GRK's new guidance clearly exceeded our expectations
Summary
- GRK completed the acquisition of Keski-Suomen Betonirakenne Oy and issued new earnings guidance for 2026, which exceeded expectations, indicating strong project progress and demand.
- The company now estimates 2026 revenue at 820-1,020 MEUR and adjusted EBIT at 70-95 MEUR, surpassing previous forecasts of 720–870 MEUR in revenue and 45–60 MEUR in adjusted EBIT.
- GRK announced a revision to its adjusted EBIT definition, excluding depreciation of intangible assets from acquisitions, which is expected to increase due to the KSBR acquisition.
- The revision is seen as logical, aligning adjusted EBIT more closely with operational performance by excluding non-cash items.
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Translation: Original published in Finnish on 07/01/2026 at 07:29 am EEST
GRK announced on Tuesday that it had completed the acquisition of Keski-Suomen Betonirakenne Oy (KSBR) and simultaneously issued new earnings guidance for the combined entity for 2026. The new guidance clearly exceeded our expectations, which indicates excellent progress in the company's own projects and strong demand.
The new guidelines clearly exceeded our expectations
GRK now estimates its 2026 revenue to be in the range of 820-1,020 MEUR and adjusted EBIT to be 70-95 MEUR. We forecast revenue of 720–870 MEUR and an adjusted EBIT of 45–60 MEUR for the current year. Although the positive earnings revision was not surprising, the new guidance was clearly higher than our expectations for both revenue and profitability. Prior to the release, we expected revenue of 874 MEUR and adjusted EBIT of 61 MEUR for the current year, including an estimate of the acquired business's impact. In our view, this suggests that GRK's own projects have progressed excellently and demand has remained strong, and the significant guidance upgrade is not solely explained by the acquisition of new business. The company confirmed in its release that H1 revenue developed as expected and that profitability remained at a good level even after a very strong Q1. We therefore see upward pressure on our current year estimates.
Small revision to the definition of adjusted EBIT
In the same context, GRK announced that it would revise its definition of adjusted EBIT starting July 1, 2026, so that depreciation of intangible assets based on the purchase price allocation (PPA) of acquisitions will be excluded from adjusted EBIT going forward. Historically, the impact of these amortizations has been very marginal for the company, around 0.3 MEUR in 2025 and 0.3 MEUR in early 2026, but with the KSBR acquisition, the scale of PPA amortizations is expected to grow. We consider the revision logical and more reflective of the company's operational performance, as it is a non-cash item.
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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 Figures19.05.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 872.3 | 874.4 | 946.9 |
| growth-% | 19.8 % | 0.2 % | 8.3 % |
| EBIT (adj.) | 58.2 | 60.6 | 62.2 |
| EBIT-% (adj.) | 6.7 % | 6.9 % | 6.6 % |
| EPS (adj.) | 1.17 | 1.18 | 1.19 |
| Dividend | 0.53 | 0.56 | 0.62 |
| Dividend % | 3.7 % | 3.0 % | 3.3 % |
| P/E (adj.) | 12.3 | 16.1 | 15.9 |
| EV/EBITDA | 4.7 | 8.5 | 8.1 |
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