Analyst Comment

Second phase of Vantaa light rail strengthens GRK's and Kreate's order books

Summary

GRK and Kreate have signed an agreement for the second phase of the Vantaa light rail project, valued at approximately 79 MEUR for each company, enhancing their order books and providing future visibility.
The total construction cost for the eastern sector of the Vantaa light rail is estimated at 250 MEUR, with the second phase valued at 182 MEUR, of which 157 MEUR is for construction, split equally between GRK and Kreate.
This second phase represents about 9% of GRK's and 11% of Kreate's order books, with construction having started in December 2025 and operations expected to begin at the end of 2029.
The agreement does not cover the entire Vantaa light rail project, with the Mellunmäki section anticipated in the third phase around the turn of 2026–2027, and further orders expected as the project progresses.

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Translation: Original published in Finnish on 5/8/2026 at 8:02 am EEST.

GRK and Kreate announced on Thursday that they had signed an agreement on the second implementation phase of the eastern part of the Vantaa light rail. The value of the contract for the second phase is approximately 79 MEUR for each company, which will strengthen the order books of both infrastructure contractors and provide visibility for the coming years. While we welcome the agreement, we view it as a natural next step in the project as construction of the Vantaa light rail is already underway, and under the alliance model the implementation phases are proceeding as planned. The agreement therefore has no impact on our forecasts for either company.

Significant addition to both companies' order books

The total construction cost estimate for the eastern sector alliance of the Vantaa light rail is 250 MEUR, which is divided equally between GRK and Kreate. The second partial order now signed is valued at around 182 MEUR, of which construction accounts for 157 MEUR. This will be recorded in both companies’ order books as approximately 79 MEUR (50:50). This second phase of the Vantaa light rail project now recorded corresponds to around 9% of GRK's order book at the end of Q1 (883 MEUR) and around 11% of Kreate's order book (689 MEUR).

Construction of the Vantaa light rail began in December 2025, and operations are estimated to begin at the end of 2029. The second partial agreement now established covers the rest of the tramway section to be built in Vantaa, as well as a significant amount of street and municipal engineering works. The agreement does not yet cover the full scope of the Vantaa light rail. The Mellunmäki section is expected to be ordered in the third phase at the turn of the year 2026–2027. In addition, GRK and Kreate act as construction parties to the Vaarala depot railway yard alliance, which is scheduled to begin the implementation phase in summer 2026. This entire project will therefore continue to generate orders for the companies in future as well.