Analyst Comment
Kreate: The 60 MEUR Junatie metro bridge project is expected to proceed to implementation
Summary
- Kreate has signed an agreement for the implementation phase of the Junatie metro bridge renewal, adding approximately 60 MEUR to its Q2'26 order book.
- The project is technically demanding and highlights Kreate's strong position in structural engineering, particularly in bridge construction, where it is considered the Finnish market leader.
- At the end of Q1'26, Kreate's order book was at a record high of 689 MEUR, and the new order aligns with the company's previous project size estimate of 50 to 70 MEUR.
- The project supports revenue estimates of 540 MEUR for the current year and 577 MEUR for next year, with construction beginning in June 2026 and lasting until the end of 2027.
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Translation: Original published in Finnish on 06/04/2026 at 08:01 am EEST
Kreate announced on Wednesday that it has signed an agreement for the implementation phase of the Junatie metro bridge renewal. As a result, the company will record an order of around 60 MEUR in its Q2'26 order book. We consider the project's transition to the implementation phase an expected step, as it has previously been in the company's development phase portfolio. We had expected the order to materialize in the first half of the current year, so an order fully in line with our expectations does not put pressure on our estimates.
The order strengthens the already record-high order book
The renewal of the Junatie metro bridge is a technically demanding project, as it is being carried out in the middle of a busy urban environment and as part of Helsinki's critical transport infrastructure. In our view, the project underscores Kreate's strong competitive position in demanding structural engineering, particularly in bridge construction, where we estimate the company to be the Finnish market leader.
At the end of Q1'26, Kreate's order book was at a record high of 689 MEUR. The now announced 60 MEUR order is significant in absolute terms and aligns well with the company's previous estimate of the project's size, ranging from 50 to 70 MEUR. In connection with our Q1 report, we already expected the Junatie metro bridge and the second phase of the eastern section of the Vantaa tramway to strengthen the Q2 order book. Construction will begin in June 2026 and last until the end of 2027. The project's timing strongly supports our revenue estimates of 540 MEUR for the current year and 577 MEUR for next year, as the volumes from this project were already factored in (the project accounts for around 5% of our revenue estimate for 2026-2027). During the quarter, Kreate announced new projects totaling over 200 MEUR. In addition, the company continuously wins projects that fall below the disclosure threshold or are not disclosed for other reasons, so the actual order intake is higher than announced. Considering our Q2 revenue estimate of 140 MEUR and the projects won during the quarter, the order book is expected to end up higher than Q1's record level at the end of Q2.
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Kreate Group operates in the infrastructure sector. The company offers a wide range of services in the development of demanding industrial projects. Examples of services include bridge repair and construction, track construction for trains and rails, and mass excavation and crushing of rock for new motorway extensions. The largest operations are conducted around the Nordic market.
Read more on company pageKey Estimate Figures28.04.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 315.2 | 540.2 | 577.5 |
| growth-% | 14.4 % | 71.4 % | 6.9 % |
| EBIT (adj.) | 10.0 | 19.7 | 22.4 |
| EBIT-% (adj.) | 3.2 % | 3.6 % | 3.9 % |
| EPS (adj.) | 0.71 | 1.50 | 1.75 |
| Dividend | 0.60 | 0.85 | 0.95 |
| Dividend % | 4.8 % | 4.1 % | 4.5 % |
| P/E (adj.) | 17.6 | 14.0 | 12.0 |
| EV/EBITDA | 7.7 | 6.8 | 6.0 |
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