GRK Infra (GRK) Q2 2026 earnings summary

Executive summary

• Record-high order backlog of €1,170 million at June 30, 2026, driven by strong tendering and the KSBR acquisition.

• Profitability improved significantly, with adjusted EBIT margin rising to 9.5% from 6.2% year-over-year, despite a 20.8% revenue decline.

• Strategic acquisition of KSBR completed on June 30, 2026, expanding capabilities in industrial and energy construction and strengthening private-sector exposure.

• Positive market outlook across all operating countries, with strong demand in selected growth segments, especially in Sweden and energy/data center projects.

• Careful project selection and efficient execution supported margin improvement.

Financial highlights

• H1 2026 revenue: €322 million (down from €406.4 million in H1 2025).

• H1 2026 adjusted EBIT: €30.5 million (up from €25.1 million in H1 2025).

• EBITDA increased to €37.2 million (11.5% margin), up from €31.6 million (7.8% margin) year-over-year.

• Net profit for the period was €24.8 million, up from €18.8 million.

• Equity ratio: 53% at June 30, 2026 (up from 50.2% year-over-year).

Outlook and guidance

• 2026 revenue guidance: €820–1,020 million (2025: €872.3 million).

• 2026 adjusted operating profit guidance: €70–95 million (2025: €58.5 million).

• Outlook supported by strong order backlog, new contracts, and KSBR’s continued growth and integration.

• Long-term revenue target for 2028 raised to €950 million.