olivLaw · European equity research
Kreate Group Oyj KREATE.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Kreate Group Oyj is a Finnish group focused on demanding infrastructure, mainly bridge and foundation construction and railway and road works. The group grew revenue in 2025 by 14.4% to 315.2 million euros, and its order backlog reached 400.8 million euros, which makes its execution in the coming years worth following closely.
At the close of 05 Nov 2026, Kreate Group Oyj (KREATE.HE) stock was 26.50 EUR (−3.99% on the day), with market capitalisation 231.9 m EUR, P/E 37.3 on diluted EPS of 0.71 EUR over the last 12 months, dividend yield 1.89%, beta 0.26, 52-week range 11.20–42.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 27.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 23.58 – 45.87
- in the lower half of the band · %B 0.13 · band width 64.2%
- SMA 50 / 200
- 34.04 / 23.23
- mixed trend
- MACD (12, 26, 9)
- -2.53 / -1.26
- 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −36.9% | +0.4% | −37.3 pp | — |
| 3 months | −6.4% | −3.3% | −3.1 pp | — |
| 6 months | +47.2% | +4.0% | +43.3 pp | — |
| Year to date | +111.2% | +8.1% | +103.1 pp | — |
| 1 year | +131.4% | +10.7% | +120.7 pp | −1.2% |
| 3 years | +314.1% | +50.1% | +264.0 pp | +6.8% |
| 5 years | +151.2% | +43.6% | +107.6 pp | — |
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 3-quarter history (min 14.6, median 16.4, max 17.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 320.0 m | 275.5 m | 315.2 m |
| Revenue YoY | unavailable | −13.9% | +14.4% |
| Net income | 3.7 m | 4.4 m | 6.3 m |
| Net income YoY | unavailable | +18.4% | +44.0% |
| Diluted EPS | 0.44 | 0.49 | 0.71 |
| Diluted EPS YoY | unavailable | +11.4% | +44.9% |
| net % | 1.2% | 1.6% | 2.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.7 m EUR
- Financial debt
- 43.9 m EUR
- Net debt
- 25.2 m EUR
- Equity
- 45.7 m EUR
- Total assets
- 187.6 m EUR
- Debt / equity
- 0.96x
- Current ratio
- 0.80x
- ROE
- 14.1%
- ROA
- 3.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 320.0 m | 275.5 m | 315.2 m | esef· 17 Feb 2026verified |
| Operating income | 7.6 m | 8.7 m | 10.0 m | esef· 17 Feb 2026verified |
| Interest expense | 3.0 m | 3.0 m | 2.2 m | esef· 17 Feb 2026verified |
| Pre-tax income | 4.6 m | 5.9 m | 8.4 m | esef· 17 Feb 2026verified |
| Income tax | 742.0 k | 1.3 m | 1.7 m | esef· 17 Feb 2026verified |
| Net income | 3.7 m | 4.4 m | 6.3 m | esef· 17 Feb 2026verified |
| Diluted EPS | 0.44 | 0.49 | 0.71 | esef· 17 Feb 2026verified |
| Dividend per share | 0.48 | 0.48 | 0.50 | esef· 17 Feb 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.6 m | 10.8 m | 18.7 m | esef· 17 Feb 2026verified |
| Receivables | 19.8 m | 28.3 m | 40.7 m | esef· 17 Feb 2026verified |
| Current assets | 58.9 m | 55.6 m | 77.4 m | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 20.4 m | 18.3 m | 27.9 m | esef· 17 Feb 2026verified |
| Goodwill | 40.0 m | 40.4 m | 63.3 m | esef· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 492.0 k | 342.0 k | 235.0 k | esef· 17 Feb 2026verified |
| Total assets | 134.6 m | 131.4 m | 187.6 m | esef· 17 Feb 2026verified |
| Accounts payable | 34.4 m | 29.4 m | 46.3 m | esef· 17 Feb 2026verified |
| Long-term debt | 29.4 m | 29.8 m | 43.9 m | esef· 17 Feb 2026verified |
| Current liabilities | 60.9 m | 56.7 m | 96.4 m | esef· 17 Feb 2026verified |
| Total liabilities | 91.7 m | 87.9 m | 141.9 m | esef· 17 Feb 2026verified |
| Equity | 42.8 m | 43.6 m | 45.7 m | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 8.4 m | 8.7 m | 8.8 m | esef· 17 Feb 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 29.6 m | -269.0 k | 43.5 m | esef· 17 Feb 2026verified |
| Investing cash flow | -5.9 m | -1.9 m | -38.9 m | esef· 17 Feb 2026verified |
| Financing cash flow | -9.6 m | -10.6 m | 3.3 m | esef· 17 Feb 2026verified |
| Dividends paid | 4.1 m | 4.2 m | 4.4 m | esef· 17 Feb 2026verified |
| Share repurchases | 534.0 k | 625.0 k | 1.1 m | esef· 17 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 231.9 m EUR
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
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: 5.85 – 13.13 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E5.85 – 13.13 (Mid 7.88)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.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, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)6.80 – 9.27 (Mid 7.85)
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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.9% | 60 (vs peers) | 24% |
| Net margin · Quality | 2.0% | 44 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.6x | 47 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 37.3x | 18 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation· partial18/100 · 1/3 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
Kreate Group Oyj (KREATE.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 315.2 m EUR in 2025; YoY growth 14.4%; net margin 2.0%; ROE 14.3%.
The estimated value range is 6.32–11.20 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 7.86 EUR, the price of 26.50 EUR leaves a potential of -70.3% (value / price − 1) and a margin of safety of -237.0% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.8x
- P/E (TTM): 37.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| KREATE.HEKreate Group Oyj | 231.9 m | 37.3 | 14.3% | 2.0% | +14.4% | +120% / +273% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for KREATE.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.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 17.47 Total return -32% · Per year -32% | 30.75 Total return 18% · Per year 18% | 46.14 Total return 77% · Per year 77% |
| 3 years | 20.51 Total return -17% · Per year -6% | 40.27 Total return 60% · Per year 17% | 65.81 Total return 158% · Per year 37% |
| 5 years | 24.08 Total return 1% · Per year 0% | 52.74 Total return 114% · Per year 16% | 93.88 Total return 274% · Per year 30% |
- Exit P/E± 10.07
- Net margin± 7.05
- Annual revenue growth± 5.28
- Annual dilution± 0.59
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
Kreate Group Oyj is a Finnish group focused on demanding infrastructure, mainly bridge and foundation construction and railway and road works. The group grew revenue in 2025 by 14.4% to 315.2 million euros 1, and its order backlog reached 400.8 million euros 1, which makes its execution in the coming years worth following closely.
SWOT
Strengths
- Recognised leadership in bridge and foundation construction in Finland, supported by volume and technical experience 1.
- Order backlog grew strongly in 2025, giving visibility on future revenue 1.
- Integrated offering covering railway, road, bridge and foundation projects for public and private clients 1.
Weaknesses
Opportunities
- Growth of Swedish operations, especially in complex projects around Stockholm, could diversify revenue sources 1.
- Higher margins through more efficient execution could support the strategic profitability goal 1.
- The recent acquisition of an infrastructure company could expand capacity and customer base if integration succeeds 1.
Threats
- Dependence on public infrastructure budgets could reduce project volume if investment slows.
- Rising material and labour costs could erode margins on fixed-price projects.
- Intense competition in infrastructure construction could pressure prices and contract terms.
Risks
- Execution of complex projectshigh
Technically demanding projects may exceed budgets or deadlines, and extra costs could affect group profitability.
- Net debt levelmedium
A high level of net debt relative to operating profit could limit the ability to finance new projects if margins stay low.
- Dependence on the public sectormedium
A significant part of orders comes from public projects, so budget changes could affect workload.
- Integration of recent acquisitionsmedium
The acquisition of an infrastructure company completed at the end of 2025 carries the risk of a harder integration than planned.
- Risks in Swedish operationslow
Expansion in Sweden involves local competition and different market conditions, which could reduce results if projects are poorly managed.
Investment thesis
What would need to be true (bull case)
- If the order backlog converts into revenue with better margins, the group could reach its strategic profitability target.
- A leading position in bridges and foundations in Finland could strengthen its competitive edge on large public projects.
- Growth in Swedish activity could diversify revenue and reduce dependence on the Finnish market.
What would break the thesis
- If margins remain below target, revenue growth may not translate into sufficient profit.
- High net debt could limit investment and flexibility in a weak market period.
- Dependence on public infrastructure budgets could make revenue vulnerable to political decisions and funding delays.
What to watch
- Evolution of EBITA margin against the strategic target of above 5%2026
- Conversion of the order backlog into revenue and revenue trend2026
- Net debt level and net debt to EBITDA ratio after the recent acquisitionnext annual financial report
- Results of Swedish operations and integration of the company acquired at the end of 20252026
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
Kreate aims to be one of Finland's leading executors of demanding infrastructure projects, offering integrated solutions for technically complex works 1. Its services are split into track and road construction, which includes railway construction and road and street construction, and specialised construction, which includes bridge construction and repair, foundation and civil engineering, rock construction, special foundations and its Swedish business 1. The group also offers circular economy services in Finland 1. Its customers include both public and private entities 1.
Segments
Track and road construction
This division covers railway construction and road and street construction, that is transport infrastructure projects 1.
Specialised construction
This area includes bridge construction and repair, foundation and civil engineering, rock construction, special foundations and the Swedish operations, where the group aims to strengthen its position in the Greater Stockholm area 1.
Circular economy
The group offers circular economy services in Finland, a smaller activity complementing its infrastructure projects 1.
Market context
The reference market is demanding infrastructure in Finland, where Kreate presents itself as a leader in bridge and foundation construction, both by volume and know-how 1. Its Swedish activity, focused on technically demanding projects around Stockholm, is a second important market, but most revenue, about 85% in 2025, still comes from Finland 1.
Trends
- Growing order backlogtailwind
The order backlog, meaning contracts not yet recognised as revenue, grew strongly in 2025, which could support revenue in later periods if projects are executed as planned 1.
- Focus on margin improvementmixed
The 2024–2027 strategy emphasises higher profitability, with the aim of an EBITA margin above 5%, compared with 3.2% reported in 2025 1. Reaching this target depends on project execution and construction costs.
- Investment in complex constructiontailwind
Bridge, railway and special foundation projects in Finland are linked to public infrastructure investment, which can support demand but also depends on government budgets 1.
- Rising leverageheadwind
Net debt rose compared with the previous year and the net debt to EBITDA ratio stays at a high level, which could limit financial flexibility if margins do not improve 1.
Competitive position
Kreate presents itself as a leader in bridge and foundation construction in Finland, so it faces rivals mainly in the local market for public and private infrastructure projects 1. The analysed sources do not give a full list of competitors, so its competitive position should be judged mainly on the company's own claims about its volume and expertise.
- Local infrastructure contractors in Finland
Finnish and Swedish infrastructure builders compete for the same public and private projects, but the sources do not name them.
- Infrastructure contractors in Sweden
In the Stockholm area Kreate faces local road, railway and concrete contractors, which the sources do not name.
- Bridge and foundation builders
In specialised construction the group competes with firms focused on foundations and rock works, not identified in the sources.
- Circular economy operators
Its circular economy services in Finland face specialised providers in construction material recycling, not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202404 Mar 2025
- Annual report 202304 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Kreate Group 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.