GRK Infra (GRK) Q3 2026 earnings summary

Executive summary

• 9M adjusted operating profit rose to €65.4M from €48.5M, with margin up to 10.7% from 7.3%; revenue fell 8.2% to €609.7M.

• Order backlog reached €1,066.6M, up from €683.2M a year earlier; Q3 revenue grew 11.8% to €287.7M.

Financial highlights

• 9M EBITDA rose to €76.3M from €58.5M; reported operating profit was €56.6M versus €46.6M.

• Q3 adjusted operating profit rose to €34.9M from €23.4M; reported operating profit was €28.6M versus €22.8M, and EBITDA was €39.1M versus €26.9M.

• 9M net profit was €49.1M versus €38.2M; basic EPS was €1.18 versus €0.95.

• 9M operating cash flow was negative €14.5M versus positive €101.1M, mainly reflecting lower customer receipts; operating free cash flow was negative €36.9M versus positive €86.3M.

Outlook and guidance

• 2026 guidance narrowed to revenue of €850–950M and adjusted operating profit of €80–95M, from prior ranges of €820–1,020M and €70–95M, based on refined project progress estimates.

• 2028 targets include revenue above €950M, adjusted operating margin above 6% over time, net debt/adjusted EBITDA below 1.5x and ROCE above 20% over time.

• A strong Q4 was expected, supported by backlog, new project starts and demand in data centre and energy markets.