GRK: North Bothnia Line railway project generates additional work
Summary
- GRK has been awarded a 55 MEUR contract for a bridge infrastructure project on the North Bothnia Line railway in Sweden, marking its second contract for this major project.
- The new contract significantly boosts GRK's Swedish order book, which was valued at 284 MEUR at the end of December 2025, and is expected to be completed in 2029.
- The North Bothnia Line project, with a total estimated cost of 40 MSEK, offers GRK further opportunities for future contracts, supporting the company's competitiveness in the Swedish market.
- This development aligns with the analyst's view of GRK's potential for volume growth in Sweden, although it does not alter their revenue forecasts for 2026–2029.
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Translation: Original published in Finnish on 3/20/2026 at 8:05 am EET.
GRK announced on Thursday that it had been selected to carry out a bridge infrastructure project for the North Bothnia Line railway in northern Sweden. The value of the contract is approximately 55 MEUR (595 MSEK), and it is the company's second contract for this major railway project. We view this order as a strong indication of GRK’s competitiveness in the Swedish market and as support for our assessment of volume growth for the Swedish unit in the coming years. As we noted regarding the first won contract, this latest contract also serves as a strong reference and this large-scale project may offer further opportunities for the company in the future.
Significant addition to Sweden's order book
Valued at around 55 MEUR, the project is significantly larger than GRK's first North Bothnia Line contract, which was won in December 2025 and was worth approximately 14.5 MEUR. The new order is also a significant addition to the Swedish country organization’s order book, which amounted to 284 MEUR at the end of December 2025. The estimated signature date for the order is March 26, 2026, if no appeals are filed against the procurement decision. Work is scheduled to begin in 2026 and is expected to be completed in 2029. The project is technically diverse and includes approximately 14 kilometers of track bed, two stations, and nine bridges. In our opinion, this project strengthens GRK's credentials in the construction of demanding rail infrastructure, a key competitive factor in large investment projects in northern Sweden.
North Bothnia Line may also offer future opportunities
The North Bothnia Line is a new 270-kilometer-long coastal railway whose total cost is estimated to be approximately 40 MSEK. The project has been divided into dozens of separate projects, offering GRK opportunities to win new contracts in the future as well. The value of the newly won contract corresponds to approximately 6% of our cumulative revenue forecast for 2026–2029 for the company’s Swedish operations. This development does not result in any changes to our forecasts. However, this order reinforces our view of GRK’s competitiveness in the Swedish market and our confidence in the company’s ability to win new contracts to fill the gap left by the completion of the Stegra project.
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GRK Infra operates in the infrastructure sector. The company's core competence includes the implementation of various infrastructure projects, project management of large and small projects and extensive railway expertise. Customers include the state, municipalities and cities as well as the private sector. In addition to the parent company GRK Infra Oyj, the GRK Group includes companies in each country of operation: GRK Suomi Oy in Finland, GRK Eesti AS in Estonia and GRK Sverige AB in Sweden.
Read more on company pageKey Estimate Figures13.02.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 872.3 | 799.9 | 786.0 |
| growth-% | 19.8 % | -8.3 % | -1.7 % |
| EBIT (adj.) | 58.2 | 52.1 | 47.3 |
| EBIT-% (adj.) | 6.7 % | 6.5 % | 6.0 % |
| EPS (adj.) | 1.17 | 1.02 | 0.94 |
| Dividend | 0.53 | 0.56 | 0.62 |
| Dividend % | 3.7 % | 3.0 % | 3.4 % |
| P/E (adj.) | 12.3 | 18.0 | 19.5 |
| EV/EBITDA | 4.7 | 8.6 | 9.2 |
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