This release is a summary of Kreate Group’s interim report January–September 2025. The complete interim report is attached, and also available on the company’s website at
July - September in brief
- Order backlog amounted to EUR 242.4 (153.1) million, an increase of 58.3%
- Revenue grew compared to the reference period, amounting to EUR 94.7 (77.6) million
- The year-on-year change in revenue was 22.1% (-12.1%)
- EBITDA was EUR 5.9 (4.7) million, amounting to 6.3 (6.1) per cent of revenue
- EBITA was EUR 4.0 (3.1) million, amounting to 4.2 (4.0) per cent of revenue
- Earnings per share were EUR 0.30 (0.20)
- Free cash flow from operating activities was EUR 0.5 (5.9) million
- Interest-bearing net debt was EUR 20.2 (28.5) million
- Personnel at the and of the period amounted to 602 (520)
- The combined accident frequency was 5.8
January - September in brief
- Revenue grew compared to the reference period, amounting to EUR 220.7 (200.0) million
- The year-on-year change in revenue was 10.3% (-16.6%)
- EBITDA was EUR 11.6 (10.4) million, amounting to 5.3 (5.2) per cent of revenue
- EBITA was EUR 6.3 (6.0) million, amounting to 2.8 (3.0) per cent of revenue
- Earnings per share were EUR 0.44 (0.30)
- Free cash flow from operating activities was EUR 15.8 (-3.6) million
The operating environment in brief
- Infrastructure construction market in Finland: volumes are expected to grow by 4 percent in 2025 and by 2 percent in 2026
- Market suitable for Kreate Kreate in Finland: market situation stronger than usual and outlook continues to strengthen
- Market suitable for Kreate in Sweden: market situation stronger than usual and outlook strengthening
- Investments related to the green transition are expected to exceed EUR 10 billion in Finland in 2025, and investments in transport infrastructure and those required by the geopolitical situation are also supporting market demand
- The number of large projects in the market is exceptionally high, while the share of medium-sized projects has decreased
- In smaller projects, competition is tight, especially in less demanding infrastructure projects where several players are active due to the weak situation in residential construction
- Building construction, and particularly residential construction, are expected to experience a proper recovery only in 2027
President & CEO Timo Vikström:
"The third quarter of the year went once again according to our plans. The quarterly revenue was record-high, nearly EUR 95 million. Our revenue as well as our absolute and relative EBITA profitability were all at a higher level than in the comparison period. The revenue and absolute EBITA for January–September were also higher than in the comparison period. The relative EBITA profitability for the whole beginning of the year is slightly behind the comparison period, as we have prepared for growth and made front-loaded investments in personnel during the early part of the year.
Securing skilled personnel is important when considering our revenue and order backlog levels, ongoing development projects, and the projects currently in or soon entering the tender phase. A year ago, I noted that as the market brightens in 2025, there would be an acute shortage of skilled professionals in the infrastructure sector. I am therefore delighted to say that we have succeeded excellently in both retaining our current employees and recruiting new ones, and the outlook is good. The market currently has an exceptionally large number of extensive and diverse private sector projects, as well as significant infrastructure investments in, for example, bridges and rail traffic. All of the above fit perfectly into Kreate’s competence portfolio.
The role of large projects is clearly increasing both in the market and in Kreate’s operations. This calls for heightened selectivity and risk management through strong contractual expertise. From the perspective of continuity, the timing of projects is also important. Our major bridge projects, Kruunuvuorensilta and Kirjalansalmi Bridge, are nearing completion from our perspective. Continuity is provided by the Tampere railway yard project, which has partially moved into the implementation phase, the eastern section of the Vantaa tramway, which is still in the development phase, as well as the recently won contract for the Junatie metro bridge construction in Helsinki. In addition, the Finnish Transport Infrastructure Agency has a long list of projects that include large-scale demanding infrastructure construction sites. I am very pleased with how we have managed our resourcing, provided meaningful continuity for our top professionals, and expanded our team for the future.
Recruitment is also ongoing in Sweden. Throughout the current year, we have strengthened our key personnel in Sweden and created the conditions for continued growth. Sweden has good market visibility and offers a lot of opportunities in the rock, concrete, earth, and foundation construction segments that are essential for Kreate. We continue our determined efforts to establish our position not only as a specialist contractor but also as a main contractor-level operator and to build Sweden into the Group’s second strong geographical foothold.
We are implementing our strategy in Finland and Sweden with determination, integrity, and ambition. One of our goals is to be the preferred partner in the industry. I believe we have succeeded in this extremely well, even though we do not always have the opportunity to disclose all our project wins due to confidentiality agreements. The results speak for themselves.
Our goal is also to be the best place for the top professionals in infrastructure. According to our recent employee survey, we have succeeded very well in this as well. The eNPS, i.e. employees’ willingness to recommend Kreate as a workplace, was 67 for the Group and 70 in Finland. These are exceptionally high figures and clearly above the construction industry average. I am very proud of these results and will do everything I can to continue to be worthy of our employees’ trust.
The last quarter of the year is already underway. Let’s keep our focus clear going forward — we have many great projects in progress."
Key figures
|
EUR million |
7-9/2025 |
7-9/2024 |
1-9/2025 |
1-9/2024 |
1-12/2024 |
|
Order backlog |
|
|
242.4 |
153.1 |
176.6 |
|
Revenue |
94.7 |
77.6 |
220.7 |
200.0 |
275.5 |
|
Year-on-year change in revenue, % |
22.1 |
-12.1 |
10.3 |
-16.6 |
-13.9 |
|
EBITDA |
5.9 |
4.7 |
11.6 |
10.4 |
15.3 |
|
EBITDA, % |
6.3 |
6.1 |
5.3 |
5.2 |
5.5 |
|
EBITA |
4.0 |
3.1 |
6.3 |
6.0 |
8.8 |
|
EBITA, % |
4.2 |
4.0 |
2.8 |
3.0 |
3.2 |
|
Operating profit |
4.0 |
3.1 |
6.1 |
5.9 |
8.7 |
|
Operating profit, % |
4.2 |
4.0 |
2.8 |
3.0 |
3.2 |
|
Result for the period |
2.9 |
1.9 |
4.1 |
3.0 |
4.6 |
|
|
|
|
|
|
|
|
Capital employed |
|
|
65.7 |
72.3 |
73.4 |
|
Return on capital employed, % |
|
|
12.9 |
11.5 |
13.1 |
|
Return on equity, % |
|
|
12.8 |
10.4 |
10.7 |
|
Net investments in operating activities |
-2.4 |
-1.2 |
-4.8 |
-4.0 |
-1.5 |
|
Free cash flow from operating activities |
0.5 |
5.9 |
15.8 |
-3.6 |
0.3 |
|
Net working capital |
|
|
-7.3 |
-2.1 |
2.7 |
|
Net debt |
|
|
20.2 |
28.5 |
29.9 |
|
Net debt/EBITDA, rolling 12 months |
|
|
1.2 |
1.9 |
2.0 |
|
Equity ratio, % |
|
|
30.5 |
32.1 |
33.2 |
|
|
|
|
|
|
|
|
Earnings per share, diluted, € |
0.30 |
0.20 |
0.44 |
0.30 |
0.49 |
|
Earnings per share, undiluted, € |
0.30 |
0.21 |
0.45 |
0.30 |
0.50 |
|
|
|
|
|
|
|
|
Personnel at the end of the period |
|
|
602 |
520 |
511 |
|
Personnel on average |
609 |
534 |
568 |
504 |
507 |
Result guidance for 2025 unchanged (published 5 February 2025)
Kreate estimates that its revenue in 2025 will grow and be in the range of EUR 290–310 million (2024: EUR 275.5 million) and EBITA will increase and be in the range of EUR 9–11 million (2024: EUR 8.8 million).
Justifications: The company's guidance is based on the order backlog expected to be realised in 2025 at the turn of the year and the company's estimate of the likely transfer of projects under development to the order backlog starting from spring 2025. The company will continue to offer projects selectively and grow in the Swedish market, which is expected to improve profitability.
Kreate Group’s financial reporting
Kreate Group Plc will publish its financial reports in 2026 as follows:
- 6 February 2026: Financial Statement Release for financial period ending on 31 December 2025
- 27 April 2026: Interim Report for January–March 2026
- 14 July 2026: Half Year Financial Report for January–June 2026
- 26 October 2026: Interim Report for January–September 2026
Webcast event
A live webcast open to all will be held today, 22 Oct 2025, at 2:00 p.m. The event will be held in Finnish. President & CEO Timo Vikström and CFO Mikko Laine will be presenting at the event.
The webcast can be followed live in Finnish at .
A recording of the webcast will be made available later at and a summary in English will become available at .
Kreate Group Plc
Board of Directors
Distribution: Nasdaq Helsinki, key media,
Contacts
- Mikko Laine, CFO, Kreate Group Oyj, +358 50 599 9201,
- Niina Streng, Head of Investor Relations and ESG, Kreate Group Oyj, +358 41 732 3362,
- Timo Vikström, President & CEO, Kreate Group Oyj, +358 400 740 057,
About Kreate Group Oyj
Kreate Group is one of the leading infrastructure construction companies in Finland. The company offers solutions for bridges, roads and railways, environmental and ground engineering, circular economy and geotechnical needs. As a specialist in demanding projects, Kreate focuses on comprehensive quality and cost-effectiveness. The Group's revenue was EUR 275 million in 2024 and the company has over 500 employees. Kreate Group is listed on Nasdaq Helsinki.