KRS Launches a €6 Million Bond Offering
KRS, one of the strategic infrastructure construction sector leaders, has launched an offering of a €6 million, 2.5-year secured bond issue. This marks the first tranche of a €12 million bond programme designed to finance the company’s growth, diversify its liabilities portfolio, and support market acquisitions. The offering across Lithuania, Latvia, and Estonia is arranged and executed by investment firm Orion Securities. The bonds will be distributed via an auction format, with the annual coupon rate expected to fall within 8.75% / 9.00% / 9.25%, depending on the auction results. Retail investors are also eligible to participate, with a minimum nominal investment of €1,000. The securities will be listed on the Nasdaq First North alternative market.
“KRS’s growth is built upon a foundation of core competencies, specialized expertise, and an operating model unique to the Lithuanian market, enabling us to scale operations consistently and sustainably. We operate in a rapidly expanding sector that reached €5.5 billion in 2025. While certain segments are relatively saturated, we see clear emerging opportunities within specialized infrastructure domains. We aim to capitalize on these opportunities both through organic growth and strategic acquisitions of market players possessing relevant expertise. Additionally, a portion of the proceeds will be allocated toward diversifying our debt portfolio—simply put, we want greater financial and strategic decision-making agility in this dynamic environment,” commented Paulius Grigas, CEO of KRS.
The bonds will be secured by a first-priority pledge on inventories and receivables.
According to P. Grigas, KRS’s order backlog features a rapidly growing share of complex infrastructure projects distinguished not only by their contract value, but also by their importance to national stability and security. “I believe it is vital that every resident of the country has the opportunity, even indirectly, to contribute to the delivery of such strategic projects,” Grigas noted.
“An increasing number of companies across Lithuania and the wider Baltic region are turning the capital markets and recognising bonds as a viable alternative for business financing. Bond enables issuers to diversify funding sources and Build a capital structure tailored to their specific needs and business model. At the same time, it provides an opportunity to establish relationships with broader investor base and gain valuable public-market experience, which can unlock further financing opportunities over the long term. The KRS issue is a an example of this development. The company is already well recognized for its role in delivering critical national infrastructure projects, and the bond offering now gives a broader range of investors the opportunity to become more familiar with the business, its strategy and future prospects,” stated Monika Mockutė, Head of Origination at Orion Securities.
For more information about the issue: https://www.orion.lt/en/krs-bonds
In 2025, KRS generated €69.2 million in revenue, representing a 128% year-over-year increase. Gross profit reached €9 million, delivering net profit of €2.1 million. In the first half of this year, KRS recorded revenue of €54 million, up 149% compared to the same period in 2025.
The company’s contract backlog currently stands at €299 million across 109 active contracts with 56 distinct clients.
KRS recently completed Phase 1 of the Vilnius Airport terminal upgrade as well as the construction of the Kaunas Airport multi-storey car park. Its ongoing and past project portfolio includes the administrative headquarters for the Klaipėda State Seaport Authority, a military equipment maintenance depot in Marijampolė, the Advanced Therapy Centre and Infectious Diseases Unit at Santaros Clinics, various commercial and residential developments in Vilnius and Kaunas, and the Vilnius urban street redesign, among other major works.
Founded in 1950 as a specialized communications infrastructure contractor, KRS has evolved into a full-scope general contractor. It distinguishes itself through specialized infrastructure capabilities and a turnkey “design and build” delivery model, under which the company handles both the engineering and construction in-house. This integrated approach mitigates risk, ensures superior quality, and delivers substantial time and cost efficiencies. The company holds 13 professional accreditations and certifications, authorizing it to execute specialized works in gas and power utilities, agriculture, and complex special-purpose facilities.
KRS is 100% owned by Inspiration Holdings, a diversified investment and development group operating 27 companies across four business sectors. Inspiration Holdings is 100% owned by Paulius Grigas.
How to invest?
To invest, leave your contact details in this form and an Orion Securities investment consultant will get in touch with you. You can also invest via the self-service platform or send an email to obligacijos@orion.lt.
If you already hold a securities account with another brokerage firm or bank, you can also submit your investment order through them.
Orion Securities recommends consulting with your financial advisor and evaluating all the risks associated with the financial instrument and/or other circumstances that are significant to you before making an investment decision.
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