Major data center contract in Forssa for Kreate
Summary
- Kreate has signed an agreement with QTS for the earthworks contract of a data center campus in Forssa, enhancing its position in the growing data center construction market.
- The contract involves moving nearly one million cubic meters of earth over seven months, starting in October, and will be recorded in Kreate's Q3 order book, which was already at a record-high of 886 MEUR at the end of Q2'26.
- The Forssa project is QTS's first data center in Finland, with plans for up to ten buildings and a maximum IT capacity of ~630 MW, making it one of the largest in the country.
- The scale of the campus infrastructure work is significant and likely to be spread over several years, with Kreate well-positioned for potential future phases due to its experience and early contract win.
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Translation: Original published in Finnish on 10/22/2026 at 8:05 am EEST.
Kreate announced on Wednesday that it has signed an agreement with QTS regarding the earthworks contract for the data center campus to be built in Forssa. The contract win strengthens Kreate's position in data center construction, which is an important and rapidly growing market for the company. The value of the contract was not disclosed. The company will report its Q3 results next Monday, at which point we will update our estimates and our view of the company.
According to the press release, the contract involves moving nearly one million cubic meters of earth in about seven months, with work set to begin in October. Kreate will record the contract in its Q3 order book, which was already at a record-high level of 886 MEUR at the end of Q2'26. According to the schedule, the contract will support volumes in late 2026 and early 2027, which is in line with our strong volume expectations. We expect Kreate's revenue to grow to 685 MEUR this year and to 737 MEUR next year.
Forssa is QTS's first data center project launched in Finland and one of the largest in the country. According to the project's EIA documentation, a maximum of ten data center buildings with a combined IT capacity of ~630 MW are planned for the ~150-hectare campus. In the more compact alternative, there would be six buildings and a capacity of ~440 MW. According to the statistics maintained by the Confederation of Finnish Industries, the capacity of the project is stated as 450 MW. It is our understanding that a building permit was granted for the first building in July. Based on the assumptions in our data center article and the capacity in the EIA (Environmental Impact Assessment), the scale of the campus infrastructure work could be quite significant, but overall it will likely be spread over several years. We aim to get more information from the company regarding the project size and potential in connection with the Q3 results (to be published on Monday, October 26). Data center campuses typically proceed in phases, and the implementation of later phases is not certain. However, we estimate that experience from around 70 data center projects and winning a contract with a new international customer already in the early stages of the project position Kreate well for any potential later phases of the project.
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