.0%+2.1%+2% / +9%
ETTE.HEEtteplan Oyj173.7 m16.48.8%2.9%+0.1%−27% / −51%
DIGIA.HEDigia Oyj131.6 m10.514.5%5.9%+5.5%−16% / −12%
ILKKA.HEIlkka Oyj93.8 m8.16.2%30.8%+22.6%+0% / +21%
CONSTI.HEConsti Oyj77.4 m11.615.3%2.0%+2.9%−8% / −6%
APETIT.HEApetit Oyj75.6 m8.48.2%5.4%+3.1%−14% / −3%
ESENSE.HEEnersense International Oyj74.9 m74.73.1%0.4%−27.7%+12% / +9%
CTH1V.HEComponenta Oyj66.1 m324.00.8%0.2%−4.6%+49% / +182%
KAMUX.HEKamux Oyj47.4 m10.34.2%0.5%+0.8%−40% / −77%

1- and 3-year price returns: for GRK.HE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
12.81
Total return -34% · Per year -34%
22.54
Total return 16% · Per year 16%
33.81
Total return 74% · Per year 74%
3 years
15.19
Total return -20% · Per year -7%
29.81
Total return 56% · Per year 16%
48.69
Total return 153% · Per year 36%
5 years
18.02
Total return -3% · Per year -1%
39.42
Total return 109% · Per year 16%
70.11
Total return 268% · Per year 30%
What moves the 3-year price the most
  • Exit P/E± 7.45
  • Net margin± 5.22
  • Annual revenue growth± 3.89
  • Annual dilution± 0.44

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

GRK Infra Oyj is a Finnish infrastructure construction group active in Finland, Sweden and Estonia, with exposure to rail and urban transit projects. The company listed on the stock exchange in April 2025 and updated its long-term targets. Revenue in fiscal 2025 was 872.3 million euro and net profit was 43 million euro.

SWOT

Strengths

  • Presence in three countries and a diversified rail portfolio combining construction, design and maintenance 1.
  • Strengthened financial position, with a high equity ratio and negative net debt at the end of fiscal 2025 1.
  • Revenue and profit growth over prior years, supported by steady demand from public clients 1.

Weaknesses

  • Reliance on large public contracts makes revenue sensitive to project timing 1.
  • Seasonality in construction makes the first quarter traditionally weak, which could increase volatility in results 1.
  • The rail maintenance market in Finland is shrinking, which could affect one business line 1.

Opportunities

  • The Rail Baltica project in Estonia could become a major contract if the execution phase is confirmed in summer 2026 1.
  • Investment in electrical networks, circular economy and data centres offers room for expansion in Finland and Sweden 1.
  • Expansion into southern Sweden, with a new office in Stockholm, could open access to new regional projects 1.

Threats

  • Intense competition and weak residential construction could squeeze profit margins 1.
  • Delays in the Rail Baltica execution decision could postpone expected revenue 1.
  • Budget changes in public investment, including defence, could alter the order volume 1.

Risks

  • Rail Baltica timinghigh

    The decision on the execution phase is planned for summer 2026, and a delay could push revenue into later years 1.

  • Seasonality and the first halfmedium

    The company expects a weak first half due to winter conditions and the stage of large projects, which could affect quarterly comparisons 1.

  • Competitive pressuremedium

    Intense competition in construction could reduce margins, especially on fixed-price contracts 1.

  • Rail market in Finlandmedium

    The expected decline in rail maintenance in Finland could reduce the volume of an important segment 1.

  • Dependence on public clientslow

    Most large projects are contracted with public authorities, and budget changes could affect new orders 1.

Investment thesis

What would need to be true (bull case)

  • If the Rail Baltica project enters the execution phase, revenue and the order backlog could rise significantly 1.
  • The raised revenue target for 2028 shows management confidence in growing both existing and new markets 1.
  • A solid balance sheet with negative net debt could provide flexibility for investment and dividends 1.

What would break the thesis

  • If the Rail Baltica decision is postponed, expected revenue for the coming period could be lower 1.
  • The 2026 revenue guidance covers a wide range, which could mean high uncertainty about results 1.
  • Weak residential construction and intense competition could reduce margins in the short term 1.

What to watch

  • Rail Baltica execution phase decisionsummer 2026
  • Annual general meeting and proposed dividend paymentApril 2026
  • First quarter results against revenue guidanceQ1 2026
  • Development of the order backlog and new contracts in Sweden2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

GRK provides infrastructure construction services including bridges and tunnels, roads, electrical networks and industrial projects, as well as design and maintenance services for railways 1. It operates in three countries, Finland, Sweden and Estonia, with an average of 1197 employees in 2025 1. The group began trading in April 2025 and reported an order backlog of 382 million euro at the end of 2025 1.

In rail, GRK offers construction, design and maintenance, and is currently developing the Rail Baltica project in Estonia under an alliance contract 1. Paving and environmental services complete the portfolio. The company expects the rail maintenance market in Finland to shrink, while its Estonian business is oriented to large long-term projects 1.

For 2026, the company guides to revenue of 720–870 million euro and adjusted operating profit of 45–60 million euro 1. The first half is expected to be weak due to seasonality and the stage of large projects, which could affect quarterly comparisons 1.

Segments

Road and bridge infrastructure

This segment covers bridges, tunnels, roads and paving, where GRK relies on public and private infrastructure projects 1. Demand in Finland and Sweden is supported by road investments and infrastructure for data centres 1.

Rail and Rail Baltica

The rail segment includes construction, design and maintenance, including the Southwest Finland maintenance contract extended to March 2028 at a value of about 10 million euro 1. The Rail Baltica project, with an initial estimated value of 158–216 million euro, is the main growth opportunity 1.

Environmental and industrial construction

Environmental services and industrial construction complement the group, with focus on the circular economy and electrical networks 1. In November 2025 the company signed a contract for the first phase of the Vantaa tram, adding about 45 million euro to its backlog 1.

Market context

Management expects infrastructure construction markets to grow in 2026 in all operating countries, but competition remains tight because of weak residential construction 1. Demand is expected to grow in electrical networks and the circular economy, as well as in defence and border security investments 1. The rail maintenance market in Finland is expected to decline 1.

In Estonia, investment is concentrated on Rail Baltica, and a decision on the execution phase is planned for summer 2026 1. If the decision is postponed, revenue from this project could be lower than currently estimated 1.

Trends

  • Investment in electrical networks and circular economytailwind

    Demand for electrical networks and circular economy projects is expected to grow steadily in all countries where the company operates 1. This could support new orders over the medium term 1.

  • Defence and border security investmenttailwind

    Management believes defence and border security investment will support the market in Finland and Sweden 1. The effect depends on the timing of public budgets 1.

  • Weak residential constructionheadwind

    The decline in residential construction keeps competitive pressure on prices, which could reduce margins on some contracts 1.

  • Rail maintenance in Finlandmixed

    The rail maintenance market in Finland is expected to contract, but existing contracts, such as those in the southwest, provide short-term visibility 1. The net effect is mixed 1.

Competitive position

Nordic infrastructure is a field with many players of varying size, and management describes competitive pressure as high 1. The sources do not identify specific competitors, so the list below is limited to what could be verified from the official document.

GRK's stated advantage lies in its combination of rail expertise, design and maintenance, and regional presence in three countries 1. The 2028 revenue target of above 950 million euro shows its ambition to grow in a contested market 1.

  • Local infrastructure construction firms in Finland

    The official source does not name competing companies; competition is described as intense.

  • Construction companies in Sweden

    The source mentions competition in the construction market only, without names.

  • Rail project builders in the Baltic states

    The Rail Baltica project attracts several contractors, without details in the source.

  • Environmental and industrial service providers

    The source does not identify competitors in this area.

News & filings

In the press

No news in our archive over the last 180 days.

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / GRK Infra Oyj · 31 Dec 2025

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.