Secured bonds issued by strategic infrastructure contractor KRS
Strategic infrastructure construction company KRS is offering up to EUR 2 million in secured bonds with an 18-month maturity. This is a tranche of a bond series of up to EUR 6 million, issued under a bond programme of up to EUR 12 million. The proceeds will be used to finance the company’s expansion and acquisitions, and to refinance existing financial liabilities.
Established in 1950, KRS has extensive experience in specialised infrastructure construction and follows a design-and-build model, handling both project design and construction. Its completed and ongoing projects include the first phase of the Vilnius Airport terminal refurbishment, the multi-storey car park at Kaunas Airport, a military equipment maintenance facility in Marijampolė, and projects at Santaros Clinics.
The bonds are offered in Lithuania, Latvia and Estonia, KRS plans to have the bonds admitted to trading on the Nasdaq First North alternative market.
Annual interest rate — 9.25%.
| Tranche size | Series size | Bond programme size | Bond maturity | Coupon yield | Coupon payments | Minimal investment sum | Distribution dates |
| EUR 2 million | EUR 6 million | EUR 12 million | 18 months | 9.25% | Semi-annual | EUR 1,000 | 19 October – 11 November 2026 |
Investment request
Video presentation for investors
Investment highlights
- 109 active contracts with 56 different clients.
- Projects spanning transport, defence, healthcare and other infrastructure sectors.
- Ongoing projects include the administrative building for the Klaipėda State Seaport Authority’s control centre and the Advanced Therapy Centre at Santaros Clinics.
- Revenue reached EUR 69.2 million in 2025, up 128% compared with 2024.
- Revenue totalled EUR 54 million in the first half of 2026, up 149% year on year.
- Net profit for 2025 was EUR 2.1 million.
The bonds are secured by a first-ranking pledge over inventory and receivables and have a maturity of 2.5 years.
Investment risks
Liquidity risk. Construction contracting requires substantial working capital: the Company pays upfront for materials, subcontractors’ work and wages, while clients pay only for work that has been accepted. If clients delay payments or impose contractual penalties, the Company may be late in paying interest or repaying the amount invested.
Refinancing risk. The full nominal value of the bonds is repayable in a single payment at maturity. To meet this obligation, the Company will need to accumulate sufficient funds or obtain new financing. The size of the programme (up to EUR 12 million) exceeds the Company’s equity.
Rapid growth risk. In 2025, the Company’s revenue increased by 128% and its headcount by 80%. Growth at this pace increases the risk of project delays, cost overruns and quality deficiencies.
Collateral risk. The pledge will only be registered once the credit line with AS Citadele banka has been repaid, meaning that the bonds may be unsecured during the initial period. Proceeds from the sale of the pledged assets (inventory and receivables) may be insufficient to satisfy all claims. The bonds are not guaranteed by any third party.
Other risks relate to public procurement and client concentration, project execution, counterparties, competition, reliance on the Company’s chief executive, the liquidity of trading in the bonds and other factors. These are described in detail in Section II, “Risk Factors”, of the Information Document.
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.
Related documents:
Investor Presentation | Final Terms | Information Document Summary |
Information Document
Orion Securities recommends consulting with your financial advisor and evaluate all the risks associated with the financial instrument and/or other circumstances that are significant to you before making an investment decision.
Orion Securities receives a commission for distributing these securities.
