Translation: Original published in Finnish on 9/15/2026 at 7:45 am EEST.

GRK announced in a press release on Monday that its recently acquired subsidiary, KSBR, has been selected to carry out underground utilities, infrastructure construction, and concrete structure work at a data center site for a technology company in Finland. Work will begin this month and be completed by the end of 2027, and the contract will be entered in the Q3 order book. While the value of the agreement was not disclosed, we estimate it to be significant by KSBR’s standards. We view this news as positive evidence of the strategic fit of the KSBR acquisition because we previously assessed that the deal would strengthen GRK’s position in data center projects specifically.

Data center projects have become an increasingly important driver of demand for GRK, and the company has already identified them as a factor behind its strong earnings development in the second quarter. Earlier, in August, GRK announced a 66-MEUR earthworks contract for a data center site that had already been recorded in the company’s Q2 order book. The newly announced contract includes underground technology, infrastructure, and concrete construction work for the data center site and will be entered in the company's order book for the current third quarter. The work will begin this month and is scheduled to be completed by the end of 2027. While the value of the contract was not disclosed in the press release, its duration of over a year suggests to us a scale of tens of millions of euros. Therefore, in the Q3 report, we are particularly interested in the development of the order book.

Last week, technology company Google announced that it will invest at least 13 BEUR in Finland in 2027-2028. The program includes an expansion in Hamina, as well as the establishment of new centers in Kajaani, Muhos, and Vaala, which, according to Google’s estimates, will provide approximately 16,000 construction industry jobs during the construction phase. KSBR is listed among Google's partners. In July, Tervareitti, a local newspaper in the Oulujoki River Valley, reported that GRK was already operating in Muhos. While GRK has not disclosed the names of its contract customers and we do not draw conclusions from that, the partnership, together with recent orders, reinforces our view that the group is well positioned to execute infrastructure construction for upcoming data center investments in the coming years. We discussed data center construction in more detail in our previously published overview, in which we also examined the topic from GRK’s perspective.

The project, which will be completed by the end of next year, partly supports GRK's revenue outlook, which already relies on a record-strong order book. At the end of the second quarter, the order book totaled nearly 1.2 BEUR. We estimate that demanding industrial projects in the private sector typically offer good profit potential and decrease the company's dependence on public sector procurement cycles. At the same time, in light of this news, the KSBR acquisition, which was completed in the summer, looks even more justified. We considered KSBR’s historically highly volatile revenue and earnings levels to be the key risk associated with the transaction, but the end demand generated by data center investments improves the earnings growth outlook for the coming years and, in our view, significantly reduces the risk. Additionally, we will be interested to see if GRK can secure similar orders in other Nordic countries in the future, supported by its strengthened references.