Kreate Q3 2026: Revenue more than doubled and EBITA margin rose to 6.2%

Q3 revenue rose 121.1% year on year to EUR 209.5 million, while EBITA increased to EUR 12.9 million and the margin reached 6.2% (4.2%)2. Growth was supported by major infrastructure and data centre projects, the SRV Infra acquisition and the consolidation of KFS Finland. Management reiterated its full-year guidance, last raised in September2.

Kreate Group Oyj · Q3 2026 · Reported 26 Oct 2026 · Nordic

Key figures

Order backlog is measured at quarter-end. Percentage changes for earnings figures are calculated using rounded reported values. Revenue growth and backlog growth follow the company's reported percentages. Source: Kreate Group, interim report published 26 October 2026.

Revenue more than doubled, helped by a consolidated acquisition and a new business

Q3 revenue was EUR 209.5 million against 94.7 million a year earlier 2. Structural engineering rose to EUR 153.8 million (63.7) and transport infrastructure to EUR 57.6 million (29.9) 13. The report attributes the structural engineering gain to the new rock construction business, higher private-sector volumes and KFS Finland Oy, which was a joint venture until 31 March 2026 and has been consolidated since 30.

Part of the growth is therefore inorganic. Private-sector customers made up 44% of nine-month revenue (35%) while the government share fell to 35% (47%) 13. Swedish revenue in the quarter fell 4.8% to EUR 15.6 million (16.1) 8.

Margin expanded, and minorities and tax absorbed more of the profit

EBITA rose to EUR 12.9 million (4.0), a margin of 6.2% against 4.2% a year earlier and 5.0% in the prior quarter 17. Management credits record revenue, project execution and project risk management 9. Operating profit equalled EBITA at EUR 12.9 million 13.

Result for the period was EUR 9.2 million (2.9), with tax of EUR 2.6 million (0.6) and financial expenses of EUR 1.3 million (0.5) 20. Non-controlling interests took EUR 1.5 million (0.2) after the KFS consolidation, leaving EUR 7.7 million (2.7) for the parent's shareholders 20. Diluted EPS was EUR 0.87 (0.30) on an unchanged diluted share count of 8,895 thousand, so the gain came from earnings, not fewer shares 1820.

Q3 cash flow was strong, helped by working capital

Q3 free cash flow from operating activities was EUR 29.4 million (0.5), and cash flow from operations was EUR 31.8 million (2.3) against net income of EUR 9.2 million (2.9) 22. Working capital added EUR 14.5 million in the quarter, against a EUR 2.9 million outflow a year earlier 22. Management cites higher EBITDA and favourable working capital 9.

Over nine months the picture is less dramatic. Free cash flow was EUR 26.2 million (15.8), and working capital was a EUR 1.0 million outflow against a EUR 10.0 million inflow a year earlier 222. Net working capital was EUR -18.3 million, against EUR -22.9 million at the end of 2025, while the group's long-term objective is approximately zero 14. The Q3 inflow looks like timing recovery after a receivables build, and it need not repeat.

Leverage fell, but the equity ratio is lower than a year ago

Net debt was EUR 27.6 million (20.2 a year earlier; 52.9 million at the end of Q2), and net debt/EBITDA was 0.7 (1.2) 17. The equity ratio fell to 23.1% from 30.5% a year earlier, while the balance sheet grew with the acquisitions 6. Goodwill stood at EUR 71.9 million against 40.6 million a year earlier 21.

Kreate had EUR 28.0 million of unused credit facilities, and the facility was raised by EUR 15 million after the period 14.

What to watch next

• Guidance: management expects 2026 revenue of EUR 670-710 million (2025: 315 million) and EBITA of EUR 32-36 million (10.2 million), after three raises this year 2.

• Backlog: it stood at EUR 848.5 million (242.4 a year earlier) but fell 4.2% from the prior quarter, with new orders of EUR 110 million in Q3 and EUR 195 million (87) expected to be realised in 2026 7.

• Costs: civil engineering costs were 6.4% higher in August than a year earlier, and concrete rose 10.5%; the question is whether the margin holds, although management says its contract terms include provisions to mitigate cost inflation 11.

The report does not give organic revenue growth excluding acquisitions or KFS revenue and EBITA contribution.

Sources

1. Kreate Group Oyj - Interim report - Q3 2026

Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.