Translation: Original published in Finnish on 3/10/2026 at 7:51 am EET.

GRK announced on Monday that it had been selected to implement the improvement of Main Road 4 between Konuvere and Päärdu in Estonia. The value of the contract is approximately 38 MEUR, which is a significant order for GRK's Estonian subsidiary and supports the strong growth we expect for the unit in 2026–2028. Although the project is moderate in size for the Group, it supports the order book and strengthens the company's position in Estonia. The news does not cause changes to our estimates, as we expect the company to continuously secure similar projects for its order book.

Good reference in transport infrastructure construction in Estonia

The contract, valued at approximately 38 MEUR, includes improvements to Main Road 4 along a 6.5-kilometer stretch in Rapla County. This is a design and build contract, which includes the construction of a four-lane main road, three new bridges, the renovation of one bridge, and two interchanges with collector roads. Construction is scheduled to begin in April 2026, and the contract is expected to be completed by the end of October 2028. The project is technically demanding and located in a high-traffic area, which emphasizes the importance of project management and occupational safety. In our opinion, the project is a good reference for GRK in transport infrastructure construction in Estonia, where the company already has a strong position, especially in railway projects.

The total value of ~38 MEUR is significant in relation to the revenue we forecast for the Estonian unit in 2026-2028 (a total of 411 MEUR), representing ~9% of the cumulative revenue for the period under review. At the Group level, the impact of the contract is more moderate, representing approximately 2% of the Group revenue forecast for 2026–2028. However, the order strengthens our confidence that the company can achieve the rapid growth we forecast for it in Estonia. Although the newly announced project strengthens the company's order book in Estonia, more significant support for order intake and future years' volumes will come from the Rail Baltica project progressing to the implementation phase. The project's potential value for GRK is preliminarily estimated at 158–216 MEUR, and we expect it to move to the implementation phase during the current year.