Translation: Original published in Finnish on 8/13/2026 at 7:58 am EEST.

GRK announced in a press release that it is acquiring Pirkan Rakentajapalvelu Oy, which specializes in special foundation construction, and its sister company Pile Consulting Oy. We consider the acquisition a bolt-on acquisition in line with the company's previously communicated strategy, strengthening GRK's expertise in demanding foundation construction. The purchase price seems quite moderate given the acquired company's strong financial performance. However, the financial impact of the acquisition remains quite moderate given GRK's size, as the acquired business accounts for only about 2% of our current year revenue forecast. We will include the transaction in our forecasts in our next update.

Special foundation construction expertise strengthens

The acquisition expands GRK's expertise in special foundation construction and strengthens its ability to execute demanding piling, retaining wall, and anchoring projects. Pirkan Rakentajapalvelu is intended to be integrated into GRK's own ground reinforcement unit. Pirkan Rakentajapalvelu’s revenue in 2025 was approximately 18.5 MEUR and its EBIT was 2.5 MEUR. The company's EBIT margin (~13.6%) is thus clearly higher than GRK's own very strong 9.6% level that we expect for the current year.

The basic purchase price is approximately 10.6 MEUR, which corresponds to an EV/EBIT multiple of about 4.2x relative to the 2025 EBIT. Although the parties have also agreed on an earnout of up to 2.0 MEUR based on performance over the next 48 months, the valuation multiple would only rise to around 5x even with the maximum purchase price. We consider the price to be very moderate, especially when compared to GRK's own EV/EBIT multiple of approximately 8x based on our current year's forecasts. About 6.4 MEUR of the basic purchase price will be paid in cash, with the remainder paid through a directed share issue of ~215 thousand new shares. The closing of the transaction is subject to customary regulatory approvals and is expected to take place by October 1, 2026, according to the company's estimate.