Slides
Page 1
Interim report 1 – 9/2026 GRK Infra Plc 27 October 2026
Page 2
2 Perttu Piilo CFO Mika Mäenpää CEO Presenters
Page 3
3 • Excellent profitability: Adjusted operating profit increased to EUR 65.4 million, with the adjusted operating profit margin rising to 10.7%. • O rder backlog remains at a very strong level . • Strategic acquisitions strengthen our expertise, service offering, and growth potential in Finland and Sweden. • Overall positive market outlook across GRK’s operating countries. • Good outlook for the rest of the year , supported by a positive market outlook, expanded service offering, and growing demand. 1 - 9/2026 Revenue (MEUR) 1 - 9/2026 Adjusted EBIT (MEUR) 30.9.2026 Order backlog (MEUR) 609.7 (663.8) 65.4 (48.5) 1,066.6 (683.2) 1 - 9/2026 Adjusted EBIT margin , % 10.7% (7.3%) Excellent profitability and strong order backlog provide a solid foundation for the future
Page 4
4 Business development Order backlog and projects Market outlook Revenue • 1 - 9/2026 vs. 1 - 9/2025 : 19.4% • Development was driven by high activity levels and the acquisition of KSBR. Order backlog • At the end of Q3/2026: 636.7 M€ • Change : +103% vs. Q3/2025 • Change : - 2.4% vs. Q2/2026 • Order backlog doubled compared to comparison period, driven by successful tendering and the KSBR acquisition. • The first implementation phase of the Turku tramway project has been added to the order backlog. Market outlook • Public investment and investments in energy, data and security support infrastructure construction. • Transport infrastructure construction remains active, although funding for basic transport infrastructure maintenance will decrease in 2027. • Private - sector outlook has strengthened despite global uncertainty and uncertainties related to cost developments. • Finnish infrastructure market is expected to grow by approximately 4% in 2026. 290.7 342.5 408.9 1-9/2024 1-9/2025 1-9/2026 Finland – 1-9/2026 development Key figures and market outlook
Page 5
5 Ring Road I – Keilaniemi and Länsiväylä bridges project Value for GRK approximately 27 million euros
Page 6
6 Vt 3 Moreeni highway interchange Junction was opened to traffic ahead of schedule
Page 7
7 Business development Order backlog and projects Market outlook Revenue • 1 - 9/2026 vs. 1 - 9/2025: - 37.7 % • The decline was driven by significantly lower volumes in Stegra project . Order backlog • At the end of Q3/2026: 320.3 M€ • Change : +25% vs. Q3/2025 • Change : - 17.9% vs. Q2/2026 • The first and second phase of the Luleå port project has moved into the execution phase. Market outlook • Public infrastructure demand in Sweden remains strong, supported by the new National Transport Infrastructure Plan for 2026 – 2037, which increases the funding framework by approximately SEK 200 billion (+27%). • Investments in defence , ports and waterways are at historically high levels. • The primary risk is rising construction costs (Iran war, Strait of Hormuz, raw material prices). • Infrastructure construction in Sweden is forecast to grow by 7% in 2026. 183.3 264.9 164.9 1-9/2024 1-9/2025 1-9/2026 Sweden – 1-9/2026 development Key figures and market outlook
Page 8
8 Port of Luleå The implementation phase has started for the first and second phases
Page 9
9 Business development Order backlog and projects Market outlook Revenue • 1 - 9/2026 vs. 1 - 9/2025 : - 39.4 % • Volumes were affected by seasonality and the progress of the Rail Baltica project compared with the comparison period . Order backlog • At the end of 1 - 9/2026: 117 M€ • Change : - 6% vs. Q3/2025 • Change : - 14.8% vs. Q2/2026 • Rail Baltica project in the development phase (approx. EUR 158 – 216 million). • The first partial orders were added to the order backlog during the review period. Market outlook • Public infrastructure investment in Estonia continued. • Rail Baltica continues to be the region’s most significant infrastructure project. • The outlook is weighed down by rising construction costs and higher interest rates in 2026 (conflict in the Middle - East), while the residential construction market is recovering only gradually. • Infrastructure construction in Estonia is expected to decrease by approximately 0,2% in 2026. 50.5 68.5 41.5 1-9/2024 1-9/2025 1-9/2026 Estonia – 1-9/2026 development Key figures and market outlook
Page 10
10 Rail Baltica Work on the implementation phase began during the summer construction season
Page 11
11 • The KSBR acquisition completed in June was a significant strategic milestone for GRK. • The integration has progressed systematically , and cooperation has got off to an excellent start . • KSBR has brought around 200 skilled professionals into the Group in a competitive talent market. • KSBR deepens our expertise in strategically important areas , particularly demanding concrete structures and in industrial and energy construction while also bringing additional data centre construction expertise to the Group. • In addition, KSBR’s strong wind power expertise strengthens our position in the wind power sector . Acquisition of Keski-Suomen Betonirakenne Oy EUR 124M Revenue 2025 EUR 10.9M Operating profit 2025 (8.8% EBIT - margin) Energy industry Industrial Infrastructure Construction
Page 12
12 Acquisition of Pirkan Rakentajapalvelu Oy (1.10.2026) Strategic rationale • Expands GRK's specialist foundation engineering expertise — piling, retaining wall and anchoring projects • The acquisition is in line with GRK’s strategy of pursuing profitable growth both organically and through acquisitions. • The aim is to merge the acquired company with GRK's existing specialist foundation engineering unit EUR 18.5M Revenue 2025 EUR 2.5M Operating profit 2025 (~13.5% EBIT - margin) EUR 10.6M Purchase price + MAX EUR 2M earn - out
Page 13
13 The company’s strategy focuses on profitable growth Financial targets are forward-looking statements and are not guarantees of future financial success. The financial targets presented in this presentations are only targets and not forecasts or estimates of GRK’s future financial success and should not be considered as such. >950 Revenue over EUR 950 million In 2028 Revenue EUR million >6% Adjusted operating profit margin , % more than 6 percent over time Profitability <1.5x Healthy capital structure, where net debt/adjusted EBITDA (last 12 months) level < 1.5 times over time Capital structure >20% Return on capital employed over 20 percent over time Capital efficiency >40% GRK's aim is to distribute growing dividends that represent at least 40 percent of annual net profit over time Dividend policy Financial targets Financial targets by 2028
Page 14
14 Safety 1 - 9/2026 Target 2026 Accident frequency rate ( group ) 5.5 < 6 Accident frequency rate ( incl . Subcontractor personnel ) 5.8 < 6 Lost - time incidents* 9 0 Environment 1 - 9/2026 Target 2026 Amount of recycled materials , tonnes 616,284 > 780,000 Carbon footprint of own operations , t CO2 eq 17,081 Carrbon intensity of own operations (t CO2 eq / M€) 29.2 < 25 *The figure applies to GRK’s own personnel. Sustainability
Page 15
15 1 | Profitability improved significantly and was at an excellent level 2 | A strong order backlog provides a solid foundation for the future 3 | Strategy execution has continued through acquisitions 4 | An expanded service offering and deeper expertise support growth 5 | Positive market outlook and strong demand in selected growth segments . Summary
Page 16
Financial review
Page 17
17 75.8 108.2 174.5 111.9 129.2 182.3 231.9 210.1 176.0 224.5 257.4 287.7 165.3 213.6 208.6 0 250 500 750 1000 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Ohjeistus/Guidance Alaotsikko • XXX • XXX • From January to September 2026, revenue decreased by approximately 8 per cent to EUR 609.7 (663.8 ) million • Revenue increased in Finland but declined in Sweden and Estonia. • The decrease in revenue was attributable to the normal seasonal pattern in the early part of the year, as well as significantly lower volumes in the Stegra project than in the comparison period. Revenue (MEUR) 850 - 950 1-9/2026: Revenue declined from comparison period
Page 18
18 Alaotsikko • XXX • XXX • The adjusted operating profit margin (10.7%) remained at an excellent level and exceeded that of the strong comparison period. • Profitability was driven by: • the selection of the right and profitable projects, • strong operational execution, and • efficient project delivery • The improvement in profitability was further supported by more refined project estimates as the projects progressed. Adjusted EBIT (MEUR) - 1.7 0.7 8.7 6.1 2.5 4.7 16.5 24.4 10.6 23.4 23.4 34.9 13.5 16.7 10.1 -10 0 10 20 30 40 50 60 70 80 90 100 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Ohjeistus/Guidance 80 - 95 1-9/2026: Profitability at a good level
Page 19
19 • In July – September, revenue increased by 11.8% to EUR 287.7 (257.4) million. • Adjusted operating profit increased to EUR 34.9 (23.4) million. • Profitability improved clearly, with the adjusted operating profit margin rising to 12.1% (9.1%). • Profitability was supported by successful project selection, efficient project execution and more refined project estimates as the projects progressed. 7 - 9/2026 Revenue (MEUR) 7 - 9/2026 Adjusted EBIT (MEUR) 287.7 (257.4) 34.9 (23.4) 7 - 9/2026 Adjusted EBIT margin , % 12.1% (9.1 %) 7–9/2026: Revenue and operating profit increased
Page 20
20 Revenue Adjusted EBIT GRK’s financial results typically show significant seasonal variation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 2026
Page 21
21 Net working capital (MEUR) Equity ratio , % Operating cash flow (MEUR) Net debt / adjusted EBITDA - 104.1 - 151.6 - 80.2 30/09/2025 31/12/2025 30/09/2026 51.2% 55.1% 54.4% 30/09/2025 31/12/2025 30/09/2026 86.3 138.0 - 36.9 30/09/2025 31/12/2025 30/09/2026 - 2.4 - 3.3 - 1.6 30/09/2025 31/12/2025 30/09/2026 Strong financial position
Page 22
22 Return on equity - % (ROE) Return on capital employed, % (ROCE %) 35.6% 27.8% 25.3% 30/09/2025 31/12/2025 30/09/2026 225.6% 159.8% 30/09/2025 31/12/2025 30/09/2026 Capital employed negative Strong financial position
Page 23
23 Distribution of unrecognised order backlog at the end of the period (MEUR)* ** Order backlog by revenue recognition timing Projects won or bound by development agreements that remains outside the order book *Order backlog by operating countries also include internal order backlog . ** Also includes KSBR’s order backlog . 314.1 356.7 636.7 257.1 284.0 320.3 124.0 95.9 117.0 30/09/2025 31/12/2025 30/09/2026 Order backlog Rail Baltica Turun raitiotie ~ 365 MEUR
Page 24
24 Financial guidance for 2026 GRK estimates that : • in 2026 its revenue will be EUR 850 – 950 million (2025: EUR 872.3 million) • and the adjusted operating profit for 2026 will amount to EUR 80 – 95 million (2025: EUR 58.5 million). The outlook and financial guidance are forward - looking statements and are not guarantees of future financial success. The compan y’s actual business results may differ significantly from those expressed in forwardlooking statements. Previously, revenue was estimated to be EUR 820 – 1,020 million and adjusted operating profit EUR 70 – 95 million. The updated guidance is based on a more precise view of the planned progress of projects in the order backlog during the remainder of the year. Financial guidance for 2026 (specified)
Page 25
Q&A