KRS launches the second stage of its EUR 12 million bond programme

Having successfully completed the placement of EUR 6 million in secured bonds on 8 October, KRS, one of the leaders in strategic infrastructure construction, is launching the first EUR 2 million tranche of a new secured bond issue with an 18-month maturity. This marks the start of the second stage of the company’s EUR 12 million bond programme, aimed at financing KRS’s operations, diversifying its debt portfolio and funding acquisitions. The bonds carry an annual interest rate of 9.25%, payable every six months. The offering will be open to investors in Lithuania, Latvia and Estonia, including retail investors, with a nominal investment amount of EUR 1,000. The bonds will be admitted to trading on Nasdaq’s First North alternative market.

During the first-stage offering, Lithuanian investors purchased 62% of the issue, while investors in Latvia and Estonia accounted for 25% and 13%, respectively. Retail investors purchased 48% of the issue.

“The first-stage bond offering opened up a very interesting and valuable dialogue with investors, so we decided to build on that momentum and proceed with the second stage without delay. The market is dominated by bonds financing specific projects, whose value and risk are assessed against a narrow set of indicators. Understanding and evaluating a capital raise for the business as a whole, however, requires more time and information, which is why the second-stage offering will run for longer — 24 days. The objectives of the issue remain unchanged: we continue to seek opportunities to diversify our debt portfolio and secure working capital to deliver large-scale, critical infrastructure projects. KRS is on a remarkable growth journey, and having investors alongside us makes it even more meaningful,” said Paulius Grigas, CEO of KRS.

The bonds will be secured by a first-ranking pledge over inventories and receivables. The offering in Lithuania, Latvia and Estonia is arranged and conducted by investment services firm Orion Securities, with SIA C Capital Markets acting as an additional distributor.

“Having met KRS’s initial financing needs through the first-stage bond offering, we are continuing the bond programme to raise additional capital for the company’s growth and strengthen its long-term relationship with investors. KRS stands out for its substantial and diversified project portfolio, which spans strategically important areas of Lithuania’s infrastructure. Its decision to access the capital markets reflects the company’s long-term vision of establishing a strong presence in the Baltic capital markets and becoming an active participant,” said Monika Mockutė, Head of Debt Capital Markets at Orion Securities.

More information about the issue: https://www.orion.lt/en/krs-bonds-october/

In 2025, KRS’s revenue grew by 128% to EUR 69.2 million. The company reported gross profit of EUR 9 million and net profit of EUR 2.1 million. In the first half of this year, KRS’s revenue increased by 149% compared with the same period in 2025, reaching EUR 54 million.

The value of its signed contract portfolio currently exceeds EUR 300 million.

KRS recently completed the first phase of the Vilnius Airport terminal renovation and the construction of a multi-storey car park at Kaunas Airport. Its project portfolio includes the construction of the administrative building for the Klaipėda State Seaport Authority’s control centre, a military equipment maintenance base in Marijampolė, the Advanced Therapy Centre and Infectious Diseases Building at Santaros Klinikos, commercial and residential developments in Vilnius and Kaunas, street redevelopment projects in Vilnius, and other projects.

Founded in 1950 as a specialist communications infrastructure construction company, KRS is now a full-service general contractor distinguished by its expertise in specialised infrastructure construction and its design-and-build model, under which it handles both the design and construction of projects for clients. This approach helps prevent errors, ensures the highest quality, and saves both time and money. The company holds 13 accreditations and certifications enabling it to undertake specialised projects in the gas and electricity sectors, agriculture, and special-purpose construction.

KRS is wholly owned by Inspiration Holdings, a diversified investment and development group comprising 27 companies across four business sectors. Inspiration Holdings is wholly owned by Paulius Grigas.

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