Here is a new company report from Atte on Kreate after Q4 
Kreate’s Q4 result was very strong overall as profitable growth continued. The growth spurt we expected is materializing stronger than anticipated this year, which has led to positive forecast changes. In our forecasts, the large multi-year projects moving from the development phase to the order backlog over the next six months also provide visibility further into the future. Additionally, the infrastructure construction market outlook is positive in both Finland and Sweden, and in our view, the company’s competitiveness is good. Therefore, we are now leaning slightly more on longer-term prospects in our valuation. Thanks to the forecasted earnings growth, valuation multiples will drop to attractive levels as early as next year. We are raising our target price to EUR 15.0 (previously EUR 12.5) and our recommendation to Accumulate (previously Reduce).
Quoted from the report:
Kreate Rock highly profitable in financial year 2025
Kreate published figures for SRV Infra (now Kreate Rock), which it acquired at the end of last year. At year-end, the company’s order backlog was at a strong level of nearly EUR 80 million. In 2025, the company achieved revenue of EUR 88.5 million and an EBITA (FAS) level of EUR 7.8 million. SRV Infra’s revenue in 2024 was around EUR 52 million, thus growth amounted to approximately 70%. Additionally, the company’s EBITA margin, around 8.8%, is at a very high level for the industry. Reflecting the transaction’s enterprise value (EV) against the 2025 result, the EV/EBITA multiple sits at around 4x. However, 2025 was an exceptionally strong year for the company, and a recurrence of a similar relative profitability level is unlikely. Following the transaction, Kreate’s pro forma leverage ratio (net debt/EBITDA) is 1.3.